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How Can Technology Play a Vital Role in Your Business Success?

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How Can Technology Play a Vital Role in Your Business Success?


Technology encompasses a vast body of knowledge and tools that facilitate the efficient and innovative use of economic resources in producing goods and services. Therefore, technological advancement is critical to economic growth and development. The more advanced the technology available, the faster the local and global economies can improve. The role of technology in economic development is further discussed below.

On the battlefield of economic enterprise, technology can be a potent weapon. Increasing R&D investments, however, does not guarantee that businesses will successfully use technology as a competitive weapon.

Characteristics of an organization using AI Technology

Many aspects of an organization, from technical talent to reward systems, from climate to equipment, influence the return on investment in technology. However, companies that effectively use AI technology share three characteristics:

  1. Focused top management: Most top managers in charge of running the company or business have a technical education and work experience.
  2. Criteria for project selection: Managers allocate funds to projects to help them maintain and expand their technological leadership in specific areas.
  3. Structure and systems: The Company’s decision-making systems and structure reinforce the priority given to technological matters in two ways:

(a) Company structure provides a close connection between business and technological decision making,

(b) The systems and structure for technological decision-making correlate with the company’s other systems.

Technology is all about innovation.

Technology is all about innovation, and business innovation is about doing things differently to provide better products and solutions and better customer service.

Technology is not only necessary for day-to-day business operations; when used correctly, it can also assist companies in achieving growth and success. Successful businesses use technology to open up new ways of doing business rather than simply automating processes.

How can technology help in Business growth?

In this article, we will discuss some of the ways that technology can help businesses grow.

Using digital technologies to improve marketing effectiveness

Businesses are now operating in an era with a solid digital presence is critical for success and survival. Unfortunately, a lack of a trustworthy digital company is a contributing factor in the failure of many SMEs, with half of them failing within their first five years of operations. With limited marketing budgets, SMEs must strategically use digital technologies to maximize impact.

Define Digital Marketing Strategy

The key is to create a clearly defined digital marketing strategy that includes your goals, tactics, and how you intend to measure performance. Many businesses are active on the internet but without a clear plan. A clearly defined digital marketing strategy can result in squandering resources and missed opportunities. On the other hand, social media marketing, email marketing Channels, pay-per-click advertising, and a good website can be highly effective.

Out Reaching Larger Audience

Digital technologies can help businesses grow faster by allowing them to reach a larger audience and establish long-term relationships with customers, which promotes brand loyalty. Using productivity software to save money and improve customer service

Many different factors contribute to the growth of a business. These include providing excellent customer service, lowering operational costs, and increasing revenue.

The goals of attaining profitability and cost reduction are met with the help of technology. Increasing productivity and efficiency is critical for lowering costs and increasing revenues, which can be reinvested in the business’s growth.

Productivity software is intended to assist businesses in improving operational efficiency, replacing time-consuming paper-based processes, and lowering costs. Office productivity software, accounting software, communications software, and email software are among the most commonly used productivity software packages.

Cloud-Based Record Systems

With the growth of cloud and mobile technologies, the scope of business productivity software has grown significantly in recent years.

Cloud-based applications are frequently ideal for SMEs because they have a lower initial cost and reduce the burden of in-house management. In addition, cloud-Based applications are used on various devices and in any location where an internet connection is available, which helps increase employee productivity and efficiency.

Modern RCM software and Professional Services Automation (PSA)

Customer acquisition and retention are also essential factors in business growth. High competition necessitates that businesses consistently provide a high level of customer service. Technology can also help with this. Modern RCM software and Professional Services Automation (PSA) is reaching new utility heights, benefiting businesses and customers.

Making use of mobile technologies

Mobile technologies can provide many business benefits, contributing to growth. For example, the expansion of flexible working rights in the UK and advances in mobile technology have contributed to an increase in the number of people working outside of the traditional office environment.

Investment in mobile technologies can assist businesses in promoting a happy workforce, with employees enjoying a better work/life balance. Investment in R&D is generally advantageous for companies, as a happy workforce leads to increased productivity and lower costs due to increased staff retention. Everyone comes out on top.

Because mobile technologies enable users to complete a wide range of tasks from virtually any location, they can significantly increase efficiency and productivity.

Mobilizing the workforce through technology can also assist a company in making those all-important savings required to maximize profits and encourage growth. For example, employees who can work from home can save money on physical space and the operating costs of more prominent office buildings.

Businesses should consider cloud solutions that allow users to access the same applications and services from multiple devices and locations to maximize mobile technology use. These will also enable effective collaboration, allowing employees to work well together even when not in the same physical space.

When businesses invest wisely in technology, adopting the right solutions for their specific needs and challenges, growth and success become more accessible.

Why is Technology Important in business Growth?

The most critical question arises: Why is technology essential in business growth? Many reasons depict the importance of technology in business growth. Some of them are mentioned below.

Faster Communication

First and foremost, technology impacts a company’s communication ability with its customers. Employees must interact with clients quickly and clearly in today’s hectic business environment. After hours, customers can use websites to find answers to their questions. Fast shipment options enable businesses to move products across a wide geographic area. When customers use technology to interact with a company, the company benefits because improved communication creates a better public image.

Operational Efficiency

Technology also assists a company in understanding its cash flow requirements and conserving valuable resources such as time and physical space. Warehouse inventory technologies assist business owners in determining how to best manage the storage costs associated with holding a product.

Developing Business Culture

Technology fosters a team dynamic within a company by allowing employees in different locations to interact more effectively. For example, tensions and distrust are less likely to develop if factory managers can communicate with shipment coordinators in another place. Cliques and social tensions can be a nightmare for a business; Technology frequently assists workers in putting their diverse backgrounds aside.

Security

Most modern businesses are vulnerable to security threats and vandalism. Financial data, confidential executive decisions, and other proprietary information that leads to competitive advantages can be protected using technology.

Simply put, technology assists businesses in keeping their ideas separate from their competitors. For example, a company can use password-protected computers to ensure that none of its future projects are copied.

Research Capacity

New opportunities will always be one step ahead of the competitors for a company with the technological capability to investigate. To thrive, a company must expand and seek out new opportunities.

The internet allows businesses to virtually enter into new markets without the expense of an executive jet or the risks of establishing a factory in another country.

Financial Record-Keeping Made Easier

Advanced software programs manage accounting and finance tasks in small and large businesses. For example, companies frequently use programs that sync accounting with point-of-sale terminals and bookkeeping software to automatically capture each purchase or sale transaction in an accounting platform.

Using technology to manage financial record-keeping reduces manual processes, lowers costs, and protects against human error.

Inventory Management was made more accessible.

Raw material suppliers, manufacturers, wholesalers, retailers, and B2B providers use inventory management processes. Technology is used to organize items in a warehouse or storage room in a systematic manner.

Associates can pull stock as quickly as possible by matching computer information to inventory storage spaces. When inventory arrives at the door, businesses can quickly compare it to order sizes on the computer screen.

A large number of inventory processes are automated. Retailers, for example, frequently use vendor-managed inventory approaches in which suppliers automatically send replenishment when a store’s stock is low. Inventory control that is organized and efficient helps reduce inventory costs while meeting customer demand.

International Trade and the Internet

The most critical factor in international trade and job market growth is information technology, allowing businesses to share information and conduct trade in less than an eye.

Time-saving.

Technology can reduce the time it takes to manufacture a product or provide a service, increasing a company’s overall profits.

Enhanced Efficiency

Technology can help a company’s output rate become more efficient, allowing for larger quantities of products to be moved or services to be rendered.

Specialization of Jobs and Division of labor

The technology resulted in a more significant division of labor and specialization of jobs within a business, contributing to the efficiency of a business.

Resources of Natural Origin

Technology has a significant impact on businesses’ and governments’ ability to access natural resources and use them in the most efficient ways to benefit both the company and the economy.

Final Thoughts

Automated software and tools have become the need of the hour in today’s advanced world of competition. As a result, businesses must invest in buying effective technology tools and systems. In return, these tools help bring in efficiency and profitability.

Image Credit: by RODNAE Productions; Pexels; Thank you!

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How to Help Women in Business Get Past Gender Barriers to Management

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Free Your Money: Strategies for Keeping Your Money In The Best Place Possible - ReadWrite


According to a recent Women in the Workplace study from Lean In and McKinsey, the most significant barrier women face in business these days isn’t the glass ceiling. Instead, it’s the floor—the barrier to entry-level management positions.

Although women now own 4 out of every 10 businesses in the U.S. and are making great strides at the top of the career ladder, they’re still missing from entry-level and middle management positions. That’s something companies of all sizes need to address.

Women in business means greater success

It’s not just about diversity (although that’s a worthy goal in itself). Statistics suggest that hiring women for positions of leadership helps your company succeed. For example, one study from Peakon revealed that when a company’s management includes 50% or more women, its employees feel more loyal to the company and its products or services.

2017 Morgan Stanley report echoes these findings, suggesting that gender diversity in a company translates to enhanced productivity, more significant innovation in product and service design, improved decision-making, and decreased employee turnover, with an associated higher level of worker satisfaction.

Try implementing these three strategies to fix that broken rung at the bottom of the career ladder and get more women into entry-level management roles.

1. Start from the ground up.

As the Women in the Workplace study suggests, the first task for any business committed to helping increase the number of women in leadership positions is to hire and promote women more often.

Your job is to make your workplace more attractive to diverse candidates. Start with neutralizing your job notices and ads. Go over every ad line by line before you release or publicize an open position. Avoid potentially off-putting terms like “rock star” and “ninja.” Some of the more qualified female candidates might interpret those as code for “male candidates preferred.”

Also, consider following the example set by Buffer. Based on the understanding that women are far less likely than men to apply for a job if they don’t precisely match the image created by the ad, Buffer encourages all candidates to apply, even if they feel they don’t meet every single qualification.

If you want to reach more women candidates, consider going where they are. For example, open up your job search by sharing the job notice on platforms and websites with audiences with a significant female component.

2. Commit to taking action

Set actionable goals for both hiring and promoting women into first-level management. Clear establishment of metrics and a commitment to meeting those metrics can help foster positive change for your company as you seek to diversify its management.

For example, if there are two candidates, one male, and one female, the female candidate has a 50% chance of winning the job. However, if there are three female candidates and one male candidate, the possibility that one of those women will win the job goes up to 67%.

However, if you reverse that scenario, with three men and one woman, her chance of winning the job plummets. One way to combat this kind of unconscious bias is to set a concrete goal of advancing an equal number of men and women to the final round of evaluation. Creating this type of rule helps you see beyond mere lip service to the ideals of “promoting the qualified candidates” to truly evaluate your candidates based on their qualifications without unconscious bias.

Finally, seek to establish clear, neutral evaluation criteria. Ensure your hiring and promotion evaluation criteria are based on the actual duties required in the position, not on some outdated assessment that hasn’t been standardized and edited for gender neutrality.

3. Get to the root of unconscious bias.

Training evaluators and supervisors to spot and combat unconscious bias can help root out the obstacles to promoting women to leadership positions in your company. But how do you identify a bias when it’s not consciously held?

One way is to test your systems. For example, the next time your company is hiring for a potential leadership or feeder position and a female candidate is weeded out at a pre-interview stage, consider advancing her to the next round regardless. If she proves herself qualified at the interview based on the feedback you get, you might have some bias at work in your processes.

Additionally, implement committed-based evaluation processes. Groups with balanced representation can help root out and neutralize individual biases. At the same time, they can help provide a more robust assessment of each candidate’s strengths and challenges.

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Featured Image Credit: Photo by RODNAE Productions; Pexels; Thank you!

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Simplifying AI Can Optimize Your Entire Business

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Simplifying AI Can Optimize Your Entire Business


Artificial intelligence is becoming less of a futuristic technology and a more integral aspect of today’s business landscape.

The usage of AI across the business universe is revolutionizing every industry, and Gartner reports that at least 75% of organizations use deep neural networks today.

In financial departments, AI is automating menial tasks and reducing errors in traditional manual workflows.

AI’s unfounded fears

There’s no doubt that businesses utilizing the right AI for the right reasons are seeing exponential benefits. Unfortunately, not every business unit is as excited about the available AI solutions that finance departments are gifted with. Change management is a significant component of failure when implementing any transformative technology.

Many humans still have unfounded fears about it gaining sentience or replacing them, and workers are wary of becoming obsolete once their daily tasks are automated.

But that’s never been the point of AI, machine learning, and automation because they augment human intelligence.

Humans are still very necessary

Take OpenAI’s GPT-3 and Dall-E 2 text- and image-generating models for example. Although they can generate a 1,000-word blog post with images within seconds, there could be a lot of legal liability issues if you were to publish raw content generated by one of these models directly on your website.

The content is never 100% accurate; human interaction is still essential to train, implement, and use AI across the business.

Simplifying AI for the average worker

AI data sets and outputs need to remain accessible, and making them accessible means tapping into everyone throughout the organization to apply their professional judgment to the data sets. This provides the machine’s velocity, variety, and veracity as it learns.

AI in financial departments

AI’s use in financial departments is so successful because payroll, compliance, accounting, taxes, etc., is complicated — especially when you’re a multinational corporation or utilizing the remote global workforce unlocked by the pandemic.

Expansive data sets

But you can import expansive data sets into AI to make it more useful. Streamlining all of this and optimizing processes not only reduces errors, but it frees up human workers to perform more advanced analytics that are closer to the reason they got into the industry in the first place.

How simplifying AI can open up usage possibilities

Simplifying AI for the average worker means they can focus on less menial, more innovative tasks and accomplish much more in less time.

GPT-3 and Dall-E 2 may not have flawless, production-ready outputs, but they utilize neural networks on large datasets of about 175 billion parameters across 45TB of text data. As a result, they’re perfect for ideation and conceptual work to get a firm visual image of the final product to work from.

Pass it around

Although their outputs seem wildly different (text versus images), both of OpenAI’s creations work similarly. While it seems like AI leads to faster advancements, what really happens is we discover one important concept that opens the door to new possibilities.

This is why getting the technology in as many hands as possible is important to see how others find use in the outputs it creates.

How AI brings more value to a business

As the quality of content-generating AI debate rages in the media and online forums, the technology’s uses for internal business functions are even more remarkable.

New ways of looking at things — skilled data scientists

AI across the business continues to open new ways of looking at things and allows skilled data scientists to develop complex models to predict anything you need to know — from machine health to possible market conditions and forecasting.

AI across the business can and will go beyond personal assistants, voice-to-text, and personalized recommendations to bring value to the roles of individual employees.

Better use of time

Leveraging specific AI technologies throughout the business keeps human workers at every level working only on tasks that cannot be automated. This includes processing exceptions to the rules (which there will always be), analyzing AI-generated outputs, and more.

Instead of spending our days manually putting together reports, we will be analyzing pre-generated reports and making advanced intelligent decisions.

Embracing artificial intelligence

When GPT-3 and Dall-E 2 were released, both writers and designers feared for their jobs. However, those fears were relieved as they tested the tools and got more comfortable with them. These tools can generate amazing work to assist writers and designers, but it still requires skill to understand how to prompt it for the desired results.

A professional can edit and polish it throughout the process in a variety of ways that will always require human instinct.

And an experienced photographer or graphic designer will get higher-quality outputs and know how to fix them in posts.

Focusing on higher priorities

Familiarizing yourself with these types of tools helps to better understand what they’re truly capable of and how they can be implemented into existing workflows while seeking better, faster, and more optimized ways to do things. That’s how finance departments leveraged AI to accomplish the most laborious and error-prone aspects of their jobs so they can focus on more important things.

And it won’t be long before AI transforms every aspect of every business.

Featured Image Credit: Sergey Zolkin; Unsplash; Provided by the Author; Thank you!

Melissa Chan

Director of Customer Success at MindBridge

Melissa Chan is Director of Customer Success at MindBridge. She has made it a mission to innovate accounting and auditing.

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Build Your NFT Marketplace – Here’s a Top Guide for Crypto Newbies

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Non-fungible tokens - A buzzword to hear


NFTs pave and sculpt a new way of lifestyle by gaining acceptance all over the world. No boundaries or no restrictions that can stop you from your reaching your goals or targets. In the crypto race from pioneers, you can become maestros by developing the best NFT marketplace. Tailoring every process of the NFT marketplace, this blog will give you the complete picture with high clarity.

You have one easy pick, which is to grab the lucrative NFT marketplace development companies. Build your own NFT market with great hype and a plethora of audiences. You may become inquisitive about what I am talking about! You will surely be grateful to all the crypto enthusiasts if you say yes…because you are going to read such a realm of NFTs.

Ponder the highlights and get your foundation strong so that you can master the developmental aspect of the NFT marketplace. So, you are almost there to examine what is there here….

Non-fungible tokens — A buzzword to hear! Elimination of physical assets

“Are you nuts?” This was the question that we were facing once in the year 2014 when NFTs gave their entry. Just like science fiction or rocket science, NFTs are realistic and progressive tokens that are still present.

Rocking in every domain, like arts, memes, videos, music, games, and sports, there are successful NFT marketplaces. Inching every step in tokenizing the physical assets, there are still continuous advancements. Unleashing the features of NFTs, one can mesmerize and become a fan.

Basically, NFTs are the digital manifestation of any physical asset. The NFTs are the reformations with distinct technical codes that exhibit uniqueness and are non-identical in nature. These NFTs stand out from the crowd because they differ more from fungible tokens.

They are also interoperable and non-interchangeable in nature. As they seem independent, in reality, they are not. The NFTs rely purely on blockchains and smart contracts.

NFT marketplace – Giving hype for NFTs is a comic until they are showcased in the marketplace!!!

Driven by the complete performance of blockchain and smart contracts, the NFT marketplace is a skyrocketing business. Escaping from the hell of merchandising using barter systems, it is now possible for an efficient trade of NFT collectibles. Unlike fungible tokens, NFTs trading will not occur publicly except with a preferable marketplace.

NFT platform is a virtual exhibition of NFT collectibles on an online platform. These platforms facilitate the trading and bidding of NFTs. Creating amusement in the minds of users will bring out lucrative and exponential profits to your home.

Blockchain comprises several blocks and nodes that store the transactional details. There are prominent blockchains that give their hand to you. These are Ethereum, Binance smart chain, Flow, Polygon, and Solana. Blockchains are the financial ledgers that store the database of the NFTs. It remains forever once it registers any information.

Smart contracts – These are software that comprises technical codes which direct the functions. It will allow the implementation of any function if there is a mutual agreement between the sellers and buyers. They exhibit automation that is everything in its control. Hence, no need to worry about the performance of the marketplace.

Highlighting why the NFT marketplace is a demand And will it be in the next generation?

Create NFT Marketplace

Scalable NFT marketplaces are, of course, in demand in the crypto universe. There is an NFT marketplace that still illuminates the crypto space. Below you can find the listings:

  1. Rarible
  2. OpenSea
  3. SuperRare
  4. Foundation
  5. Axie Infinity
  6. CryptoKitties

Every cryptopreneur will make sure they know what they are doing and why they want to do it….NFT marketplaces are the iconic platforms that produce the highest turnover of all the digital collectibles. Tokenizing into NFTs brings the treasure-house into our home.

Axie Infinity, a blockchain gaming platform, is generating a turnover of up to $3.2 billion every year. The gaming industry benefits from the invincible platforms and the unstoppable flow of income it flourishes. It involves the purchases of Axies, which are NFTs that allow the participants to get into the game.

CryptoKitties, on the other hand, is another gaming platform. It involves the buying, nurturing, and selling of kitties. The turnover crosses around $1.3 billion every quarter of the year. There are other gaming platforms that are still competitive with other newbies.

Not limiting itself, the NFT marketplace of gaming in 2032 will produce about $327.7 billion, according to estimation.

Love arts, videos, sports, or music? Even the NFT marketplace also makes their proliferation deeply. There are NFTs that rush up with the best feature and interoperability that can openly challenge any competitor.

Oddities of NFT marketplaces – How their functionalities differ through features

Storefront

There is something which is non-negotiable and that decides the success rate of your platform. Storefront is a dashboard that enables you to trade and expose your NFTs to your users. It also displays the options like NFT rankings and favorites.

Listings

The listings will allow the sellers to list out their NFTs if they intend to mint their wishful physical assets. The listings will also give the option to upload the documents along with the details, tag, and description of NFTs.

Bidding

The bidding software will enable the process of auction listing of NFTs. Thus it facilitates another means of selling NFTs. There are two types of bidding: English auction and Dutch auction.

Search and filtering option

It is easy to tap the buttons to explore NFTs than to wander along the site. Hence, it helps in navigation by just swaying our fingers on the screen. It will thus reduce the time and effort of users.

Crypto wallet

The wallet will ensure the storage of funds also while selling and buying. The wallet may sometimes be inbuilt, or it is obtainable from external vendors.

Conclusion

You can create an NFT marketplace in a short span of time with recent trends and emerging technologies. There are stunning and top NFT marketplace development companies (appdupe dotcom) that will stimulate your enthusiasm, giving meaningful outcomes. With the NFT marketplace, I can assure you that you can fly with a high return on investment.

Carol Denvers

Carol Denvers

Carol Denvers is a passionate blockchain writer at NFT Marketplace Development Company – Appdupe with an extreme interest in covering topics related to NFTs, Cryptocurrencies, and blockchain. Her interests and passion for Crypto are molding her to write exciting content on current trends prevailing in the crypto space.

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