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Understanding the Importance of Business Intelligence Tools Business Intelligence Tools, Data Ready, Data-Driven Era, Java Philippines, Data Solutions Philippines
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Understanding the Importance of Business Intelligence Tools
Understanding the Importance of Business Intelligence Tools 650 486 Exist Software Labs

In today’s data-driven world, being data-ready is crucial for organizations to gain insights, make informed decisions, and stay ahead of the competition. Business Intelligence tools (BI), such as Tableau and Power BI, play a pivotal role in empowering businesses to harness the full potential of their data. In this blog post, we will explore the importance of being data-ready and delve into the capabilities of these two popular BI tools.

 

Business Intelligence Tools: Understanding the Importance of Being Data Ready

Being data ready means having the necessary mindset, processes, and infrastructure to effectively collect, manage, analyze, and visualize data. It enables organizations to uncover valuable insights, identify trends, and make data-driven decisions. Being data-ready offers several advantages, including:

 

  • Improved Decision-Making: With comprehensive data analysis, organizations can make more informed decisions based on customer behavior and preferences, among others, leading to better product and service design and increased competitiveness.

 

  • Identifying Opportunities and Risks: Being data-ready allows businesses to identify emerging opportunities, potential risks, and market trends, enabling them to adapt and seize competitive advantages.

 

  • Enhanced Efficiency and Productivity: By streamlining data processes and providing easy access to insights, being data-ready boosts operational efficiency and empowers teams to work more productively.

 

  • Customer-Centric Approach: Leveraging data helps organizations understand customer needs, preferences, and behavior, leading to personalized experiences and improved customer satisfaction.

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Benefits of Using Business Intelligence Tools 

 

  • Data Consolidation and Integration

One of the primary benefits of BI tools is their ability to consolidate and integrate data from multiple sources. Companies generate data from various platforms such as on-ground sales transactions, customer interactions, marketing campaigns, and supply chain operations. BI tools aggregate and organize these diverse data into a unified view, providing decision-makers with a comprehensive understanding of the business landscape.

 

  • Real-time and Historical Analysis

BI tools offer real-time and historical analysis capabilities, giving businesses the ability to monitor their operations as they unfold and examine past performance trends. This dynamic feature empowers executives to make agile decisions in response to changing market conditions and identify long-term patterns that can shape future strategies.

 

  • Enhanced Data Visualization

Raw data can be overwhelming, making it challenging for decision-makers to grasp crucial insights quickly. BI tools address this challenge by providing advanced data visualization techniques. Interactive dashboards, charts, graphs, and reports transform complex data into intuitive visual representations, making it easier to comprehend and identify key trends, patterns, and outliers.

 

  • Informed Decision-Making

BI tools enable data-driven decision-making, which is critical in today’s fast-paced business environment. When armed with accurate and timely information, executives can confidently make informed choices that align with business goals, leading to more effective strategies and improved outcomes.

 

  • Improved Operational Efficiency:

By streamlining data analysis and reducing manual reporting tasks, BI tools enhance operational efficiency. Employees can focus more on strategic initiatives rather than spending valuable time collecting and collating data. Moreover, with automated reporting features, BI tools facilitate the seamless distribution of insights across departments, fostering collaboration and alignment.

 

The Data-Driven Era

In today’s data-driven era, being data-ready is essential for organizations to thrive. Tableau and Power BI are powerful BI tools that empower businesses to unlock the true potential of their data. By leveraging intuitive data visualization, seamless data integration, advanced analytics, and collaboration features, these tools enable users to make data-driven decisions, enhance operational efficiency, and gain a competitive edge.

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Exist offers data solutions services and Business Intelligence tools you can use to make informed decisions, and stay ahead of the competition. Start with your journey to data maturity and become a data-driven organization!

About the Author

Mark Daryll De Venecia is a highly motivated and skilled data engineer with a passion for harnessing the power of data to drive meaningful insights and innovation. He has successfully obtained several certifications that attest to his proficiency in data management, data integration, and data warehousing. These certifications, combined with his problem-solving abilities and meticulous attention to detail, enable him to design and implement robust data solutions that empower businesses to make data-driven decisions efficiently and effectively. Mark continually seeks to expand his knowledge and stay at the forefront of emerging technologies in the dynamic field of data engineering.

Banks that embrace predictive analytics and data-driven decision-making are forging a path towards becoming the "extraordinary" banks of the future.
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Predictive Analytics & Data-Driven Decision: Building up the “Extraordinary” Banks of the Future
Predictive Analytics & Data-Driven Decision: Building up the “Extraordinary” Banks of the Future 1300 972 Exist Software Labs

In the fast-evolving landscape of digital banking, staying ahead of the competition and delivering exceptional customer experiences require more than just technology. Banks that embrace predictive analytics and data-driven decision-making are forging a path towards becoming the “extraordinary” banks of the future. As a technology company providing digital banking solutions, Exist Software Labs, Inc. is committed to empowering banks with the tools they need to harness the potential of data and achieve scalable success.

What is Predictive Analytics, and why does it matter?

Predictive analytics leverages historical data, machine learning algorithms, and statistical modeling to forecast future outcomes. For banks, this means harnessing vast amounts of customer data, transaction history, activity patterns, and market trends to make well-informed decisions. By adopting predictive analytics, banks can anticipate customer needs, identify potential risks, and personalize services, paving the way for smarter and more proactive banking experiences.

The Role of Data Warehousing in Predictive Analytics in Banking

Data warehousing acts as the backbone of predictive analytics initiatives. It involves the centralization and integration of data from various sources, enabling banks to access a holistic view of their operations and customer interactions. With a well-structured data warehouse in place, banks can efficiently extract, transform, and analyze data, fueling the predictive modeling process for informed decision-making.

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Embracing the Cloud for Scalability and Flexibility

Cloud technology offers the scalability and flexibility necessary to support the vast amount of data required for predictive analytics. Banks can store and process data real-time, ensuring faster and more accurate predictions. Cloud-based solutions also enable seamless integration with existing banking systems, making it easier for banks to adapt to evolving customer needs and market trends.

From Data Analytics to Data-Driven Decision-Making

While data analytics provides valuable insights, the true value lies in translating these insights into actionable decisions. Banks must foster a data-driven culture, where decisions are based on evidence and data-backed reasoning

How can banks transition from data analytics to data-driven decision-making?

Banks can transition from data analytics to data-driven decision-making by fostering a data-driven culture within their organization. This involves investing in data literacy, promoting a mindset of evidence-based decision-making, and integrating data-driven insights into their strategic planning processes. By embracing data-driven decision-making, banks can unlock the full potential of their data, make informed choices, and achieve greater efficiency and competitiveness in the digital banking landscape.

Conclusion

Predictive analytics and data-driven decision-making are redefining the future of banking. By leveraging the power of data, banks can unlock unprecedented potential — delivering personalized experiences, minimizing risks, and gaining a competitive edge in the market. As a leading digital banking solutions provider, Exist Software Labs, Inc. is committed to empowering banks to participate in the data revolution and helping pave  the way for them to become “extraordinary” banks of the future.

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Exist Retail Solutions, Anahaw, Anahaw mPOS, pos provider philippines, pos system, point of sale system philippines, Java, Java developer philippines, NRCE, PRA, Retail Solutions
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Exist takes POS Systems and retail solutions to new heights at NRCE 2023
Exist takes POS Systems and retail solutions to new heights at NRCE 2023 1300 972 Exist Software Labs


Exist Software Labs (Exist) returns to this year’s National Retail Conference and Expo (NRCE) held at the SMX Convention Center, Pasay City on August 10-11, 2023.

Exist Retail Solutions, Anahaw, Anahaw mPOS, pos provider philippines, pos system, point of sale system philippines, Java, Java developer philippines, NRCE, PRA, Retail Solutions
Exist Retail Solutions, Anahaw, Anahaw mPOS, pos provider philippines, pos system, point of sale system philippines, Java, Java developer philippines, NRCE, PRA, Retail Solutions
Exist Retail Solutions, Anahaw, Anahaw mPOS, pos provider philippines, pos system, point of sale system philippines, Java, Java developer philippines, NRCE, PRA, Retail Solutions
Exist Retail Solutions, Anahaw, Anahaw mPOS, pos provider philippines, pos system, point of sale system philippines, Java, Java developer philippines, NRCE, PRA, Retail Solutions
Exist Retail Solutions, Anahaw, Anahaw mPOS, pos provider philippines, pos system, point of sale system philippines, Java, Java developer philippines, NRCE, PRA, Retail Solutions
Exist Retail Solutions, Anahaw, Anahaw mPOS, pos provider philippines, pos system, point of sale system philippines, Java, Java developer philippines, NRCE, PRA, Retail Solutions
Exist Retail Solutions, Anahaw, Anahaw mPOS, pos provider philippines, pos system, point of sale system philippines, Java, Java developer philippines, NRCE, PRA, Retail Solutions

Exist unveiled its new Anahaw Mobile Point-Of-Sale system (mPOS) at NRCE, which embodies the capabilities of its desktop counterpart, but is portable enough to be used in small spaces; such as kiosks and booth setups.

The global technology innovator also showcased pioneering retail solutions such as Electronic Shelf Labels (ESL), Samsung’s self checkout kiosk, integrated data analytics using EXSight and Tableau, and ERP/accounting system integration using Odoo.

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Tailored for medium and large retail enterprises, Exist Retail Solutions offers complete integration and is highly scalable and flexible, providing contemporary retailers with all-encompassing functionality. Products and services range from POS hardware and software, inventory and merchandising management, CRM, reporting and analytics, as well as accounting and financials management.

For the past 29 years, the National Retail Conference and Expo (NRCE) – spearheaded by the Philippine Retailers Association (PRA) – has stood as the premier platform for the nation’s foremost retailers, shopping center developers, and suppliers.

Did you miss us at NRCE 2023? Drop us a message to schedule a personalized demo and get firsthand experience of Exist Retail Solutions

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e-receipt
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Powering Efficiency: How Electronic Receipts (e-receipt) Benefit Energy Companies
Powering Efficiency: How Electronic Receipts (e-receipt) Benefit Energy Companies 1300 972 Exist Software Labs

In today’s fast-paced business environment, energy companies in the Philippines are embracing digital transformation to streamline their operations and enhance efficiency. One initiative where significant benefits are realized is the adoption of Electronic Receipts (e-receipt).

What are Electronic Receipts (e-receipt)?

Electronic Receipts (e-receipt) revolutionizes the way businesses manage their financial transactions, providing a seamless and paperless receipting experience. By harnessing cutting-edge digital technology, e-receipt allows companies to generate, send, and store official receipts with just a few clicks, eliminating the need for traditional paper receipts.

Bureau of Internal Revenue’s (BIR) Rules on Electronic Receipts (e-receipt) and e-invoices

On June 30, 2022, the BIR released Revenue Regulations No. 8-2022. Anchored on the amended Sections 237 and 237-A of the National Internal Revenue Code (NIRC) through Republic Act No. 10963 (TRAIN Law), these regulations chart a bold course toward issuing electronic receipts and invoices.

According to the Regulations, taxpayers required to issue electronic receipts or sales commercial invoices are the following:

  1. Taxpayers who export goods and services;
  2. Taxpayers who engage in electronic commerce (e-commerce); and
  3. Taxpayers who are under the Large Taxpayers Service (LTS).

This requirement is based on Section 47 of the National Internal Revenue Code of 1997, as amended.

With this development, manual receipts and sales or commercial invoices are left behind in favor of their digital counterparts. Energy companies are now embracing the conveniences of electronic invoicing, marking a transformative shift in tax reporting and compliance. The Regulations also outline the requirements for electronic reports of sales data to the BIR, further solidifying the digital revolution.

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Benefits of Electronic Receipt (e-receipt) for Energy Companies / WESM Participants

Are you a WESM participant? Implementation of the e-receipt brings numerous gains for energy companies like yours, should you decide to adopt it. Your company will benefit from efficiencies, cost savings, and improved and easy compliance with government agency regulations, including the BIR and IEMOP (Independent Electricity Market Operator of the Philippines, Inc.).

Here are some features you may take advantage of when using e-receipt systems:

  1. Easy WESM Transaction AllocationAs an e-receipt system user, you can upload transaction allocation data in PDF or Excel, as downloaded from the Central Registration and Settlement System (CRSS). These data can be from the Prelim, Final, Adjustment, or Additional Compensation run of CRSS. Additionally, the system efficiently handles reserve transaction allocation data, anticipating the availability of the Reserve Market. Furthermore, the system facilitates the consolidation of participants with identical records post-upload, ensuring meticulous record management.
  2. Seamless uploading of WESM Collection ReportsE-receipt allows you to upload monthly WESM collection reports easily.
  3. Efficient E-receipt GenerationThe utilization of e-receipt facilitates the processing of digital receipts in alignment with WESM Transactions. This obviates the need for manual scanning and signing of official receipts when uploading copies to IEMOP. Moreover, e-receipt aids in the systematic management of customer payments to align with both IEMOP’s recent BIR Ruling and the implementation of BIR’s electronic Invoicing/Receipting System (BIR EIS).
  4. Efficient Sales Data TransmissionEasily process e-receipt data for transmission to the BIR EIS (Electronic Invoice System) to comply with BIR rules and regulations.

By leveraging on the features and advantages of e-receipt, energy companies can optimize their operations and stay compliant with regulatory standards.

Benefit from streamlined operations and easy regulatory compliance with Exist Software Labs, Inc.’s Electronic Receipts (e-receipt) 

With over 20 years of experience and a multi-awarded technology innovator, Exist Software Labs specializes in developing energy solutions for various industry players such as generator companies (gencos), RE generators, retail electricity suppliers, distributors, WAG, and SOLAR.

Philippine energy companies including FirstGen, Manila Electric Company (MERALCO), Energy Development Corporation (EDC), San Buenaventura Power LTD.Co. (SBPL) have all trusted Exist to provide various solutions for their digital transformation requirements.

Transition to Electronic Receipt (e-receipt) today with Exist Software Labs, Inc., and achieve a seamless and paperless receipting experience.

E-receipt is only one means to harness the power of digital transformation.

Know more about how our Energy solutions can help you comply with energy regulators while improving your operations.

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On Mobile Banking Solutions: How Banks can Dismantle Fraudulence & Identity Theft
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On Mobile Banking Solutions: How Banks can Dismantle Fraudulence & Identity Theft
On Mobile Banking Solutions: How Banks can Dismantle Fraudulence & Identity Theft 1300 972 Exist Software Labs

As the digital banking revolution continues to gain momentum, banks and financial institutions are witnessing unprecedented growth in the use of mobile internet banking solutions. The Philippines, in particular, has seen a surge in the adoption of digital banking, especially among the tech-savvy Gen Z and millennial target market.

The adoption of digital banking among Filipinos is soaring, reaching unprecedented levels. As per the BSP’s study, more than half of Filipino adults (56%) now own a bank account, with 36% of these accounts being digital. Additionally, electronic payments have seen a remarkable surge, with an assumption increase to 50% in 2023, a substantial increase from a mere 1% in 2013. The growing popularity of digital banking can be attributed to the increasing awareness of its advantages, including convenience, security, cost savings, and health and safety reasons, especially during the COVID-19 pandemic.

While this rapid shift towards digital banking offers numerous benefits such as enhanced user experience, convenience, and automation, it also presents a pressing challenge: an alarming increase in fraudulence and identity theft.

A study in 2021 by TransUnion, a global transformation company, said that a 31% increase was observed in digital fraud attempts against enterprises in the Philippines from March 2019 to March 2020, compared to pre-pandemic levels. The sectors with the highest number of suspected digital fraud attempts were telecommunications, logistics, and financial services. 

The article also states that scammers are using fraudulent credit cards to purchase high-end phones and sell them back in the black market. Up to this day, numerous risks exist that banks should be aware of and manage, if not eliminate, by adapting banking solutions and  technologies designed to address these.

As a technology company providing digital banking solutions for banks, Exist Software Labs, Inc. is well aware of the risks associated with this paradigm shift. In this blog, we delve into the complexities of fraud in banking and present actionable strategies that C-levels and CTOs can implement to safeguard their institutions and customers.

1. The Rising Tide of Fraud in Digital Banking

What are the key factors contributing to the surge in fraudulence and identity theft in digital banking?

The rapid transition towards digital banking is attracting the attention of fraudsters seeking to exploit vulnerabilities in the system. Factors such as inadequate security measures, weak user authentication, and the growing sophistication of cybercriminals have contributed to this surge in fraudulence.

2. The Imperative of Enhanced Security Measures

How can banks fortify their digital banking platforms against fraud and identity theft?

To dismantle fraudulence and protect customers’ identities, banks must prioritize security at every step. Implementing multi-factor authentication, biometric identification, and robust encryption protocols are some of the measures banks can adopt. Exist Software Labs’ digital banking solutions make use of cutting-edge security features to provide a shield against potential threats.

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3. Leveraging AI and Machine Learning

How can AI and machine learning technologies help combat fraud?

AI-powered fraud detection systems can analyze vast amounts of data in real time, identifying suspicious patterns and transactions. By continually learning from new data, these systems can adapt to evolving fraud tactics. Exist Software Labs, Inc., integrates AI and machine learning algorithms into its digital banking solutions, providing an extra layer of protection for banks and their customers.

4. Educating Customers and Raising Awareness

How can banks empower their customers to protect themselves from fraud?

Empowering customers through education is vital in the fight against fraudulence and identity theft. Banks should regularly communicate security best practices, raise awareness about common scams, and offer tips on safeguarding personal information. By fostering a sense of vigilance among their customer base, banks can create a collective defense against fraudsters.

5. Collaboration within the Industry

To combat fraud effectively, the entire banking industry must collaborate. Banks can share threat intelligence and best practices with each other, creating a united front against fraudsters. Additionally, forming partnerships with industry-leading digital banking solutions providers like Exist Software Labs, Inc., enables banks to access the latest security advancements and stay one step ahead of potential threats.

As digital banking continues to redefine the financial landscape, the battle against fraudulence and identity theft is only intensifying. C-levels and CTOs must recognize the urgency of this issue and take proactive steps to safeguard their institutions and customers.

Exist Software Labs, Inc., a leading digital banking solutions provider, understands the challenges faced by banks in this rapidly evolving landscape. By prioritizing security, leveraging cutting-edge technologies, and fostering a culture of awareness, banks can dismantle fraudulence and protect their customers, allowing them to embrace the full potential of mobile banking with confidence.

Contact Us Today to Learn More about Digital Banking!

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Top PH Bank Leaders attended the Exist Software Labs CIO Roundtable, Humanized Banking, Java Philippines
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Accelerating Banking Digitalization: Insights and Innovations from the Humanized Banking CIO Roundtable 2023
Accelerating Banking Digitalization: Insights and Innovations from the Humanized Banking CIO Roundtable 2023 1300 972 Exist Software Labs

On June 22, 2023, banking leaders, technology experts, and decision-makers converged at the Grand Hyatt, BGC for a momentous event — CIO Roundtable Humanized Banking: Building Brand Loyalty Through Security and Seamless Banking. This exclusive gathering aimed to drive humanized experience of digitalization in the banking industry. Throughout the event, industry experts, including Exist Software Labs, Inc., shared their insights and experiences, emphasizing the role of innovative technologies like AI, YugabyteDB, and embedded finance in delivering exceptional customer experiences.

Kick-off and Welcome Remarks:

Jonas Lim, the Vice President for Engineering of Exist, set the stage for the roundtable with his thought-provoking welcome remarks. He delved into the significance of digitalization in the banking sector, highlighting the potential for technological advancements to revolutionize customer experiences and drive operational efficiency.

Jonas Lim speaking about humanized banking roundtable

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Engaging Insights and Use Cases from Top Banks:

Representatives from leading banks in the Philippines took the stage, sharing their experiences, challenges, and success stories in adopting digital banking solutions. With a focus on security, infrastructure, AI, automation, and seamless customer experiences, these industry leaders highlighted the vital role that technology experts like Exist  play in enabling transformation.

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Sessions and Concluding Insights:

The roundtable comprised four insightful sessions, each shedding light on different aspects of humanized banking. In each session, Exist Technology Directors Jejomar Dimayuga and Dennis De Vera and YugabyteDB Head of Sales, Dennis Sze, together with Jonas Lim, provided comprehensive summaries and key takeaways.

Jejomar Dimayuga Exist Software Labs
Dennis De Vera Exist Technology Director
Dennis Sze from Yugabyte

One session that stood out was Session 3, which revolved around enabling borderless digital customer engagements through data compliance. YugabyteDB, an open-source database, took center stage during this session, showcasing its capabilities in ensuring robust and scalable infrastructure to support seamless customer experiences and scalable databases. Dennis Sze’s expert explanations and insights further enriched the discussion.

The CIO Roundtable witnessed a distinguished gathering of banking leaders, with representatives from renowned institutions such as:

  1. Robinsons Bank
  2. PBCOM
  3. CTBC
  4. Philippine National Bank
  5. BPI
  6. Maya Philippines, Inc.
  7. Standard Chartered Bank
  8. UnionBank of the Philippines
  9. CIMB Bank Philippines
  10. FWD Philippines
  11. Eastwest Bank
  12. Metrobank
  13. DICT
Top PH Bank Leaders attended the Exist Software Labs CIO Roundtable

Looking Ahead:

The Humanized Banking CIO Roundtable served as a catalyst for accelerating digital transformation within the banking industry. By embracing cutting-edge technologies like embedded finance, AI, database modernization and many more digital banking solutions from Exist and Yugabyte, banks can become well-positioned to deliver personalized experiences, enhance security measures, and drive rational efficiency.

Exist Software Labs, Inc., as a leading digital banking solutions provider, remains committed to enabling the industry’s evolution towards humanized banking. Through its expertise in Mobile Internet Banking, Accounts Onboarding, Loans Management System, APIM, and Corporate Internet Banking, Exist empowers banks to navigate the ever-changing landscape while fostering long-term customer loyalty and satisfaction.

As the event concluded, the participants left with valuable insights and a renewed commitment to harnessing technology to deliver exceptional banking experiences. The Humanized Banking CIO Roundtable marked a significant milestone in the journey towards secure, seamless, and customer-centric banking, and the collaborative efforts of all involved promise a brighter future for the industry.

Contact Us Today to Learn More about Digital Banking!

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The Future Energy Show Philippines 2023
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Exist Software Labs, Inc. showcases top-notch Energy System Solutions at The Future Energy Show Philippines 2023
Exist Software Labs, Inc. showcases top-notch Energy System Solutions at The Future Energy Show Philippines 2023 650 486 Exist Software Labs


In the dynamic landscape of the energy industry, Exist Software Labs, Inc. stood out as they showcased their cutting-edge Energy System Solutions at The Future Energy Show Philippines 2023!

The Future Energy Show Philippines 2023
The Future Energy Show Philippines 2023
The Future Energy Show Philippines 2023
The Future Energy Show Philippines 2023
The Future Energy Show Philippines 2023
The Future Energy Show Philippines 2023
The Future Energy Show Philippines 2023
The Future Energy Show Philippines 2023
The Future Energy Show Philippines 2023

One of the distinguished speakers at the Future Energy Show Philippines 2023 was Jose Jr. Layug, President of Developers of Renewable Energy for AdvanceMent, Inc (DREAM). With his extensive knowledge and experience, Layug took the stage to shed light on the challenges of transmission and distribution (T&D) in the realm of renewable energy.

Similar to numerous nations worldwide, the Philippines confronts a multitude of hurdles and potential advantages while navigating the transition of its transmission and distribution (T&D) systems toward renewable energy sources.

In relation to this shift, there are several forthcoming challenges and factors to be mindful of, including the integration of the grid, the utilization of data analytics and forecasting, effective management of energy storage, the implementation of intelligent grid solutions, and the assurance of robust cybersecurity measures.

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To overcome these obstacles, it is imperative to foster collaboration among policymakers, regulators, industry participants, and an IT Solutions Company that specializes in facilitating the rapid adoption of renewable energy sources, thereby enabling a swift and successful transition toward a sustainable and resilient transmission and distribution (T&D) system.

Embrace the future of renewable energy with Exist Software Labs, Inc.!

The Future Energy Show Philippines 2023 was ablaze with excitement as Exist Software Labs, Inc. showcased its Energy System Solutions, leaving a lasting impression on attendees.

As an official exhibitor, Exist presented its cutting-edge Cloud-based Billing and Trading Solutions, Internet of Energy Solutions, and Digital Transformation solutions meticulously crafted for the energy industry. 

With an impressive 20-year track record in system development, Exist has become synonymous with excellence. Their commitment to developing energy system solutions for Traditional Generators, RE Generators, RES, Distributors, WAG, SOLAR, and RES was evident at the event. 

Witnessing Exist’s exceptional solutions firsthand at The Future Energy Show Philippines 2023 was a testament to their unwavering dedication to revolutionizing the energy sector.  Don’t miss the chance to explore the transformative potential of Exist’s comprehensive Energy System Solutions and drive your energy operations to unprecedented heights.

Discover how our services can empower Renewable Energy Companies in enhancing their energy systems. Learn more today!

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Energy Billing and Trading
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How Cloud-Based Energy Billing and Trading System can help Energy Companies
How Cloud-Based Energy Billing and Trading System can help Energy Companies 650 486 Exist Software Labs

Energy billing and trading is a complex process. It involves many stakeholders, regulations, and processes that need to be carefully managed to ensure accuracy and efficiency.

In the Philippines, the energy sector is regulated by the Department of Energy (DOE), which sets policies and guidelines for energy billing and trading. However, like in many developing countries, the energy sector in the Philippines can be subject to challenges such as limited infrastructure, high costs, a lack of technology and systems to support effective billing and trading, and more.

With DOE’s efforts to switch from fossil fuels to clean energy and power supply shortage, we expect a rise in the number of energy producers in the country. And many of these energy companies are struggling to acquire a high operational efficiency and cost-effective Energy billing and trading system.

Here are some common issues that can affect the operational efficiency of energy companies in their billing and trading operations:

  1. Difficulty in Marketing
    a. Manual tracking of customer allocation from generating facilities
    b. Lost opportunities for possible engagement with new customers
  2. Trading and Billing Data Synchronization
    a. Companies are having difficulty tracking trading and billing transaction data.
  3. Data Management Process
    a. Difficult monitoring and validation due to multiple data sources such as spreadsheets, email, and multiple databases across systems
  4. Real-time data integration is minimal to non-existent
    a. Companies face challenges in achieving real-time data integration to NMMS, CRSS, PREMS, and other IEMOP and PEMC-related open applications, and other data sources.
  5. Dynamic Billing Computations
    a. Energy companies are having problems in the manual process of creating complex billing computations per customer/client

Overall, these are some of the general issues that can affect the operational efficiency of energy companies in billing and trading and can have a negative impact on their financial performance, customer satisfaction, and market competitiveness.

With this in mind, it is best suggested that every energy company have a platform that can effectively manage crucial billing and trading operations. A platform that can increase overall system efficiency, is ready for integration, resilient, fault-tolerant, and won’t set you back an arm and a leg.

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That’s why we’re here to help energy companies like you!

Exist Software Lab’s Full Cloud-Based Energy Billing and Trading Solutions!

Our Energy billing and trading solution is infrastructure-agnostic and fully scalable. It has ready access to NMMS, CRSS, PREMS, other IEMOP, and PEMC-related open applications, as well as other data sources.

If you’re losing your sleep over complex billing, worry no more! Because we can help you create complex computations for each customer with our template-based billing computations formula engine/builder.

Our cloud-based energy billing and trading platform can increase the efficiency of your system and improve overall operational performance; here are some of the benefits you can achieve:

  1. Easily Comply with WESM rules – Avoiding WESM penalties can save energy companies significant amounts of money, as penalties can be costly and may affect their reputation and ability to do business. By investing in an efficient billing and trading system, energy companies can improve their compliance with WESM regulations, avoid penalties, and maintain their trading privileges, ultimately resulting in cost savings and a more profitable business.
  2. Cost Efficient – Automating billing and trading processes can reduce the time and labor required to perform these tasks, which can result in significant cost savings for energy companies.
  3. Increased Efficiency– Using cloud technology, energy billing, and trading can be streamlined and automated, reducing manual errors and increasing overall efficiency.
  4. Timely – Achieve an efficient system that generates bills quickly and accurately.
  5. Integration-Ready – Readily available connections to NMMS, CRSS, PREMS, other IEMOP, and PEMC-related open applications, and other data sources
  6. Fully Scalable – A cloud-based platform can easily scale up or down as needed, accommodating changes in business growth and energy usage patterns.
  7. Infrastructure-agnostic – Deploy on a bare-metal server, virtual machine, or any cloud provider as a service or container
  8. Flexible Billing – Via formula engine/builder for template-based billing computations for each customer
  9. Resilient and Fault-tolerant – Unaffected by a single failure due to fault isolation offered by individual modules
  10. Customizable – Modules can be customized based on your business rules and requirements
  11. Easy Monitoring – Your ultimate solution for seamless payment and collection management
  12. Infrastructure-agnostic – Deploy on a bare-metal server, virtual machine, or any cloud provider as a service or container

Overall, managing energy billing and trading can be a bit challenging, but with the right system and partner in place, you can manage your operations a lot more efficiently.

We can be the best partner for all of your Energy System needs!

Developing new systems can be a complex and challenging process, especially when it comes to technology and energy markets. Our organization has the necessary expertise and experience to guide and help organizations carry out new solutions, such as developing a new system for their day-to-day operations with Phil Renewable Energy Market System (PREMS) and Wholesale Energy Spot Market (WESM) systems.

We are dedicated to the development of energy systems for Traditional generators, RE generators, RES, distributors, WAG, SOLAR, and RES. FirstGen, Meralco, Energy Development Corporation (EDC), San Buenaventura Power LTD.Co. (SBPL) , and many others are among the clients we have worked with over the years.

Energy Billing and Trading Automation are one of our primary solutions. We recognize the growing importance of energy trading in today’s world and the need for reliable billing systems to support this industry. That’s why we work closely with energy companies to create a fully integrated, scalable, and cloud-based billing and trading system.

Our solution is designed to be resilient and fault-tolerant, providing you with the peace of mind to focus on running your business with minimal intervention required. Don’t wait any longer, experience the benefits of an integration-ready, fully scalable, and more with our Energy Cloud-based Billing and Trading System today!

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Philippine Banks are Slow in Adopting Digital Finance: Mckinsey, Java Developer Philippines
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Mckinsey & Co: Philippine Banks are Slow in Adopting Digital Finance
Mckinsey & Co: Philippine Banks are Slow in Adopting Digital Finance 1300 972 Exist Software Labs

Philippine banks are struggling to keep up with the fast-paced digital finance revolution, as traditional banking practices and underinvestment in digital offerings are causing them to miss out on vast untapped customer bases.

A recent report by McKinsey & Co. (a global management consulting firm), highlights that Philippine banks are devoting less than 10 percent of their revenues to information technology, compared to an average of 15 percent in the Asia Pacific region.

Similarly, the digital channels of Philippine banks account for just 5 to 15 percent of their revenues, well below the 25 percent average for their peers in emerging Asian markets.

McKinsey’s Report Emphasizes the Digital Importance to Philippine Banks

McKinsey’s report emphasizes the need for incumbent banks to adapt to the changing landscape quickly or risk losing their market share to digital financial service providers. While the competition in digital financial services is intensifying, McKinsey also noted that dominant players have yet to emerge outside the mobile payments subsector.

However, McKinsey also points out that fintech firms in the Philippines performed especially well during the COVID-19 pandemic, creating more shareholder value than the entire banking sector. As McKinsey’s report suggests, the Philippines presents highly attractive opportunities for expansion in the fintech sector. However, the way foreign firms and existing Filipino conglomerates choose to enter the market will have a significant impact on their growth and competitiveness.

Amid mounting demand for financial services, the banking revenue is expected to triple by 2030, and the country’s banking penetration rate is just 56 percent, significantly lower than emerging markets standards.

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Exist Software Labs, Inc. is at the forefront of this transformation and believes that the country’s shift to digital banking is inevitable, and banks that fail to adapt to the changing landscape will lose their market share to digital financial service providers.

Banks need to capitalize on the vast greenfield opportunities presented in the Philippines’ digital finance market and offer their customers secure, efficient, and innovative banking services. By partnering with Exist Software Labs, Inc., banks can enhance their digital offerings and transform their traditional processes to provide efficient, secure, and innovative banking services.

Having over 2 decades of experience in Java software development, Exist offers scalable and robust digital banking solutions to help banks transition to digital finance.  

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Exist Partners with Jumio to Secure Onboarding and Avoid Financial Fraud in the Philippines, Philippines
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Exist Partners with Jumio to Secure Onboarding and Avoid Financial Fraud in the Philippines
Exist Partners with Jumio to Secure Onboarding and Avoid Financial Fraud in the Philippines 1300 972 Exist Software Labs

In today’s digital age, financial institutions are increasingly moving their services online. However, with this comes the risk of fraud and identity theft, which can have severe consequences for both the financial institution and the consumer. This is where eKYC, fraud prevention, and identity verification come into play.

The Partnership Between Exist Software Labs, Inc. and Jumio

Exist Software Labs, Inc., a leading Java developer in the Philippines, and Jumio, a leading provider of end-to-end identity proofing, risk assessment and compliance solutions, have partnered to create a secure and automated online onboarding process for bank consumers in the Philippines. This partnership will allow financial institutions in the Philippines to offer a streamlined and secure onboarding experience for their customers.

“We are thrilled to partner with Exist Software to provide a complete biometric identity verification solution that helps financial institutions in the Philippines create a seamless, secure and innovative onboarding experience.” said Frederic Ho, Jumio VP of APAC.

Jumio’s solutions use artificial intelligence, machine learning and biometrics to verify the identity of individuals quickly and accurately. This will help financial institutions in the Philippines to comply with Know Your Customer (KYC) regulations and prevent fraud. Exist Software Labs will provide consultancy and cutting-edge products and services to support the integration of Jumio’s solutions into existing banking systems.

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How This Partnership Will Benefit Filipinos?

This partnership will benefit Filipinos by providing them with a more convenient and secure way to open and manage their bank accounts online. Since the pandemic, more and more people are turning to online banking services. This partnership will provide a way for Filipinos to access these services without compromising their personal information.

The automated onboarding process will also reduce the time it takes for customers to open a new account, making it more convenient for them. This will help increase financial inclusion in the Philippines, where many people still do not have access to traditional banking services.

“In Exist, we often use the tagline “There’s always a better way”. It’s specially exemplified by our partnership with Jumio.  Jumio’s technology solutions in the identity verification space together with Exist’s technology solution allow us to provide our BFS clients with a better and seamless onboarding experience that is both secure and innovative. We are excited and look forward to expanding this partnership further seeing how their technology can truly benefit the onboarding experience of the Philippine’s financial institutions.” said Jonas Lim, Exist VP of Engineering

Finally, this partnership will help prevent financial fraud, which is a significant problem in the Philippines. By implementing robust identity verification and fraud prevention measures, financial institutions can protect their customers from identity theft and other forms of fraud.

In conclusion, the partnership between Exist Software Labs and Jumio is an exciting development for the Philippines’ banking industry. By providing secure and automated onboarding processes, financial institutions can offer their customers a more convenient and secure way to access banking services online. This will help increase financial inclusion and prevent financial fraud, making it a win-win situation for everyone involved.

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