How Artificial Intelligence is shaping the Future of Business in the UAE

by Triway Technologies | Dec 19, 2022 | Software Services

An Introduction to AI

For most of us, the term Artificial Intelligence or AI generally invokes images of a Hollywood influenced ‘dystopia’ in which intelligent machines overcome their initial programming and work together to rule over humanity. As terrifying as that scenario might sound, what it doesn’t reveal is that AI, or at least the study of AI has been with us since the mid-1950s.

What we refer to as the ‘Modern World’ is built on the foundation of machines being able to perform various computational and other decision-making functions in a ‘human-like’ way, while simultaneously learning and adapting to new data.

Data is central to Artificial Intelligence as the ability of machines to learn and evolve decision making capacities depends on analyzing an ever-increasing flow of information. This is also why, since the Internet boom of the late 1990s, AI has evolved at an unbelievable pace.

AI and Modern Business:

Modern businesses access and consume data at an unmatched rate and a 2021 Forbes report revealed that Data Consumption by companies increased by 5000% between 2010 and 2020. AI has gone from being seen as ‘exotic technology’ by C-suite executives to becoming a core part of most modern business operations. A report by Grand View Research reveals that the Global AI market share was $ 62 billion in 2020 and is poised to grow at an annual growth rate of 42% till 2028.

While Artificial Intelligence can be used in a wide variety of ways, most business applications are based on driving growth. In addition, the application of AI to business processes can help in boosting process efficiency through automation and using insights gained from customers to uncover new business opportunities and boost revenues.

AI & Machine Learning

Machine Learning is a form of AI algorithm which appears to “learn” or “evolve” when fed copious amounts of Data. While Machine Learning algorithms are extremely useful in identifying flaws or gaps in production processes, thus improving efficiency levels, in the last few years, companies have started adapting these algorithms towards analyzing market trends and customer data as well.

AI & Deep Learning

An even more complex form of Machine Learning AI is referred to as Deep Learning, wherein neural networks are used to conduct non-linear reasoning. Deep Learning tools are particularly useful in activities such as Fraud Detection and Self Driving (driverless) Vehicles, where complex data and numerous factors have to be identified, analyzed, and responded to simultaneously. What makes Deep Learning models so significant for business scalability is the fact that they seem to be most ‘independent’ when compared to older Machine Learning models.

UAE & AI

The UAE Government has always been blessed with visionary leadership and it was this vision that saw the Emirates Kingdom launch its Artificial Intelligence Strategy in 2017. With the launch came the ambitious goal of making the UAE – the global leader in AI by 2031. This vision includes expanding the use of AI from the services and infrastructure sectors to segments like education, energy, transportation, and space technology.

More recently, His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced plans for the ambitious ‘Centennial 2071 Project’ – a landmark initiative designed to use cutting-edge technology to focus on the economy, education, development, and community cohesion and create a happier and healthier ecosystem for all future generations.

For some time now, the UAE Government has very actively focused on AI through several ground-breaking initiatives such as:

1. Establishing the AI Ministry in 2017, which started a ‘Think AI Initiative’ to help integrate the various systems that use AI across the UAE.

2. The Dubai Health Authority (DHA) has seen immense growth in AI based applications in healthcare – particularly in the aftermath of the pandemic and has already begun working on plans to use AI based Robotics to automate surgeries and other medical procedures.

3. The pandemic also saw the UAE partner with several Tech and AI platforms to help augment the education sector, by digitally integrating education programs across several major schools.

4. AI based tools, including Facial Recognition software and automated robots have also been used in a wide variety of ways on the security front. The Covid Pandemic also saw the use of this technology by the Police, who used Smart Helmets equipped with Thermal Cameras to detect infected patients from a distance.

The future promises massive growth opportunities in the AI and Tech Space

AI and affiliated technologies are here to stay and the efforts taken by the UAE government will continue to see results in the years to come. A McKinsey Study in 2018 predicted that by the year 2030, about 45% of all existing jobs in the Middle East will be automated.

Almost all major businesses will look to make AI and AI based tools and technologies an increasing part of their work processes and we are certain to see their use in the following areas of business grow even further:

1. Machine Learning and Data Analytics especially in identifying Customer Behavior and Market Trends.

2. Improving Customer Service and Customer Relationship Management.

3. Segmenting the Audience and providing Product Recommendations.

4. Cybersecurity and Fraud Identification

5. Optimization of Supply Chain Operations.

For more information on how you can use AI to integrate and automate your business processes, reach out to us @ Triway Technologies

5 Things you must know regarding Cyber Security and Mental Health

by Triway Technologies | Nov 30, 2022 | Cyber Security, Security Solutions, Software Services

When we think Cyber Security, we think – of Tech, Hackers, Data, Phishing, Cyber Attacks, and much more. But there is another dimension to this problem that is increasingly becoming more and more apparent – The Mental/Emotional Aspect. According to research conducted by Sekuro – An Australian Cyber Security Services Company, over 90% of professionals working in this space have experienced Mental Health Challenges in the last 2 years.

Covid19 and the subsequent global lockdowns saw a massive increase in ransomware and the near-continuous stress of cyber-attacks has created unrelenting pressure on those working in Cyber Security. We are approaching a point where ‘burnout’ levels in cyber security might actually exceed those among frontline healthcare workers.

But why is Cyber Security so intricately linked to Mental Health and why has the corporate world not fully woken up to this reality?

1. Cyber Security in 2022 is more about Human Behavior and Less about Technology

Cyber-attacks can be traced back to the 1960s and 70s when privacy and data were the principal targets. However, with the advancement of computer technology, cyber-attacks have also seen a proportionate advance. Modern Blockchain and AI-related threats have impacts that are both technological and psychological.

A study of the best cyber security applications worldwide reveals that most current threats are a product of sophisticated Social Engineering.

Social engineering is the term used for a broad range of malicious activities accomplished through human interactions. It uses psychological manipulation to trick users into making security mistakes or giving away sensitive information. Social engineering attacks happen in one or more steps.

A perpetrator first investigates the intended victim to gather necessary background information, such as potential points of entry and weak security protocols, needed to proceed with the attack. Then, the attacker moves to gain the victim’s trust and provide stimuli for subsequent actions that break security practices, such as revealing sensitive information or granting access to critical resources.

2. What makes Social Engineering so dangerous?

Social Engineering Attacks are so dangerous since they rely on human error rather than vulnerabilities in the OS or software. This makes them very difficult to stop as even for top-notch cyber security, mistakes made by legitimate users are less predictable than malware-based intrusions.

Organizations/groups/individuals perpetrating such attacks often possess exhaustive knowledge of human psychology and human behavior and are particularly quick to target any potential weaknesses and vulnerabilities. In fact, it is estimated that over 90% of successful breaches worldwide start with a phishing email.

3. What do we need to know about Cyber Attacks and Human Psychology?

All 5 most common forms of digital social engineering attacks are heavily influenced by human behavior.

A. Baiting: Enticing ads that lead to malicious sites or encourage users to download malware-infected applications.

B. Scareware: Potential victims bombarded with fictitious threats. Users are deceived to think their system is infected with malware, prompting them to install software that has no real benefit (other than for the perpetrator) or is malware itself.

C. Pretexting: The attacker obtains information through a series of cleverly crafted lies. The scam is often initiated by a perpetrator pretending to need sensitive information from a victim so as to perform a critical task. The process involves slowly building trust and can often go on for a long time.
D. Phishing: One of the most popular social engineering attack types. Phishing scams are email and text message campaigns aimed at creating a sense of urgency, curiosity, or fear in victims. It then prods them into revealing sensitive information, clicking on links to malicious websites, or opening attachments that contain malware.

E. Spear Phishing: A more elaborate and specific form of phishing, targeted at specific enterprises or individuals. The messages are “tailored” to the needs, and characteristics of the potential victim and the process can take weeks or even months.

4. Social Engineering and Mental Health

Researchers from the University of Greenwich have proven that under “normal circumstances”, an individual (even one not very well versed with cyber security) has a 70% chance of detecting a potential social engineering attack. However, even mild depression, stress, fatigue or anxiety can greatly lower this percentage. For instance: Even mild levels of stress can impact ‘neural correlates’ which in turn impact memory – causing an otherwise “careful” individual to have lapses in memory, click on unverified links or forget to check email origins.

5. Unique Mental/Emotional Challenges faced by those involved in Cyber Security:

Those actively involved in Cyber Security face certain unique challenges, when compared to almost any other area of work. These include:

Extremely high-stress environment
Perpetually changing landscape (There is never a status quo)
A constant need to update to the latest changes
Always on alert and surrounded by “high-risk” information at all times
Need to make decisions with limited (often unproven information)
Constant pressure with respect to limited time, resources, and team dynamics
Extremely high expectations as “first responders”.
Failure is inevitably associated with “feelings of extreme guilt”.
Very high costs/consequences of failure.
Very low levels of gratitude
24/7/365 expected commitment – zero “downtime”
Very high risk of “burnout”
Constant combat against “hackers” and “social engineers” leads to developing extreme cynicism towards humanity.
Emotional Detachment
Depersonalization

Why then do we continue to overlook the obvious connection between mental health and cyber security?

While today, a life without computers seems almost unimaginable, we must remember that this is a technological revolution that has taken place during our times. What this means is that for all of our efforts in maintaining cyber security, our physiologies are not designed to work in such an environment.

We also place too much faith in “purely technological solutions” or “zero trust” systems, while discounting the human element associated with these threats.

A good example of this was the recent pandemic when Covid induced lockdowns, uncertainty, anxiety and fatigue highlighted the link between mental well-being and cyber security like never before – The peak pandemic period saw a 300% increase in cyber-attacks worldwide.

The consequence of this was what we have come to expect – Resignations rise with Ransomware. As the link between the two becomes more and more unambiguous, it is time for the Corporate World to wake up to this threat that comes hand-in-hand with Cyber Attacks.

To know more about Cyber Security Services, reach out to us @ Triway and submit your query. Our team of highly skilled experts will help you with your Security needs

IT Agility in ERP and its impact on Business Outcomes

by Triway Technologies | Nov 28, 2022 | ERP, Software Services

What is ERP?

Enterprise Resource Planning or ERP was a term first coined in the 1990s and referred to a process that was designed to help mainly manufacturing companies handle their material requirements and manage more effectively, their demand and supply chains. In fact, the earliest ERPs were relatively simple software programs that were capable of integrating with other systems across different departments within an organization.

These systems began to increase in scope and complexity with the rapid growth of IT and Computer Technologies and gradually systems that were earlier thought capable of handling only back-office functions began to make their appearance in integrating front-office tasks as well. The 21st Century saw the unprecedented explosion of the Internet and ERP solutions saw a proportionate increase as well – to the point where today they form an indispensable part of an organization’s working structure – regardless of the size or domain of the said firm.

Modern ERP software is designed to fully automate the sharing of vital information across departments, avoid unnecessary duplication of data and provide data integrity in facilitating informed decision-making. This allows for a significant increase in productivity, organizational efficiency, and ROI.

The need for Agility:

The technology landscape is changing at an almost unimaginable pace. What was once “cutting-edge” is now outdated. Even advances made in IT and IT infrastructure at the start of the pandemic are now ‘par for the course’ and will soon become outdated. In such a scenario, businesses using ERP software and solutions to automate and manage their operations are perpetually vulnerable – unless the tools in question are adaptable and capable of quick, seamless and effective upgrades to match evolving market needs. For organizations that find themselves stuck with traditional ERP solutions, this is easier said than done. To achieve upgrades and system improvements, reconfiguration or complete replacement of the existing technology is often the only way of achieving IT agility in the ERP. Post the pandemic, this has become even more important as global markets are currently at their most volatile.

IT Agility in ERP Software:

Having an Agile Framework in your IT Infrastructure refers to the capacity of a software system to handle uncertainties. When an organization achieves IT agility in ERP, it is able to swiftly adapt to challenges and respond to opportunities. Traditional or ‘Legacy’ ERP systems have long since reached their peak maturity and organizations still reliant on them need to urgently replace them with systems more suited to modern technology.

What are the signs that your organization needs to make its ERP and IT more Agile?

1. High Operational Costs: The most important ‘tell-tale’ sign that your ERP solution might be outdated and obsolete is the very high costs of operations. Organizations that find themselves stuck with traditional software and ERP solutions, end up needing to hire a larger workforce than required – a process that inevitably drives up overhead costs.

2. The Software no longer satisfies its intended purpose: This is a stage that every small to medium firm goes through, as it expands its operations and business. The business management solutions that are in place are typically designed to match/satisfy the organization’s original needs and are not compatible with growth and changes. This is another reason why IT and ERP solutions need to be inherently agile.

3. Lack of Access to Critical Data and Insight: It is often said that in the modern world, Data is the ‘New Oil’. We live in a digital world as much as in a physical one and for an organization to survive and sustain itself, it is extremely vital that it has regular and unfiltered access to data and valuable business information. Only then can business decisions be sustainable and effective. If you find that there is a certain amount of constraint in this, understand that your IT infrastructure
and ERP needs to be urgently upgraded.

Benefits of ensuring IT Integration in your ERP Software:

1. Increasing Organizational Efficiency: The more an organization grows externally, the more its internal workflow grows. This is when the need for IT Integration starts to get felt. The primary function of any ERP system is to ensure the centralization of all work-related data – even if that data is from different departments. Once IT integration in ERP Software is ensured, systems can use advanced tools such as Data Analytics, Artificial Intelligence, Machine Learning, and Process Automation to dramatically increase operational efficiency. This also has the impact of greatly reducing Human Error, thus increasing Data Accuracy.

2. Increasing Employee Creativity and Innovation: An organization only grows if it has a highly motivated workforce that is capable of innovative thinking. This is where an Integrated ERP Solution is most useful, as it enables employees to focus on ‘Value Creation’ activities while taking care of tedious and repetitive tasks.

3. Match and surpass Customer Expectations: Thanks to Globalization and widespread Technology, markets have become hypercompetitive. Meeting and surpassing a customer’s expectations is today more difficult than it has ever been. With so many options to choose from, a customer is typically spoilt for choices. This is also why it is vital that an organization looking to succeed, cuts down its Order/Service Processing Time, to ensure repeat sales. This is where an Integrated and Agile ERP Software Solution can help as it automates your order management or service processing workflows, lets you complete multiple processes together, and improves internal communications while reducing redundant back-office administration tasks. This improves the overall business productivity and enables you to serve your customers better and improve sales.

Choose the best ERP Solutions for your Business: While there are several excellent Agile ERP solutions on offer, it is important that you choose the one that best echoes your business needs. At Triway Technologies, we provide Integrated and industry-ready Agile ERP solutions that are capable of integrating your business flow and managing market needs.

Cloud Computing: The Technology Of Inspiration

by Ashitha | Sep 29, 2021 | Software Services

What is Cloud?

The definition for the cloud can seem murky, but essentially, it’s a term used to describe a global network of servers, each with a unique function. The cloud is not a physical entity, but instead is a vast network of remote servers around the globe which are hooked together and meant to operate as a single ecosystem. These servers are designed to either store and manage data, run applications, or deliver content or a service such as streaming videos, web mail, office productivity software, or social media. Instead of accessing files and data from a local or personal computer, you are accessing them online from any Internet-capable device—the information will be available anywhere you go and anytime you need it.

Businesses use four different methods to deploy cloud resources. There is a public cloud that shares resources and offers services to the public over the Internet, a private cloud that isn’t shared and offers services over a private internal network typically hosted on-premises, a hybrid cloud that shares services between public and private clouds depending on their purpose, and a community cloud that shares resources only between organizations, such as with government institutions.

How does cloud computing works?

Cloud computing services come in different types designed to fit different needs to suit different business/individual user’s needs. Some types of cloud computing services are designed exclusively for individual users to store documents, photos, and videos while there are other types of computing services that cater for companies to deliver infrastructure to develop IT applications. Cloud computing services are offered at a price. Fees can be paid on a monthly or yearly basis and price vary depending on the type of services you choose from the provider.

Cloud Computing is built up of two sections – front end and back-end sections while they integrated with each other through the internet.

The user-facing is the front end and it comprises of the client’s application/network or the computer that is connected to the client network the backend is where all the devices, data storage systems, and servers are connected to form a cloud.

What are the different types of cloud computing services?

Cloud computing types are service deployment models that let you choose the level of control over your information and types of services you need to provide. There are three main types of cloud computing services, sometimes called the cloud computing stack because they build on top of one another.

The first cloud computing type is infrastructure-as-a-service (IaaS), which is used for Internet-based access to storage and computing power. The most basic category of cloud computing types, IaaS lets you rent IT infrastructure – servers and virtual machines, storage, networks, and operating systems – from a cloud provider on a pay-as-you-go basis.

The second cloud computing type is platform-as-a-service (PaaS) that gives developers the tools to build and host web applications. PaaS is designed to give users access to the components they require to quickly develop and operate web or mobile applications over the Internet, without worrying about setting up or managing the underlying infrastructure of servers, storage, networks, and databases.

The third cloud computing type is software-as-a-service (SaaS) which is used for web-based applications. SaaS is a method for delivering software applications over the Internet where cloud providers host and manage the software applications making it easier to have the same application on all of your devices at once by accessing it in the cloud.

Types Of Cloud Computing ?

Hybrid Cloud

A hybrid cloud is a type of cloud computing that combines on-premises infrastructure—or a private cloud—with a public cloud. Hybrid clouds allow data and apps to move between the two environments.

Many organizations choose a hybrid cloud approach due to business imperatives such as meeting regulatory and data sovereignty requirements, taking full advantage of on-premises technology investment, or addressing low latency issues.

The hybrid cloud is evolving to include edge workloads as well. Edge computing brings the computing power of the cloud to IoT devices—closer to where the data resides. By moving workloads to the edge, devices spend less time communicating with the cloud, reducing latency, and they are even able to operate reliably in extended offline periods.

Advantages of the hybrid cloud:

Control—your organization can maintain a private infrastructure for sensitive assets or workloads that require low latency.
Flexibility—you can take advantage of additional resources in the public cloud when you need them.
Cost-effectiveness—with the ability to scale to the public cloud, you pay for extra computing power only when needed.
Ease—transitioning to the cloud doesn’t have to be overwhelming because you can migrate gradually—phasing in workloads over time.

Public Cloud

Public clouds are the most common type of cloud computing deployment. The cloud resources (like servers and storage) are owned and operated by a third-party cloud service provider and delivered over the internet. With a public cloud, all hardware, software, and other supporting infrastructure are owned and managed by the cloud provider. Microsoft Azure is an example of a public cloud.

In a public cloud, you share the same hardware, storage, and network devices with other organizations or cloud “tenants,” and you access services and manage your account using a web browser. Public cloud deployments are frequently used to provide web-based email, online office applications, storage, and testing and development environments.

Advantages of public clouds:

Lower costs—no need to purchase hardware or software, and you pay only for the service you use.
No maintenance—your service provider provides the maintenance.
Near-unlimited scalability—on-demand resources are available to meet your business needs.
High reliability—a vast network of servers ensures against failure.

Private Cloud

A private cloud consists of cloud computing resources used exclusively by one business or organization. The private cloud can be physically located at your organization’s on-site datacenter, or it can be hosted by a third-party service provider. But in a private cloud, the services and infrastructure are always maintained on a private network and the hardware and software are dedicated solely to your organization.

In this way, a private cloud can make it easier for an organization to customize its resources to meet specific IT requirements. Private clouds are often used by government agencies, financial institutions, any other mid- to large-size organizations with business-critical operations seeking enhanced control over their environment.

Advantages of a private cloud:

More flexibility—your organization can customize its cloud environment to meet specific business needs.
More control—resources are not shared with others, so higher levels of control and privacy are possible.
More scalability—private clouds often offer more scalability compared to on-premises infrastructure.

Reasons Why Cloud Computing Is Key to Business Success

by Ashitha | Sep 21, 2021 | Software Services

In this Contemporary era, if you are still thinking whether or not to embrace cloud migration, you are already behind 90% of companies, according to research. Most of these companies also use a multi cloud approach. This means that cloud adoption is already mainstream, and a vast majority of the enterprise workloads are already on the cloud.

Companies spend large amounts of money developing and installing software to improve their operations. Cloud computing enables your business to access software on the internet as a service. Cloud computing is also a safe way of storing and sharing data. Cloud computing services fall into three major categories that include Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS). You can choose any of these services depending on your business requirements.

There is plethora of reasons why businesses are choosing the cloud over the old traditional ways of computing and data storage. Just like any other new technology, cloud migration comes with a few risks and downside. However, the benefits far outweigh these limitations.

The cloud is flexible and scalable

Cloud computing allows your employees to be more flexible – both in and out of the work place. Not required to purchase and keep additional servers, storage, and licenses. Scaling cloud computing services is easy. You can get additional storage space or features whenever you need them. Your provider will simply upgrade your package within minutes as long as you meet the additional cost.

One of the major benefits of cloud computing is mobility. The service gives you and your employees the flexibility to work from any location. Employees can complete their tasks at home or from the field. You can reduce the number of workstations in your office and allow some employees to work from home to save costs further. Cloud computing enables you to monitor the operations in your business effectively. You just need a fast internet connection to get real time updates of all operations.

No need for a backup plan

Traditional computing system require back up plans especially for data storage. A disaster can lead to permanent data loss if no backup storage is in place. Businesses do not require any such means when storing data on a cloud. The data will always be available as long as users have an internet connection. Some businesses use cloud computing services as backup and a plan for disaster recovery.

Ease of Use

Cloud computing is simple and easy to use. Instead of having to download and/or install software yourself, in the cloud it is all done for you. The cloud also offers virtually unlimited storage capacity relative to typical hard drive and server limits. The cloud is also adaptable. If you need more storage, it’s instantly available for a slightly larger fee per month. Since your business data is stored in the cloud, your employees will be able to access software and data anywhere from nearly any device that has Internet connection.

Data Security

Sometimes storing data on the cloud is safer than storing it on physical servers and data centers. A breach of security at your premises can lead compromised data security if laptops or computers are stolen. If you have data on the cloud, you can delete any confidential information remotely or move it to a different account. Breaching the security measures on clouding platforms is difficult. Hence, you are assured of data security.

Increased productivity

IT Team doesn’t need to spend enormous time maintaining equipment, they can focus on higher-value add activities like IT security and data analytics. Combining cloud computing with managed services gives your team bandwidth to work on other revenue-generating projects instead of day-to-day tasks.

You can improve the level of efficiency, increase productivity, and save costs by moving your business to cloud computing. Contact us today!

ERP vs CRM: Key Differences and Benefits

by Ashitha | Aug 28, 2021 | Software Services

Businesses looking to automate core business processes typically look at two main software solutions, enterprise resource planning (ERP) and customer relationship management (CRM). ERP helps companies run successful businesses by connecting their financial and operational systems to a central database, while CRM helps manage how customers interact with their businesses.

But when do you need ERP and CRM? This article will help identify the differences between ERP and CRM, when your business may need them, the benefits of each system, and if your business may benefit from having one or both systems.

What is ERP?

ERP stands for Enterprise Resource Planning. The simplest way to define ERP is to think about all the core processes needed to run a company: finance, manufacturing, HR, supply chain, services, procurement, and others. Businesses can opt to use ERP SaaS (Software as a Service) applications to address individual processes, or enlist an entire system, which includes a complete suite of ERP applications that communicate across one another to help businesses more effectively manage their operations.

There is a plethora of ERP solutions available in the market but finding a perfect fit for your business is essential as it directly affects the growth and profitability of your business.

A variety of industries can benefit from ERP Software including:

Industrial Equipment and Components
Hospitality
Food and Beverage
Electronics and Technology
Healthcare, Pharmaceutical and Life Sciences
Construction and Home Improvement
Automotive
Aerospace and Defense
Agribusiness, Farming and Agriculture
Retail and Consumer Goods

What are the Benefits of ERP?

ERP software simplifies and automates common business activities. An ERP software system allows for better performance and project management that helps plan, budget, predict and accurately report on an organization’s financial health and processes. ERP systems also enable businesses to connect and streamline every aspect of their enterprise.

Further business values of ERP systems include:

Enhances efficiency in an organization by eliminating and automating repetitive processes.
ERP help to reduce administrative and operational costs by streamlining complex systems.
Cost savings due to automation and integration that leads to increased efficiency and productivity.
Better management and monitoring of compliance with regulatory standards.
A reduction in human errors and improperly spent time and resources.
Improved partner and supplier management.

What is CRM?

A CRM stands for (Customer Relationship Management). CRM system is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships to grow your business. Today, CRM software can be used to manage a business’s customer relationships throughout the entire customer lifecycle, from marketing to sales to digital commerce and customer service.

CRM tools are helpful for a variety of departments within a company, including recruiting, marketing, sales, business development and customer service. By using CRM software, businesses can organize customer and prospect information to build stronger, more personalized relationships with them and better organize their interactions during the consideration process.

Generally, CRM software collects customers’ relevant contact information, including telephone numbers, email, websites, and social media data. It can store details about each contact, such as communication preferences, helping businesses not cross a contact’s outreach boundaries. In addition to what these tools can store, they also log customer interactions to better monitor the relationship.

What are the Benefits of CRM?

As with ERP, there are many valuable business benefits of CRM. Primarily, it enables your business to become more customer-focused, which in turn enables you to be more profitable. CRM technology gives you a clear, bird’s eye view of your customers while also helping you drill down into their individual preferences, needs, requests, issues, dislikes, how they’re responding to marketing campaigns, what they’ve purchased and more — all in one easy-to-navigate database. With this information stored under a unified dashboard, all users across your company can participate and stay informed. Not only does this optimize functions for the business, it also provides a more personalized and consistent experience for the customer.

Ultimately, enlisting a CRM system cuts unnecessary costs while increasing profits. Customer information funnels into a business through a variety of different sources, including sales phone calls, marketing forms, emails, social media networks, customer support calls, website chats and external sales meetings.

For businesses of all sizes, this level of visibility provides valuable business-enhancing insight. For small businesses, having CRM software can fill roles that would normally require hiring additional team members, which is beneficial for smaller companies that need to conserve resources.

What’s the Difference Between ERP and CRM?

The primary difference between ERP vs. CRM is that, essentially, one organizes processes, and one organizes people. The table below identifies what each system is designed to manage and help businesses improve upon.

ERP vs CRM

ERP Software

Project Planning
Standardized Business Procedures
Data Reporting and Accuracy
Task Automation
Supply Chain Management
Accounting
Manufacturing
Human Resources
Order Processing
Production Management
Warehouse & Inventory Management

CRM Software

Marketing Campaigns
Lead Prioritization
Sales Processes and Pipelines
Internal Collaboration
Customer Data Collection and Reporting
Customer Support

What are the Similarities Between ERP and CRM Systems?

The differences between ERP and CRM tools are easy to spot, but there are many similarities as well. Though different in their primary focuses, both system types provide businesses with:

Increased reporting
Operational efficiency
Improved internal and external communication and collaboration
Business growth and increased profitability
More informed decision-making
Better use of resources
Work-from-anywhere capabilities when using cloud-based systems

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