To define Fixed Asset Management in a nutshell, it is the process that involves the tracking of Fixed Assets, their Accounting, Preventive and Corrective Maintenance, Tracking and Theft Deterrence. It is always a challenge for organizations to accurately track the location, condition, and status of their fixed assets, especially for organizations which operate from multiple locations. To maintain a proper Fixed Asset Register whilst simultaneously complying with Accounting and
Any organization cannot function at its optimum efficiency until all its departments are well connected and integrated. A successful organization is founded on proper communication and seamless information flow between all the employees, management, departments, warehouses, plant, stakeholders, suppliers, etc. An Enterprise Resource Planning (ERP) System is such a system which can serve as a bridge between all the departments and functions to ensure real time information flow throughout
Interest in the technology known as Blockchain has risen exponentially and is quickly passing from being a “geeky” topic to becoming a reasonably mainstream discussion. Companies are innovating to find newer applications of this technology. Simply put, Blockchain is an electronic ledger which is shareable either among public or private users and create an immutable record of transactions, where each transaction is linked to the previous one. Each transaction or
It is a known fact that there is no one-size-fits-all ERP Software. Keeping this in mind, software developers impart a reasonable amount of flexibility into their ERP packages, so that users can tailor the software to better align it with their businesses. ERP Systems are developed keeping the best practices within different verticals and market segments in mind. So they serve as a template for organizational adaptation. While some businesses will
Not much time has passed since India witnessed the biggest tax reform since independence i.e. the roll out of a unified tax scheme called Goods and Services Tax (GST). GST although seems to be very simple has enough complexities under the hood. Many businesses came to a halt since they were clueless about how to comply with the new tax regime. In these times of indefinites, some companies looked
One of the most striking changes that the GST rollout has brought is in the mechanism of availing Input Tax Credit. This change is on course to not only eliminate discrepancies but to also push more taxpayers into the tax net.
Before understanding the changes done in the mechanism, let’s have an overview of Input Tax credit. It is the credit a manufacturer receives for paying taxes on the
OMCs have always been in the midst of changing regulations andglobally oscillating oil prices. They have to be both flexible and proactive if they want to keep up with the globally fluctuating oil prices. Another potential challenge is a geographically scattered market, which makes the implementation of their marketing schemes difficult. There is no one-size-fits-all marketing scheme and it differs from region to region, client to client and product to
Technology should no more be seen one-dimensionally and as something which is only accountable for the sustenance of a business. Perceiving it merely as a facilitator of daily chores like Accounting or Payroll Management is a mindset that businesses are getting rid of, and rightly so. They are establishing an effective coupling with groundbreaking technologies, to strive towards innovation and excellence. This is a welcome shift in perspectives and
Ransomware has hit hundreds of thousands of businesses worldwide, especially small businesses, who had never expected to be impacted by such a serious virus threat.
For people who are still figuring out Ransomware, it is a type of malware which encrypts the entire system and then the hacker asks for the payment in Bitcoins for decryption. Unfortunately, even if the payment is made, the chances of data recovery is
With a relentless push towards automation in manufacturing processes, it is safe to say that Industry 4.0 or the Fourth Industrial Revolution has arrived. Industry 4.0 has roped in The Internet of Things (IoT) to drive towards the idea of a smart factory. It is a day and age where an ongoing production process involves churning out products with complex BOMs/processes coupled with the dynamic material, supply, and schedule
An ERP System functions like the heart of the organization where it has been deployed. Multiple processes are carried out by several concurrent users using the information and functionalities provided by an ERP Software. Over a period of time, users get so accustomed to the ERP System that merely a suggestionof changing the existing ERP System literally pulls the rug from beneath their feet. Some users are so comfortable
With GST deadline just a few weeks away, significant structural changes are being scripted for India’s tax structure. Underestimating the gravity of such changes and taking GST just as another tax or a tax rate change can backfire in your business in a big way. The implementation of GST will require some serious homework, considering the paradigm shift in the way returns and tax computation will be affected. There are
It has always been a million dollar question for enterprises, whether to go for customizing an ERP software or make changes to their business processes to align with the standards of the software. It is a tough call to make as their core processes are instrumental in giving them a competitive edge. So, they may end up giving away that edge by modifying their processes, instead of customizing the
Traditionally ERP and CRM Systems have continued to deliver exclusive streams of information effectively. Clubbing these exclusive data streams by integrating ERP with CRM Systems is now catching the attention of industry experts. Such an integration would enable enterprises to conduct enhanced analysis resulting in improved Sales Forecasting, Better Inventory Management and building more durable and satisfied customer relationships.
Such an integrated system will also make the multi-dimensional analysis
IoT (Internet of Things) propagates the idea of things (Devices) communicating with other things (Devices) through a channel of sensors, with a minimal role of any human element. The influx of such data into an ERP Software will be a game changer, resonating perfectly with the requisites of the inter-connected world. To strike coherence with IoT, future ERP Systems ought to be more open so that they can process
The Goods and Services Tax (GST) has been the talk of the town since it was first introduced in 2011. This has been a much awaited move for the entire business fraternity and is being seen as the biggest economic reform since liberalization in 1991. Every business, big or small, transporter or manufacturer is eagerly waiting to experience the benefits the new tax regime proposes to bring to their
Discrete and Process Manufacturing are two different kinds of businesses within Manufacturing. Discrete Manufacturing is all about production of distinct items like computers, furniture, appliances, etc. These are very different from the products of Process Manufacturing which are homogeneous like glue, cosmetics, pharmaceuticals, oil, gas, etc. Products of Discrete Manufacturing can be taken apart as they are assembled by nuts, bolts, etc. This makes the operations of Discrete Manufacturers
Is your ERP investment not delivering the expected results? Are employees complaining of ERP inefficiencies and lost information? Is the system unable to change with your growing business needs or is it inflexible and hindering the company processes? If the answer to any of these questions is affirmative, it is time to look for a change.
There is just no point in creating and continuing with such a situation,
Most of us embrace and appreciate the idea of taking unplanned detours, savouring those special spontaneous moments with loved ones, listening to our favourite playlist, hearing the music of birds chirping, but how many times do we actually do it? We are all so caught up in our work and families that we hardly ever stop by and smell the roses.Read More
Once, when I was passing by India Gate, approaching the National Gallery of Modern Art, I saw some military barracks on the way, with a phrase written, “Nischey Kar Apni Jeet Karo”. If you are determined you can ensure your success, is the simple meaning of these lines, taken from the hymn “Deh Shiva Bar Mohe” written by Guru Gobind Singh in the 17th century. Read More