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Accelerated digital transformation

Leveraging a team of over 100 experienced consultants, NFS specializes in areas critical to the financial industry, including digital transformation, artificial intelligence, financial crime, finance, risk, and regulatory compliance.

According to Philippe Desombere, COO of NORRIQ Group, "In today’s fast-changing financial landscape, banks and insurance companies are confronted with multiple evolving regulatory requirements and accelerated digital transformation."

NORRIQ Financial Services positions itself as a reliable partner for financial institutions, aiming to provide transformative and forward-looking solutions.

Their mission, "Transforming Financial Services with impact: from strategy to seamless implementation," underscores their commitment to helping clients navigate complex regulatory environments and embrace technological advancements.

Bo Martinsen, CEO of NORRIQ Group, highlights the firm's unique blend of experience and agility. "NORRIQ Financial Services provides an exceptional people experience, on par with what you would expect from a Big 4 firm, while keeping the agility of a scale-up organization," he said.

This approach includes clear career paths, robust counseling structures, and dynamic project teams that mix seasoned professionals with ambitious junior talent. The company prides itself on its values of trustworthiness, commitment, and value creation, not just for clients but also for its employees.

NORRIQ Stars

This commitment is reflected in their "NORRIQ Stars" initiative, which aims to empower consultants to excel in their roles and contribute significantly to clients' transformation programs. Managed by a team of seasoned directors with over 135 years of combined experience, NFS ensures that each client project receives high-level oversight and regular alignment with client stakeholders.

Since its inception, NORRIQ Financial Services has quickly gained the trust of major players in the financial sector, helping them streamline processes, mitigate risks, and unlock new growth opportunities.

As the financial industry continues to face unprecedented changes, NORRIQ Financial Services is poised to be a key player in guiding institutions through these challenges, offering innovative solutions and maintaining a focus on long-term, trusted client relationships.

In response to the rapidly evolving regulatory landscape and the digital transformation challenges faced by financial institutions, NORRIQ Financial Services, a division of the European NORRIQ Group, has announced its strategic initiatives aimed at delivering cutting-edge consulting services tailored for the financial sector.

The struggle

Many small and medium-sized companies in the industry often struggle financially and in terms of expertise when faced with the classic full-size solutions. For the first time, they now have access to a fully validated, cloud-based Microsoft solution designed to meet their needs.

Thanks to the collaboration with German YAVEON, these companies can now establish the necessary validated foundation for their businesses in an economically and resource-manageable way.

As the first in Denmark, NORRIQ can offer an industry solution based on the widespread Microsoft Dynamics 365 Business Central platform, which integrates YAVEON's Pharma/Medico solution, thus meeting all regulatory requirements, including GAMP5, GMP, 21 CFR part 11, and many more.

The solution, which runs in the cloud, represents a breakthrough in the Danish pharma and medico industry, where the same large (and very expensive) solutions from a handful of established suppliers dominate. The new solution is thus prepared and very easy for companies to validate.

A safe and reliable alternative

"It is customary to choose the same solutions from the same few suppliers regardless of the size and needs of the companies. This naturally relates to the stringent legislation the industry is subject to. It leads to a natural caution that makes one inclined to choose the same solutions as everyone else or as known from previous employment," says Bo Martinsen, CEO of NORRIQ, and continues: "Especially smaller companies with tighter budgets and less complex business needs often end up overshooting by choosing one of the classic, large solutions. They risk tying up a large part of their liquidity in IT instead of research and development, which is their lifeblood. Until now, they have not had any safe, validated alternatives to the large, established solutions, but that is what we are bringing now."

NORRIQ known in the life sciences industry

NORRIQ is itself an experienced supplier to the pharma and medico industry but has so far only provided industry solutions for, for example, financial management and warehouse and logistics, which do not require validation.

YAVEON, on the other hand, specializes in validated industry solutions and has over 16 years of experience in the field and 200 pharma and medico customers worldwide. It is the combination of NORRIQ's deep competencies within Microsoft Dynamics 365 Business Central and YAVEON's experience with validated applications that creates the new strong industry alternative.

"We fully recognize the market legitimacy of the large established solutions and have designed an open solution that can integrate with them when and if business needs require it. For the 500-600 smaller companies in the industry, it makes both economic and resource sense to start on our smaller, more user-friendly platform, which is prepared for all necessary validations," concludes Bo Martinsen.

Together with German YAVEON, NORRIQ is ready with an alternative to the large established IT solutions that have dominated the pharma and medico industry for years.

The struggle

Thanks to the collaboration with German YAVEON, these companies can now establish the necessary validated foundation for their businesses in an economically and resource-manageable way.

A safe and reliable alternative

NORRIQ known in the life sciences industry

Together with German YAVEON, NORRIQ is ready with an alternative to the large established IT solutions that have dominated the pharma and medico industry for years.

Accelerated digital transformation

NORRIQ Financial Services positions itself as a reliable partner for financial institutions, aiming to provide transformative and forward-looking solutions.

NORRIQ Stars

The struggle

Thanks to the collaboration with German YAVEON, these companies can now establish the necessary validated foundation for their businesses in an economically and resource-manageable way.

A safe and reliable alternative

NORRIQ known in the life sciences industry

Together with German YAVEON, NORRIQ is ready with an alternative to the large established IT solutions that have dominated the pharma and medico industry for years.

What is SaaS?

SaaS, or Software as a Service, is a Cloud-based service where you can use software applications over the internet, without having to download or install them. Instead, you can easily access the software through your internet browser. This means you no longer have to worry about managing internal servers or running complex installation processes. SaaS offers convenience, flexibility and scalability for your business.

What are the benefits of SaaS?

Software as a Service has many advantages, have a look:

Cost savings: You do not need to make large initial investments in hardware or software licences. Instead, you usually pay a monthly subscription fee based on your usage.
Scalability: With SaaS, you can easily scale up or down based on the needs of your business. You can quickly add or remove new users and adjust resource requirements.
Accessibility and mobility: You can access SaaS applications anywhere, anytime, as long as you have an internet connection. This makes it ideal for modern, distributed teams and remote working.
Regular updates and maintenance: Your SaaS provider takes care of software maintenance, security and updates, so you are always using the latest version.

Is my data safe?

Securing your data is a priority, regardless of the size of your business. When using SaaS, the security of your data is an important aspect. SaaS providers invest significantly in security measures, backups and maintenance, often more than small or medium-sized businesses can do themselves. Moreover, data centres hosting SaaS systems are regularly subjected to rigorous audit security procedures and standards. These standards are difficult to match by a local IT department.

Microsoft Dynamics 365: A powerful SaaS solution

An excellent example of a SaaS platform is Microsoft Dynamics 365. This platform integrates various business applications, such as CRM, ERP and productivity tools, into one integrated environment. With Dynamics 365, you can:

Streamline your sales and customer relationship management.
Optimise your business processes with a complete ERP solution.
Strengthen your marketing efforts and improve your customer service.
Enable advanced analytics and reporting for better decision-making.

Why choose Microsoft Dynamics 365?

One of the key benefits of Microsoft Dynamics 365 as a SaaS platform is the ability to customise the software to meet your specific business needs, such as customising user interfaces (UI) to align the layout and functionality with your work processes and increase productivity.

In addition, you can modify data fields by adding custom fields or modifying existing ones to capture important information specific to your business. Moreover, you can enable and disable business process functions, activating only the relevant functions for your business processes and disabling the unnecessary ones.

Finally, Microsoft Dynamics 365 allows you to create a unique working environment by setting up your own dashboards, task lists and reports, allowing you to create a working environment that is fully aligned with your business goals.

SaaS, with Microsoft Dynamics 365 as a leading example, allows companies of all sizes to benefit from powerful business applications without the complexity of traditional software implementations. By choosing SaaS, you can cut costs, achieve scalability and optimise your business processes.

As a provider of Microsoft Dynamics 365, we are happy to help you leverage the benefits of SaaS and take your business to new heights.

Software as a Service (SaaS) has dramatically changed the way businesses use and implement software.

Living a digital world

Most companies, like our society in general, have already undergone significant digital development. Paperwork, mail, and fax machines have been replaced by PCs, emails, and smartphones, while ERP and Business Intelligence software have replaced calculators and spreadsheets.

In recent years, however, there has been a paradigm shift within digital transformation. Now, digital transformation is about “cloud transformation” – transitioning to the cloud. More and more companies are moving their applications, data, and infrastructure away from traditional onsite solutions to cloud-based solutions in the cloud.

If you Google cloud transformation, it quickly becomes clear that it is a shortcut to growth, increased security, agility, and other competitive advantages. But what do we really mean when we talk about cloud transformation? And why is it so important? We provide an answer here.

What Does Cloud Transformation Mean?

Cloud transformation is about moving your processes to the cloud, thereby streamlining the company’s operations, profitability, and robustness. It can involve moving the organization’s applications, data, and software. It can also involve moving, creating, or recreating an entire IT infrastructure.

The complexity depends on your business, whether you want a hybrid between cloud and onsite solutions, and where you are today. Cloud transformation can look many different ways, but common to all is a continuous focus on always leveraging the latest digital technology for scalable growth and efficiency.

And Why Is It Important?

In short, cloud transformation is important because it characterizes modern and successful companies today. Every company should, of course, keep pace with its market. Match changes, and always stay updated on what other significant players are doing.

Since 2020, Forbes has estimated that 83% of companies’ work processes are in the cloud, and research from Cybersecurity Ventures indicates that by 2025, there will be over 100 zettabytes of data stored in the cloud. In other words, companies that do not think cloud will be a step behind.

Here are the 5 most important reasons why

1. A Future-Proof Setup

One of the biggest advantages of cloud technology is that you always have access to the latest possibilities such as AI and Data Analytics. Cloud technology will ensure that you are always on the latest versions both in terms of software and any server upgrades. In other words, cloud technology ensures that you maintain your competitive advantages – and are ready for the future every day.

2. Increased Efficiency

It is our experience that companies that go the cloud route quickly achieve significant benefits through increased speed and much more agility in operations. More processes can be automated and streamlined. A good example is data collection, which in a cloud-based setup is much faster than in a traditional local network where data is often located in several different places. Another good example is the analysis part, where AI and digital analysis tools provide completely different possibilities for real-time overview and insights, thus enabling faster and better decision-making.

3. Lower Costs

Cloud transformation also offers many opportunities to reduce fixed costs. According to Nucleus Research, an organization can expect up to three times better ROI if they choose the cloud route. The cloud allows you to manage all your data and processes online, streamline workflows, and generally optimize most processes. If you use a public cloud platform (such as Azure Cloud), you also do not need to hire additional resources to facilitate a traditional on-premises IT solution.

4. Flexibility and Scalability

Without physical, local servers, you are not limited by traditional infrastructure. A cloud architecture gives your company the flexibility to scale up and down in line with market changes. At the same time, cloud technology offers almost unlimited flexibility in terms of when and how both customers and employees can interact with the company.

5. Improved Security

General digitalization unfortunately also brings a number of new threats. This means that cybersecurity is becoming more and more relevant. With a cloud strategy, you can outsource security to actors who have much greater resources than you do when it comes to protecting your company against data breaches and other threats.

The Typical Stages of Cloud Transformation

Cloud transformation typically has three dimensions: applications, network, and security;

Applications

Transformation of applications involves moving an organization’s existing applications into a cloud environment. This can be done in many different ways, and the strategy depends, among other things, on how much work is required to make the migrated application compatible with its new environment. Sometimes it requires almost nothing to migrate an application, while other times it requires more.

Network

Traditionally, networks were hosted in local data centers, well protected by a firewall, and users could typically connect via a VPN. With a modern cloud-based approach, users instead access the network and the organization’s resources via an internet connection, also known as Software-Defined Networking (SDN).

Using SDN technology, organizations can implement infrastructure components using an internet connection. Additionally, software-defined networks can work with complex, hybrid, and multi-cloud networks, which can work with and handle both local and cloud resources.

Security

Security policies for local IT environments cannot naturally be transferred to cloud environments, and security should also be considered during the migration itself. You should also regularly back up your data and set up data recovery strategies if the company is affected by conditions that can damage or delete them.

Cloud Transformation and Cloud Migration Cloud transformation can be a long-term process. It involves not only moving all your data and applications but also moving, reconfiguring, and optimizing your entire organization from an on-site infrastructure to cloud-based solutions. It is a process that involves many considerations, including:

How will you connect to your networks?
How will you secure your data?
What processes do you need to implement?
How much of your business is already cloud-compatible?
What new technology do you need to implement?

Cloud migration, on the other hand, moves a range of data to the cloud while maintaining the infrastructure itself. It is a necessary component of cloud transformation. To transform your organization into a cloud company, you need to migrate your data and applications to cloud servers – but the scope of a cloud transformation is typically larger than just the migration. If a company is very cloud-compatible from the start, a cloud transformation will instead primarily involve moving data to the cloud.

And what about Digital Transformation?

Digital transformation is a term we use when talking about general optimization with digital solutions in a company. Digital transformation is about fundamental changes in how a company operates from end to end. A fundamental way to optimize your business by constantly questioning whether the value chain can become more efficient.

This can sometimes mean moving away from well-established workflows to implement a set of relatively new processes that may still be being defined – but it will ultimately make the company more competitive. Cloud transformation will likely constitute a critical part of the broader digital transformation strategy.

Cloud is Now

Cloud transformation is here to stay; the benefits are undeniable. Cloud transformation can be confusing, and many terms are used interchangeably – and incorrectly. But by establishing the difference between migrating to the cloud, transformation, and its role in a broader digital transformation, it becomes easier to fulfill your ambitions in the area.

Cloud is not the future – it is now.

If you Google cloud transformation, it quickly becomes clear that it is a shortcut to growth and competitive advantages.

What is SaaS?

What are the benefits of SaaS?

Software as a Service has many advantages, have a look:

Cost savings: You do not need to make large initial investments in hardware or software licences. Instead, you usually pay a monthly subscription fee based on your usage.
Scalability: With SaaS, you can easily scale up or down based on the needs of your business. You can quickly add or remove new users and adjust resource requirements.
Accessibility and mobility: You can access SaaS applications anywhere, anytime, as long as you have an internet connection. This makes it ideal for modern, distributed teams and remote working.
Regular updates and maintenance: Your SaaS provider takes care of software maintenance, security and updates, so you are always using the latest version.

Is my data safe?

Microsoft Dynamics 365: A powerful SaaS solution

Streamline your sales and customer relationship management.
Optimise your business processes with a complete ERP solution.
Strengthen your marketing efforts and improve your customer service.
Enable advanced analytics and reporting for better decision-making.

Why choose Microsoft Dynamics 365?

As a provider of Microsoft Dynamics 365, we are happy to help you leverage the benefits of SaaS and take your business to new heights.

Software as a Service (SaaS) has dramatically changed the way businesses use and implement software.

Living a digital world

What Does Cloud Transformation Mean?

And Why Is It Important?

Here are the 5 most important reasons why

1. A Future-Proof Setup

2. Increased Efficiency

3. Lower Costs

4. Flexibility and Scalability

5. Improved Security

The Typical Stages of Cloud Transformation

Cloud transformation typically has three dimensions: applications, network, and security;

Applications

Network

Security

How will you connect to your networks?
How will you secure your data?
What processes do you need to implement?
How much of your business is already cloud-compatible?
What new technology do you need to implement?

And what about Digital Transformation?

Cloud is Now

Cloud is not the future – it is now.

If you Google cloud transformation, it quickly becomes clear that it is a shortcut to growth and competitive advantages.

What is SaaS?

What are the benefits of SaaS?

Software as a Service has many advantages, have a look:

Cost savings: You do not need to make large initial investments in hardware or software licences. Instead, you usually pay a monthly subscription fee based on your usage.
Scalability: With SaaS, you can easily scale up or down based on the needs of your business. You can quickly add or remove new users and adjust resource requirements.
Accessibility and mobility: You can access SaaS applications anywhere, anytime, as long as you have an internet connection. This makes it ideal for modern, distributed teams and remote working.
Regular updates and maintenance: Your SaaS provider takes care of software maintenance, security and updates, so you are always using the latest version.

Is my data safe?

Microsoft Dynamics 365: A powerful SaaS solution

Streamline your sales and customer relationship management.
Optimise your business processes with a complete ERP solution.
Strengthen your marketing efforts and improve your customer service.
Enable advanced analytics and reporting for better decision-making.

Why choose Microsoft Dynamics 365?

As a provider of Microsoft Dynamics 365, we are happy to help you leverage the benefits of SaaS and take your business to new heights.

Software as a Service (SaaS) has dramatically changed the way businesses use and implement software.

Why Two-Tier ERP?

With a Two-Tier ERP strategy, they can meet both the needs at the corporate level and the often very different needs of local subunits and subsidiaries. A Two-Tier ERP strategy leverages the strengths of having two different ERP systems, so companies do not have to complicate their technology environments or give up standardization. This way, they get a much more efficient solution overall and a better return on their ERP investments.

There are many good arguments for why a single ERP solution from one provider is generally the best solution. And it makes a lot of sense for companies to keep technical complexity to a minimum and only deal with one technology provider. But one system from one provider is not necessarily the right way to go for everyone.

Many larger companies operate under very complex conditions in practice. For example, growth and acquisitions can result in user groups or business units with special needs, or specialized systems with significant functionality that are not part of the ERP, even though they may be integrated with it. In these situations, a Two-Tier ERP strategy may be preferable. There is no single ERP system that can do everything. Today’s leading ERP systems cover more functionality than ever, and modern cloud-based solutions are much more efficient and quicker to implement than the often challenging and lengthy implementations that were common in the past.

Nevertheless, it does not make economic sense for software providers to try to meet every conceivable need, as it would result in overly complicated products. This means that even the best ERP solutions essentially have gaps in their functionality, where companies must integrate them with more specialized software products or develop customizations. Therefore, a two-tier ERP architecture – where the primary ERP system forms the backbone of the organization, while the secondary supports more specific needs in certain parts of the organization – is a good idea when the business processes in a company are so different that they are best supported by two different systems, such as in large corporations with multiple locations or subsidiaries.

It’s primarily about processes

Today, the Two-Tier ERP strategy is a well-tested approach. A complex, global company can use SAP to manage the group’s cross-functional activities in a very standardized, streamlined way. But if the company acquires a subsidiary or enters a new market, it often faces new requirements or new business needs. In such a situation, it is often business processes that only matter to the new division or market.

Therefore, it does not necessarily make sense to facilitate them across the entire company. In these cases, the company can advantageously implement another smaller and more flexible ERP solution, such as Business Central, to support the operations of the specific business group. It also happens that business areas or newly acquired subsidiaries use several highly specialized or customized applications, and it is easier to consolidate and streamline them within the framework of a Business Central ERP solution than in SAP.

Another relatively common scenario occurs when a company establishes a subsidiary or acquires a company in another language environment and decides to use Business Central because it simply better matches their needs.

Business Central and SAP – A good match

A Two-Tier model can, in principle, be built on many different ERP systems, but it is our experience that some are easier to combine than others. At NORRIQ, we know that SAP and Business Central are a good example of two systems that complement each other well and have proven to be a good match and starting point for a successful Two-Tier ERP strategy.

We have particularly good experiences with Two-Tier ERP strategies based on SAP and the cloud version of Business Central – often large companies with a complex structure that run SAP on-premises and then implement a cloud-based Business Central where it makes sense. For some companies, the cloud-based version of Business Central may also be their first experience with a cloud-based ERP system. This actually encourages them to also move their SAP ERP solution to the cloud.

To explain why Business Central works so well in a Two-Tier ERP strategy, many in the industry highlight several aspects of the technology: Firstly, Dynamics 365 Business Central is a leader in its category when it comes to delivering comprehensive, powerful functionality to a wide range of businesses. Additionally, flexible configurations make it possible to adapt Business Central to industry-specific requirements – a sea of IT providers offer proven solutions that meet more specialized needs. The software has been localized to more than 40 languages and country-specific conditions, and the intuitive user interface briefly takes usability standards to a high level.

The best of both worlds

Implementing a Two-Tier ERP strategy based on Business Central and SAP is today a project with a high ROI and low risk. The strategy’s two-tier structure creates a multi-layered solution – including at the database and application level, and it enables a completely different degree of flexibility. The layers work well together but also function independently of each other. You combine the advantages of a larger, central solution with a smaller agile solution and get a very smooth setup with full access to all relevant functions.

____________________

FAQ About Two-Tier ERP:

What is Two-Tier ERP?

A Two-Tier ERP setup is a solution where a company’s headquarters uses an ERP system to manage its own operations, while its subsidiaries or other locations use a separate, independent ERP system. This allows the headquarters to centrally manage and consolidate data while subsidiaries can still have the autonomy to manage their own operations.

What is Multisite ERP?

Here, you have a network of equal companies that “share” the market among themselves. Professional companies, such as consulting firms, are often organized this way. In a multisite architecture, all locations in a company use the same ERP system (One-Tier ERP), allowing for continuous consolidation and centralization of data across all locations. This can help improve efficiency and consistency in your business processes.

What is Hub & Spoke Architecture?

Hub-and-spoke architecture combines the stability of a monolithic platform with the agility of microservices. Here, there will be companies where there is a “parent-child” relationship, so that one company, for example, handles SCM and the others are sales units. In hub-and-spoke software architecture, the “hub” is the fundamental data layer – a single data access point that can deliver about 80% of the functionality you need.

Larger companies with a complex structure can benefit greatly from a so-called Two-Tier ERP strategy, where they combine two ERP solutions.

A five-star rating

The pace of today’s business world means that effective ERP solutions are becoming increasingly crucial, as they are often the key to more efficient operations and increased productivity. However, with many different ERP systems on the market, it is not always easy to choose the best solution. Therefore, the Forbes Advisor Business team conducted an objective evaluation of 7 leading cloud-based ERP providers, based on five key categories and 25 different parameters.

After a thorough review, Forbes named Microsoft Dynamics 365 Business Central as the “overall best ERP solution” for medium and large businesses. With a five-star rating, Dynamics 365 Business Central outperformed competitors like SAP Business One, Acumatica, and Oracle NetSuite in key areas such as pricing transparency, employee self-service capabilities, and customer support.

Dynamics 365 Business Central is a cloud-based ERP solution specifically designed to help medium and large businesses manage finance, operations, sales, and customer service. The solution’s comprehensive features include financial management, inventory management, production planning and control, project management, and sales management.

So, what makes Dynamics 365 Business Central the best choice according to Forbes? Let’s take a closer look at the main reasons for their selection:

1. A Complete ERP System for SMEs

Dynamics 365 Business Central offers a comprehensive suite of features tailored to meet the needs of small, medium, and large businesses (excluding enterprise).

2. Affordable Pricing

The solution offers flexible pricing models, making it relevant for companies with different IT budgets.

3. Efficient Financial Management

With access to automated bank reconciliations, cash flow forecasts, and financial reporting, Business Central significantly streamlines financial management.

4. Increased Productivity

By streamlining workflows, automating routine tasks, and ensuring a unified overview, companies can increase both productivity and efficiency.

5. Improved Inventory Management

With Business Central, companies can track all parts of inventory in real-time and set up automatic replenishment and optimization of inventory levels. This reduces costs and improves customer satisfaction.

6. More Sales and Better Service

The solution includes sales and service modules that can efficiently manage the sales process, track customer interactions, and ensure strong customer service.

7. Better Decision-Making

Business Central provides companies with comprehensive real-time insights, offering a completely different decision-making basis and much better opportunities to make the decisions needed to drive growth and stay ahead of competitors.

8. Scalability

Business Central is designed for growth and allows for scaling the number of users and functionality as needed.

9. Integration with Other Microsoft Tools

Business Central integrates seamlessly with other Microsoft tools, such as Power BI, Office 365, and PowerApps, thus realizing the full power of Microsoft’s ecosystem.

Bonus info:

Approved by the Danish Business Authority In February 2023, the Danish Business Authority set requirements for companies’ standard accounting systems (Danish Bookkeeping Act). This includes requirements for document storage, IT security, and automation. Microsoft’s Business Central Online meets the requirements under the Danish Bookkeeping Act.

The right fit for SMEs

According to Forbes’ analysis, “Microsoft Dynamics 365 Business Central is one of the few cloud-based ERP solutions robust enough to be an effective solution for a growing company while still being accessible enough to suit small businesses.”

All in all, choosing the right ERP system is crucial for any company’s success. With its scalability, user-friendliness, and ability to customize and integrate, Dynamics 365 Business Central is a great solution for medium and large businesses.

Forbes has evaluated 7 leading cloud-based ERP solutions, and the conclusion is clear: Business Central is the best solution. Read here to find out why.