Fintech | Plekton Labs

Rapidly Changing Outcomes? Here’s How You Can Alter Delivery Models

January 19, 2021Business 0

If the current pandemic has taught us anything, it’s that businesses must prioritize speed, flexibility, and agility. These things all help businesses be resilient in the face of upheavals. Looking around, it is clear that organizations that have invested in flexible and agile models have adapted to current situations the best, beating out the competition and making lasting roots in the industry.

Most businesses have to respond to sudden crises or upheavals in 2 ways: immediate, need-of-the-hour, and a more carefully thought-out long-term plan.

4 Steps for Creating an Agile Foundation for Your Business

January 19, 2021Business 0

No matter what sort of industry your business is based in, there is a good chance that the marketplace is rapidly shifting. Due to the opportunities that arise from digital transformation, older business models are becoming obsolete quickly. At the same time, customer needs are evolving as well. If businesses can’t keep up with their customer’s needs, they have no choice but to go extinct. The business needs to change along with its customers. And to do so, it needs to think ahead and have a very flexible or agile business foundation.

5 Foundations of a Digital Transformation Strategy

January 19, 2021Business 0

After the technological revolution, the word digital transformation has been thrown around a lot in the fintech industry. Although the word has a different meaning to each specific enterprise, no one can deny that businesses need it to succeed.

To draw real attention in a sea of competitors, businesses need a comprehensive framework for their digital transformation and IoT strategy. Transformation needs proper alignment across your entire business, like finances, goals, metrics, and an execution path, to truly succeed.

Why Event-Based Architecture Works: The Value of Event Notifications

January 19, 2021Business 0

As we continue hurtling through the process of digital transformation, responding to requests in real-time is becoming more and more important. Whether you look at company needs or the use between individuals, it is clear that event-based styles are preferred over others. We’ve already discussed the overall shift from RESTful to event-based and why this has taken place.

The Pandemic’s Lasting Effect on the IT World

January 19, 2021Business 0

When the COVID-19 pandemic first hit the headlines last year, nobody could have imagined the impact it would have on the world. One year later, we still seem to have been caught unaware. There are many things we don’t yet know about the virus. But we do know that it has changed the way we view the healthcare system, education, and the commercial sector across the planet. However, the digital landscape is the area that has been most clearly affected by the pandemic.

5 Steps for Effective Digital Transformation

January 19, 2021Business 0

If the COVID-19 pandemic has taught us anything, it’s that life as we know it is only possible because of digital transformation. Integration and APIs have made speed, agility, and connection possible on levels that we could have only dreamed about in the past.

Most businesses have switched to operating online, employees work from home, and the entire structure of organizations has shifted to accommodate the needs of the current climate. If you’re having trouble continuing the path of digital transformation, or you’re late to the party, here’s what you should do to get started.

4 Tips for Adapting to the New Normal: Digital Transformation to the Rescue

January 20, 2021Business 0

When the year began, no one expected the wide-scale disruption the COVID-19 pandemic would cause in the months to follow. It caught everyone off guard, and several businesses were side-swept and left reeling. However, as the months continued, many businesses in the fintech world realized that things like API-led connectivity and integration made it possible for them to keep operating.

In fact, many companies continued to thrive even though the world was locked away at home. The key to their success? Adaptation and innovation. Investing in digital transformation at the present will go a long way in securing any business’s future. With a little flexibility and foresight, your business can outlive the current crisis and grow vigorously in the years to come.

These 4 tips that will help you get the most out of the technological transformation happening and adapt to the future:

1. Accept the Present as It Is

It might be a little difficult to adjust to the fact that life as we now know it is the new normal. Many employees are having trouble getting used to working from home and many are worried about the future of their employment.

Motivating your team, teaching them how to be productive when working remotely, and boosting their morale is a great way to keep the company running smoothly at the moment. It will also help them continue to be more productive when they have to start coming into work as usual.

2. Get Ready for Future Opportunities

Although it seems like forever, the current situation isn’t permanent and will soon come to pass. And when the day comes, you need to prepare to grasp every opportunity that comes your way. Keep your teams ready to handle whatever might come up and plan your future moves carefully.

Having an API strategy ready to go is a great way to do this. A solid integration strategy will keep your business flexible so it can operate no matter what the future holds. Focusing on these operation models and altering business practices to suit future needs should be a priority when planning in advance.

The pandemic has changed customer needs and habits for good, and your business needs to adapt to reflect that. Training your employees on this aspect is a great idea to help them adapt to these changes.

3. Work with Your Partners

Businesses have had to change how they operate under current circumstances. For instance, many stores have added options for home delivery or curbside pick-ups. This can cause confusion and errors when it comes to sales and inventory but APIs make it easy to keep your business in the loop. Integration gives all the components of the business real-time updates so that the core business can run smoothly.

Working with your partners in business can make adjusting to the current practices much easier. It will also improve the speed and agility of your business, which will keep customers happy and drive sales.

This works both ways. If your business does well, it will be good for your partners. And if they do well, your company will benefit as well. This is why supporting them will go a long way for your company!

4. Start Doing Things Your Way

While working with your partners is a wonderful idea, you can also use this as a chance to pave your own way. For example, instead of using a third-party service to handle payments or distribute goods, you can set up your own internal services. Using consumable APIs, your business can process these aspects of operations, which can simplify things considerably. This can even open the doors to new and better partnership opportunities in the future.

For this to work, however, you need to develop your team’s core skills so they can take on additional responsibilities. You might even need to get a couple of new hires. However, with the right training and a little time, your employees will be able to grasp the best practices that will help the company move forward.

Wrapping Up

Although the present time is scary and nerve-wracking, it is also rife with opportunity. Harnessing these opportunities has both short-term and long-term benefits for your company. At the moment, it can keep your business afloat while you figure out the best strategy for moving forward. Not only will these practices help you respond to the shock of the pandemic and its effect on your business, they will also redirect your focus to the new reality your firm has to operate in. Most importantly, it will keep you well prepared for the future and help your business grow exponentially.

Where the Financial Sector Succeeded: Navigating Through Integrated Consumer Services

April 25, 2020Business 0

While many IT firms are finding it difficult to come to terms with the mass effects of the digital transformation taking place everywhere, the financial sector has adapted remarkably well. This is mainly because the banking world–and by extension, the financial technology (fintech) sector– has focused on consumer connectivity through the integration of their services.

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