Connect with us

Technology

Technology As A Platform For Organisation Wealth

How embracing technology can lead to all-round business efficiency.

Craig Johnston

Published

on

business-efficiency

Organisational wealth can mean different things to different people, but holistically, organisational wealth means that every part of the business is running optimally. This includes business systems, internal processes, staff morale, job satisfaction and, of course, financial success. Technology is arguably more integral today than it ever has been before – if businesses don’t take advantage of, and embrace, the technology that is available to them then they are very likely to fall behind the competition.

In today’s fast-paced world, technology is an essential tool and this rings true for small to medium businesses (SME’s) too – it can enable them to thrive and remain agile in an increasingly turbulent environment. Technology can be quite intimidating, and it may seem too costly for an SME, but in actual fact there are many ways to use technology in a cost-effective way to promote holistic organisational wealth.

Having the correct business systems in place means that your employees are more likely to feel productive, less frustrated and more efficient. These are all important factors for ensuring employees are satisfied and morale is positive within the company.

Related: 5 Reasons Why You Should Be Leasing Your Technology Equipment

If we look at the business systems that are essential for SME’s, business owners agree that having a good accounting system is essential to ensure a healthy cash flow. However, in order to effectively manage a growing business, the correct business management system has to be implemented to control and integrate key business functionalities that drive a holistic and profitable operation. An accounting-only system will not suffice and/or promote growth. A comprehensive business management solution makes it possible to gather, store, integrate and analyse information for increased productivity and profit; all key components of promoting organisational wealth.

For SMEs, this technology comes in the form of an enterprise resource planning (ERP) software, meaning that key business functionalities are integrated under one flexible and responsive system. Smaller companies can benefit greatly from using ERP software to streamline their internal processes and reduce the time taken on admin tasks. Management are now able to instantly access accurate and real-time business information, so that they can respond to customers faster and increase their profitabilty.

If SME’s implement the correct ERP system, they can see substantial benefits for the organisation. The biggest of which is increased efficiency – by automating tasks less time is spent on admin, and more time can be devoted to growing the business. This also ties into greater profit margins. Having better control over the processes within your business will lead to an increase in output and a decrease in inefficient overheads, therefore improving sales and profit margins.

Another important advantage is greater organisational control. Having insight into operational activities and traceability over stock means that managers are able to control the workflows and utilise resources more efficiently, without having to resort to micro-management. This leads into another very important advantage: uplifted staff morale. By removing the need for micro-management and by automating certain processes and workflows, the likelihood of human error is greatly reduced and employees will become more efficient and confident in their capabilities.

Related: How To Help Your Team Shift Their Mindset To Embracing Technology For Business Management

Perhaps the greatest benefit is having access to real-time insights and data, whereby accurate and informed decisions can be made to respond to environmental changes effectively and quickly. Enhanced decision-making using up-to-the-minute information means that managers can ensure correct decisions are being made at the right time, and in the right context.

All of the above advantages lead to one road: increased customer satisfaction, which is, after all, the end goal. By having the entire sales process optimised and tracked from the initial lead stage, through to managing sales orders, customer data and streamlining after-sales support, customers will be more satisfied. This operational integration and increased proficiency leads to greater sales and profits, which ultimately increases organisational wealth.

Craig Johnston, Marketing Manager at Bluekey Seidor, has been in the marketing industry for almost a decade. With vast experience in marketing strategy and campaign execution, Craig has developed a solid foundation in both traditional and digital marketing. As an expert his field, Craig has successfully made Bluekey Seidor one of the fastest growing SAP Business One Partners in Africa.

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Technology

How Blockchain Will Disturb The E-Commerce Industry In The Next Few Years

What is blockchain? And how will it disturb the e-commerce? Those are questions we should be asking ourselves. In this article, we will be answering these questions to help you understand, blockchain technology and how it will disturb the e-commerce industry in the next few years.

Jandre de Beer

Published

on

blockchain-ecommerce-website

In 2008, Satoshi Nakamoto invented blockchain to serve as the public transaction ledger of the cryptocurrency bitcoin. The creation of the blockchain for bitcoin made it the first digital currency, to resolve the double-spending problem without the need for a trusted authority or central server.

So, what is blockchain? a blockchain is an endless growing list of records called blocks, which is linked and secured using cryptography.

Each block naturally contains a cryptographic hash of the former block, a timestamp and transaction data.

As a design, blockchains are resistant to modification of the data and is an open distributed ledger which can record transactions between two parties proficiently, and in a verifiable and lasting way.

Blockchain permits digital information to be communicated between a decentralised, peer-to-peer (P2P) network creating a new type of internet.

Blockchain functions like a digital ledger or spreadsheet which can be accessed by everyone, but the former input cannot be edited without that edit appearing in the audit trail.

Having a high-level understanding of how blockchain works, will help you stay ahead of the competition.

Related: 5 Basics To Success When Starting An Ecommerce Business

There are a number of key features which make the network exciting for eCommerce brands like:

  1. Decentralised – Blockchain works over a P2P network. Data is not held in a single location, which makes it more reliable. Nobody owns or is in charge of the blockchain, which means its free of influence from governments or large corporations.
  2. Immutable – transactions are append-only, meaning once data is recorded it cannot be changed without that change is visible in the audit trail.
  3. Near real-time – stakeholders can work collaboratively in real-time over a sole, trusted ledger.

The challenges that the eCommerce industry face today are trust, frauds, slow transactions and other costs. Going forward blockchain will disturb the challenges and create a whole new revolution in the eCommerce industry in the following ways:

  1. Cheaper Transactions – blockchain allows the existence of “smart contracts” which would be software programs that will self-execute contract instructions, lowering the cost and complexity of transfers and transactions.
  2. Faster transactions – transactions, order details, commissions in the form of smart contracts can be used to save all documents, shipping, delivery and possible events which affect financial settlements. Thus, every individual or company involved in the supply chain can make vital data visible to others, which lowers disputes, delays, disorganisation and speeds up the transaction process.
  3. Transparency – blockchains store entire owner history, no matter where the product goes and how many times its bought, which eliminates the frauds and brings transparency to consumer and merchant.

In conclusion, blockchain has ushered a new revolution of digital currency and transaction system where intermediaries like brokers, banker’s lawyers might not be needed at all.

Read next: 6 Steps To Building A Million-Dollar Ecommerce Site In 60 Days

Continue Reading

Company Posts

(Video) TomTom Telematics – Let’s Drive Business (UK)

TomTom Telematics

Published

on

tom-tom-telematics
WEBFLEET provides you with the right information at the right time to make smart decisions and achieve your goals: Lowering cost, reducing time on the road, supporting drivers and delighting customers. Running a business can be hard. So let’s make it easier. Request a demo and find out more at telematics.tomtom.com/webfleet/landingpages/launching-the-new-webfleet.

Continue Reading

Company Posts

Making The Case For FTTH With BDCOM

Successfully making the case for FTTH with BDCOM, Miro offers tangible solutions when deploying last-mile fibre connectivity through cost effective PON technology.

MiRO

Published

on

By

bdcom-miro-south-africa

As a service provider, deploying a fibre network may seem daunting, expensive and unappealing; this stems from the capital expenditure required, as well as the added risk of the civil work needed during application. With the gaining popularity of fibre amongst various sectors; from service providers, to the end-users who demand high-speed internet, the demand for fibre is only gaining continuous traction; from the rising use of video-streaming platforms, to the ever-stable demand for reliable connectivity solutions, both for business and home use.

Given these facts, as well as the lingering hesitancy of expanding with fibre, the possibilities of this much desired optical connectivity can be realised through PON. Passive Optical Networks are currently transforming the face of last-mile fibre deployments. A world where sending data happens at the speed of light is now tangible at a tenth of the cost with PON. All the advantages which arise from optical fibre are now available in a cost-effective solution.

The demand for cost-effective, last-mile fibre solutions are also increasing due to the high bandwidth requirements of households and businesses; the large expenditure on active equipment and the on-going challenges of delivering high-capacity internet in densely populated areas are only some of the existing concerns. These, amongst other challenges faced by service providers, are accelerating the interest in deploying fibre optic networks to provide higher bandwidth delivery, reliability and lower latency levels.

The hesitancy of deploying fibre within a service offering stems from the myth that a fibre roll-out, especially in last-mile applications, can be a great expenditure in terms of infrastructure and operating costs. This myth can now be proven false with our FTTx solution from BDCOM.

The solutions available with PON (Passive Optical Networks) have been proven to reduce installation cost by up to 70% with the use of simple reflective devices, known as splitters.

applications-of-bdcoms-fibre-solutions

Related: Embracing Technology For Business

PON, completely negates the need for active equipment (such as switches, boosters etc.) because it allows the light, to be reflected towards the intended receiver (ONU) which then talks back to the light source (OLT) which is situated by the POP (Point of Presence). PON take up less physical space and consume less energy than traditional Ethernet because of the reduced number of active equipment. PON deployment costs up to 50% less than Ethernet, this includes components, labour as well as materials. The requirements for cooling are also less than with Ethernet, offering the client a saving on their utility costs.

bdcom_article-artwork-01Furthermore, fibre optic cables have a lifespan of up to 50 years as opposed to the 15 year lifespan of Ethernet copper. By analysing these facts, PON technology is arguably the only cost-effective solution to a fibre roll-out because of the major decrease in deployment and maintenance cost; therefore, there is also no surprise as to why it has become increasingly embraced by hospitals, government agencies and universities, amongst other industries.

For more information on the best last-mile PON solution for your fibre application, please do not hesitate to contact our experienced sales team; introducing you to the possibility of FTTx, together.

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending