The Evolution Of Technology
The Evolution Of Technology
The Evolution Of Technology
Where money flows, it goes or grows. Technology helps businesses make sure it’s the latter.
It doesn’t need understood to be used. In today’s age, our newly educated and graduated – who are the developers of the world – put their knowledge of technology into the development to better what already exists. They enable the wiser business chiefs with the life experience to know nothing more than how to work the new creations.
A path from hardware to software to into the cloud
The MFP (Multifunctional Printer)
It’s been in use for years and will continue to be for many more to come. The modern printer is a computer. They have hard drives, memory, wireless capabilities and they’re also connectable.
MFPs, just like the computer can have software added to them to give them more power. They scale to become whatever a business requires.
If it gets complex, costly, or too time consuming, there’s always managed print services (MPS) available, which could be a cost efficient solution. Tread carefully with the contracts though.
The MFP is the hardware. That’s enhanced with software making the following possible:
• Document management (Scalable
to Enterprise Level)
• Back office transaction processing
• Workflow automation
• Accounts outsourcing
• Collaboration
Is it possible for an office copier to be more efficient than the desktop PC?
Perhaps…
Throw wireless compatibility into the mix and things get more interesting.
Now a photo can be taken of receipts and with a smooth swipe of a screen, it’s sent into the cloud and the contents captured through OCR (Optical Character Recognition).
Receipt bank and Shoeboxed are two service examples
This is SaaS (Software as a Service) at its finest. Every business knows the importance of tracking expenses. Expense tracking services get it and give you the tools to capture receipts digitally or the ability to directly upload them. Once
uploaded, OCR technology captures the data, eliminating data entry.
That can then be linked to…
Cloud accounting software
Accounts – love them, loathe them, we all have to get along with them. This software makes that part much easier. Finance departments can take care of all the accounting practices, while your sales force can create draft invoices for approval while there in the field. Speed up the invoicing process and in turn speed up incoming revenues.
Manual invoice processing can be time consuming, not to mention the fact that it takes longer to collect the payments without it being done electronically.
• Payroll
• Invoices
• VAT
• And tax
All of the above can be completed in cloud applications.
As part of the HMRC Digital Strategy, cloud accounting will be the only way forward… and it’s for the best.
Cloud connects software together and lets businesses tailor solutions to their every need.
Forecasting, reporting, budgeting, and when the time comes – managing treasury functions.
Apple Inc marketed the perfect slogan back in 2010 with “There’s an app for that”. They were right to Trademark it, because all forms of computing hardware is now enhanced with software and those come in the form of app marketplaces.
Copiers, phones, tablets, and even watches are being powered by software applications. When harnessed to the fullest in business, the right hardware paired with the right software can make the world of difference to the
bottom line of any business.
Why are oil prices damaging the stock market?
Why are oil prices damaging the stock market?
Why are oil prices damaging the stock market?
The topic of oil prices continue to make daily headlines, but are leaving consumers with some basic questions unanswered. Stocks are having a poor start to the year, in fact the worst in recorded history. And this could be partly due to the plunge in oil prices.
Already we have experienced a 28% reduction in crude oil prices, pulling the overall index down by 9%. These low oil prices and fuel prices have been warmly welcomed by many consumers and businesses. However, they have also been faced with criticism, with experts concerned about the low prices. If we look back to 2007-08, ironically these experts were concerned about the prices being too high.
What is the reasoning for the low prices?The answer is simple, because we are extracting so much of it. The previous long-running high prices enabled drillers to develop and test new techniques and search for new locations, in which they succeeded. These improved oil drilling techniques increased the amount of oil available on the global market due to a higher amount of extraction. US production remains at a steady level, despite the low prices and lifting of international sanctions. Therefore, the US stockpiles have hit their highest levels in almost 80 years. Following this, experts have predicted that global oil supply could outstrip demand by 1.5m barrels a day.
How do low prices affect the stock market?These low prices has meant that oil companies profits are rapidly plummeting, along with their shares and therefore dragging the whole market down. Large investors are also selling off shares of companies that may be affiliated with the oil industry, like certain well-known banks. Financial experts are also worried that global economic growth will be much weaker than expected as a result of the oil prices.
Are lowers prices good for the economy ?Lower oil prices aren’t always a good thing, it depends on the reason why they have been lowered. If it is because new supplies have been found, then this can have a positive effect on the wider economy. The best case scenario for the economy would be for oil prices to stay positive through transferring income from the oil producer to the oil consumers. However the latest reduction in oil prices shows that global growth is slowing down as businesses and consumers in many developing countries make cutbacks on spending. Consumers are becoming more cautious about how they are spending their money and concentrating on saving more.
What would be the ideal situation?
Experts suggest that the best price would be one that is high enough for the producers to remain in business whilst still low enough to provide real benefits to the incomes of consumers. It has also been anticipated that the oil prices will level out by the end of next year as oil companies cut back on exploration and excessive production.
Why is ‘big data’ a big deal?
Why is ‘big data’ a big deal?
It is common knowledge that the world has become more digitally complex over the recent years. The advanced nature of digitalisation has increased interconnectivity between people and businesses alike. Defined networks now make up the infrastructure of our technical, social and working environments. As technology grows more and more powerful, its partnership with mathematics has opened the door for ‘big data’.
Big data has been defined as “extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions.” Big data can become a popular and seductive concept for procurement leaders, providing them with beneficial analysis and the answers to many burning questions. Queries around to how to reduce costs, increase competitiveness and heighten profits can all be answered with the help of big data. However, leaders are still apprehensive that a computer can present such answers to crucial decisions. Therefore, in order to get the most out of big data, the users need to be educated and confident about how complex and accurate this data can be.
The ability to apply tailored tools and options allows us to create a much more complex purchasing environment and therefore aiding better outcomes. The collaboration with globalisation and technology also provides businesses with information on specialists markets and cultural differences, aiding supply chain relations. This complex marketplace analysis does not only outline purchasing behaviours but also anticipates the future strategic challenges and potential new opportunities.
In order to successfully evaluate business scenarios, it is recommended that you should focus on planning on how to execute your new procurement strategy. Having the ability to effectively comprehend and focus on complexity has provided procurement with the opportunity to enable cost-effective growth for many businesses. This successful understanding has had outstanding results for many procurement departments, making them able to quickly move into expanding markets, reduce cultural barriers and allowing for a greater overall competitive advantage.
Gaining data surrounding global market intelligence also allows leaders to identify potential procurement hot-spots and enables better decision-making to be carried out. This in-depth thinking can dramatically affect procurement, putting it at the top of its game. The results should show a positive and genuine ROI. In contemporary procurement departments, having the ability to read and analyse these complex data sets is a highly sort after skill. Partner this with the ability to visualise and outline the road ahead will be the biggest advantage for successful future procurement.