#Implemenatation

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The Imperative Need Of ERP In Banking In 2023- Better Data & Analytics

In today’s digital time & space, technologies are imparting a significant impact on the banking sector. For starters, today’s customer demands are evolving. This and the shifting economic landscape are pushing banks to harness digital solutions that support growing needs. For the same, ERP in banking is a valuable strategy to help them to streamline operations, meet customer expectations, and enhance their agility.

Many banks today have undergone a transformation in their strategic priorities. They have moved away from primarily managing loans and risks to focusing on managing assets and delivering financial services. Moreover, the banking experience has also shifted from a generic, one-size-fits-all approach to a more personalized and on-demand model. The data requirements of banks have evolved from basic analytics to the need for real-time data intelligence. With ERP in banking, they can align themselves with these developing customers’ needs while also achieving heightened operational efficiency!

Here Are 4 Ways That ERP In Banking Is Beneficial!

1. Streamlined Operations and Improved Efficiency:

One of the primary advantages of ERP in banking is its ability to streamline operations. ERP systems consolidate and integrate various banking functions such as customer relationship management, financial management, risk management, human resources, and more. By centralizing these processes, banks can eliminate redundant tasks, automate workflows, and reduce manual errors. This results in improved operational efficiency, reduced costs, and optimized resource allocation.

2. Enhanced Data Management and Analysis:

In the digital era, data is the lifeblood of any successful organization, and banks are no exception! ERP software equips banks with powerful data management tools and enables them to capture, store, and analyze vast amounts of information in real time. Banks can gain actionable insights, identify trends, detect fraudulent activities, and make informed decisions in the smartest way possible. Furthermore, ERP systems provide robust security measures to protect sensitive customer data, ensuring compliance with data privacy regulations.

3. Customer-Centric Approach:

Modern customers expect personalized and seamless banking experiences. ERP in banking empowers banks to deliver on these expectations by providing a unified view of customer interactions, preferences, and history. With access to comprehensive customer data, banks can offer tailored products and services, personalized marketing campaigns, and also efficient customer support. This level of personalization helps build customer loyalty, satisfaction, and retention.

4. Agile Adaptation to Regulatory Compliance:

Compliance with regulatory standards is crucial in the banking industry, where strict rules govern operations to maintain stability and safeguard customer interests. ERP in banking plays a vital role in assisting banks in adhering to these regulations. By automating compliance processes, tracking and managing regulatory changes, and generating accurate reports, ERP systems ensure banks can adapt quickly and efficiently to changing compliance requirements.

5. Improved Collaboration and Communication:

In a highly interconnected banking environment, effective collaboration and communication are vital. ERP systems facilitate seamless collaboration by providing a centralized platform where employees across departments can access and share real-time data and insights. This promotes cross-functional collaboration, reduces information silos, enhances teamwork, and accelerates decision-making processes. Improved communication between departments also leads to faster response times and increased customer satisfaction.

Conclusion:

In the digital age, banks must embrace technological innovations to stay competitive and meet the evolving needs of their customers. ERP in banking has emerged as a vital tool for transforming the banking industry. With streamlined operations, enhanced data management, customer-centric approaches, regulatory compliance, and improved collaboration, ERP solutions empower banks to achieve operational efficiency, drive innovation, and deliver exceptional customer experiences. By embracing ERP technology, banks can unlock their full potential and thrive in the digital banking era. Contact Integs Cloud Technologies to avail expert ERP solutions & achieve all these amazing results!

To read more visit at https://integscloud.com/

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Common Challenges in Outsourced ERP Implementation and How to Overcome Them

For many companies, it can be strategically advantageous to outsource the implementation of ERP (Enterprise Resource Planning). Businesses can take use of the knowledge of specialized suppliers and streamline the implementation process thanks to it. Nevertheless, there are difficulties with it. We will look at some typical issues that arise when implementing an outsourced ERP system in this post and offer workable solutions.

Lack of Communication and Collaboration: A breakdown in communication and collaboration between the client and the outsourcing partner is one of the most frequent problems encountered during the implementation of an outsourced ERP system. Poor communication and misaligned expectations can result in project delays and cost overruns.

How to Overcome It?

Develop clear ways for communication right away.

Allow each party their own duties and responsibilities.

Through meetings, emails, and collaborative tools, keep the lines of communication open and frequent.

Encourage input and deal with problems right away to stop them from getting worse.

2. Inadequate Project Planning: For an ERP implementation to be successful, effective project planning is essential. Many initiatives fail as a result of poor planning, which involves defining the project’s scope, establishing reasonable deadlines, and properly allocating resources.

How to Overcome It?

Before beginning project execution, take the time to plan it out thoroughly.

Include important stakeholders in the planning process to guarantee alignment with organizational objectives.

Conduct a thorough examination of company requirements and processes.

Create a thorough project plan with clear deadlines and targets.

3. Insufficient Data Migration Strategy: Data migration from legacy systems to the new ERP can be a difficult process. The implementation process can be hampered by problems with data consistency, accuracy, and loss.

How to Overcome It?

To find important data and confirm its accuracy, conduct a data audit.

Create an effective data migration strategy with data cleaning and mapping included.

Before going live, test data migration procedures extensively.

Create a rollback strategy in case unexpected data problems arise.

4. Change Management Resistance: Employee resistance to changes brought about by ERP adoption may be due to concerns over interruptions to their daily routines and work functions. Change resistance can make it more difficult for a system to be adopted and less successful.

How to Overcome It?

To address staff concerns and enable a smooth transfer, create a change management plan.

Make sure that employees receive thorough training to ensure their comfort with the new system.

Encourage advocates within the company to spread the word about the advantages of adopting ERP.

Engage employees in the process while promoting the benefits of the ERP system.

Conclusion:

For companies looking to optimize their operations and processes, outsourcing the implementation of an ERP system can be a fruitful venture. It does, however, have its share of difficulties. Organizations can improve their chances of a successful implementation of an ERP by proactively addressing challenges including communication, planning, data migration, change management, and scope creep. In the end, overcoming these difficulties and successfully implementing ERP requires strong client-outsourcing partner collaboration, an emphasis on thorough planning, and stakeholder participation.

[melsatar]

What do you need to know about the Software Development phases

What do you need to know about the Software Development phases

Software development life cycle models have different strategies and methodologies for the software development process and I wrote about the different types of development models, please review this article for more information, we also discussed how to select the most suitable model based on your project context.

Regardless, what model you have selected, these models are sharing mostly the same…

[dpr-lahore-division]

With the compliments of the, Directorate General Public Relations,

Government of the Punjab, Lahore.Ph: 99201390

No.246/Amber Jabeen/Umer

HANDOUT (A)

DEVELOPMENT WORK SPEEDS UP IN PUNJAB'- CHAIRMAN PLANNING AND DEVELOPMENT BOARD, PUNJAB

PLANNING AND DEVELOPMENT BOARD ENGAGES WITH WORLD BANK AND ASIAN DEVELOPMENT BANK TO PROGRESS SWIFTLY ON DEVELOPMENT PROJECTS

LAHORE 23 January:  

                  The Planning and Development Board, led by Chairman Hamed Yakoob Sheikh and Secretary Imran Sikandar Baloch held comprehensive portfolio review meetings with key development partners, World Bank and Asian Development Bank to review progress, improve implemenatation as well as identify areas where projects to improve quality of life, service delivery and human development indicators in Punjab

         The ADB Delegation was led by Ms Xiaohong Yang, Country Director ADB and along with Chairman Secretary P&D, relevant administrative secretaries of departments were also present in the meeting.

         Currently the Government of Punjab has five major projects in Punjab Trimmua and Punjnad Barrages Project, Access to Clean Energy Investment Project, Pusnjab Intermediate Investment Project, Enhancing Public- Private Partnership in Punjab and Jalalpur Irrigation Project, which was inaugurated by the Prime Minister.

         Pipeline projects of ADB in Punjab include Rehabilitation of Islam Barrage , Project readiness Financing of Punjab Water Resource Management, Punjab Readiness Financing for PCIIPP, Punjab Agriculture Markets Development Projects, Greater Thal Canal Phase III, Improving Wrkforce Readiness in Punjab  and Punjab Provincial Roads Multi-Tranche Financing facility MFF.

         The World Bank Delegation, was led by John Roomee, Regional Director South Asia on Sustainable Development and Illango Panchawatan, Country Head Pakistan. Active World Bank Projects in Punjab are focused on Skills, Jobs and Competitiveness, Agriculture, Tourism and Climate Change.

         A major project of the World Bank in partnership with Punjab Government, Punjab Human Capital Investment Project ($200 million) is being launched with a focus on investing in key human development areas for the future.

         The representatives of World Bank and ADB showed a great deal of satisfaction on the progress of development in Punjab and had hoped that the existing and new projects will improve the lives of the people in the province. They also appreciated the efforts of the Planning and Development Board leadership in speeding up the process of project appraisal and implementing and introducing stringent monitoring and evaluation systems to ensure accountability and transparency in all development work in the province.

         Chairman P&D Board, Hamed  Yaqoob Sheikh said that an efficient and productive working relationship with development partners in Punjab is ensuring smooth implementation of projects in the province and ensuring that money is efficiently utilized.

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Short Report: Women’s Empowerment in India

Introduction

Women’s empowerment has gained momentum globally over the past few decades. From the British suffragette movement in the early nineteenth century to the United States’ Lilly Ledbetter Fair Pay Restoration Act in 2009, women have gained numerous rights world-wide over time. Studies have shown that as a byproduct of empowering women, countries have had a greater GDP per capita, lower infant mortality rates and higher literacy rates. Despite this, the gender inequality gap has not entirely been bridged.

Gender inequality combined with high poverty has resulted in numerous crimes against women in India. Though there are numerous factors that affect the status of women in Indian society, this report will concentrate on reproductive health, political participation and the economic independence of women in India.

Reproductive Health

Although there are laws that support access to women’s health care and the distribution of products for reproductive health in India, the implementation of such laws has been subpar. Due to a lack of adequate forms of birth control (like the birth control pill or IUDs), in 2010, India had one of the highest birth rates in the world with 21.595 births per 1,000 people. As a result, the government implemented a controversial sterilization program. By 2013, roughly 4.6 million Indian women were sterilized to lower the birth rate; roughly 568 women died from this procedure. The insufficiency of reproductive health care for women in India is a systemic issue and one that is barely addressed because of a stigma against it.

Political Participation

Since India gained its independence from the British in 1947, Indian women have been politically active. In 1966, India’s third prime minister Indira Gandhi was a woman who went on to serve for another term in 1980. In the 2014 Indian elections, 65.63% of women voted, which is an impressive figure considering that total voter turnout was only 66.40% that year. It was observed that in states where the literacy rates amongst women were lower than others, the percentage of women that voted was also less. This shows a correlation between women’s access to education and women’s political participation in India. It is important for women to exercise their right to vote because they can elect officials that will create an environment in India where women can flourish.

Economic Independence

Under section 498A of the Indian Penal Code, women have the right to financial and economic independence and anyone accused of demanding a dowry should be arrested. However, in 2014 this law was highly abused when the Indian Supreme Court ruled that any arrest must be approved by the magistrate. Due to such poorly executed laws and the lack of financial independence amongst Indian women, they are often dependent on their fathers and then after marriage on their husbands. Moreover, this has created a vicious cycle where young girls are never given the opportunity to have an education, hence must rely on a male authoritarian figure as they do not have a job and thus no financial independence.

Furthermore, in rural areas most women do not get the opportunity to work and earn a wage; instead, they take care of household chores. When women do get the opportunity to work, they earn roughly Rs. 85 ($1.27) per day, which is less than half of what men earn, because of discrimination in the work environment. The root of this problem is cultural and it is difficult to change a society that has been subordinating women for centuries, but not impossible. With the help of NGOs like Apne Aap and CARE India that specialize in giving young girls an education and adult women entrepreneurship skills to start their own business or job qualifications, women have slowly started gaining economic independence.

Conclusion

Overall, while women have been empowered in India, there are still numerous flaws with the implementation of laws that are supposed to decrease the inequality gap between men and women. Additionally, class does play an integral role in this dilemma as women from lower classes and rural areas have more difficulty obtaining access to education and other such vital resources that enable women to reach their true potential. Taking all these factors into consideration, it is only through a cultural revolution where the population truly understand that both women and men are capable of achieving greatness that women can accomplish empowerment. 

Works Cited:

Stolberg, Sheryl Gay. "Obama Signs Equal-Pay Legislation." The New York Times. The New York Times, 29 Jan. 2009. Web. <http://www.nytimes.com/2009/01/30/us/politics/30ledbetter-web.html>.

Cohn, Claire Litton. "12 Reasons Why Empowering Women Should Be The World's Priority." Matador Network. N.p., 6 Mar. 2014. Web. <https://matadornetwork.com/change/12-reasons-empowering-women-worlds-top-priority/>.

"Reproductive Rights in India." Reproductive Rights in India. Human Rights Law Network, 2013. Web. <http://www.hrln.org/hrln/reproductive-rights/433-reproductive-rights-in-india.html>.

The World Bank, Indian Birth rate (2010). Retrieved from <http://data.worldbank.org/indicator/SP.DYN.CBRT.IN?end=2014&locations=IN&start=1960>

Shanker, Richa. "Measurement of Women’s Political Participation at the Local Level: India Experience." Ministry of Statistics & Programme Implemenatation, India (n.d.): n. pag. UN Stats. United Nations. Web. <https://unstats.un.org/unsd/gender/Mexico_Nov2014/Session%206%20India%20paper.pdf>.

The Editoral Board. "India’s Lethal Birth Control." The New York Times. NYT, 20 Nov. 2014. Web. <https://www.nytimes.com/2014/11/21/opinion/indias-lethal-birth-control.html?_r=0>.

The Editors of Encyclopædia Britannica. "Indira Gandhi." Encyclopædia Britannica. Encyclopædia Britannica, Inc., 09 June 2016. Web. < https://www.britannica.com/biography/Indira-Gandhi>.

"WebCite: Election Commission." WebCite Query Result. Press Information Bureau Government of India, 21 May 2014. Web. <http://www.webcitation.org/6SSfQxJNT>.

"What Is IPC-498a ? Why Is It Misused ?" 498A. N.p., n.d. Web. <http://www.498a.org/498aexplained.htm>.

Blair, Cherie, and Siddharth Chatterjee. "Promoting Women's Economic Participation in India." The Huffington Post. TheHuffingtonPost.com, 21 Mar. 2013. Web. <http://www.huffingtonpost.com/cherie-blair/promoting-womens-economic_b_2917923.html>.

Parekh, Dhimant. "Five NGOs Working towards Women Empowerment." The Better India. The Better India, 02 Mar. 2011. Web. <http://www.thebetterindia.com/2544/awards-ngo-women-empowerment/>.

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Reflection

While writing this short report, I had to combine a range of techniques that we learned in class. The most prominent technique that I implemented was paraphrasing. Paraphrasing was necessary in the short report because I had to convey a lot of information and also condense it into the word limit. I did not have too much experience paraphrasing, but aI understood the general gist of it from what I had gathered in class. So, I went back onto bCourses and checked the modules section where I found the lessons we had learned on paraphrasing.

While typing out this short report, I found myself looking at the Birds Of Egypt document often and seeing all the steps that were listed. After a while. I did not have to look at the steps when paraphrasing and it became almost like second nature to me. Also, I often did not realize when I would combine two or more steps because they are all interconnected. By writing this short report, I understood how paraphrasing worked and how to implement the steps that were listed. While paraphrasing, I had some difficulty grasping how to paraphrase specific numerical data. For instance, I had come across a particular statistic (which I eventually did not include in the essay) on the literacy rate amongst women in Tamil Nadu being 73% and I had trouble paraphrasing that. I felt that if I wrote “roughly three-fourth…” then I was being inaccurate and when writing a short report, it is important to be factually correct. However, after consulting a friend who has great experience in paraphrasing and writing reports, I felt more comfortable saying “roughly three-fourth” because it did not convey inaccurate information and gave the general idea of the literacy rate. Moreover, while paraphrasing, I used many synonyms and eventually had to look through a thesaurus. I ended up learning many new words and incorporating them into my vocabulary.

Since this paper was highly research-driven, I felt that it was very important for me to learn the techniques on writing reports since numerous classes require that. While doing this report, I learned how to use in-text citations, which was something that I was completely unfamiliar with. It was also beneficial because in certain published texts I have often come across in-text citations, but did not know what they were and how to use them. Though I decided to use the MLA format of citations in the form of footnotes in this short report because it is what I am familiar with and what numerous of my classes require, it was very useful to expand my knowledge and learn a new and quicker way of citations. These are two of the most important things that I learned while writing this short report.