Accounts payable

On technology adoption and business development – Businessamlive


Forbes’ Ron Shevlin in a 2021 article noted that a study, “In Cornerstone’s What’s Going On in Banking 2021”, identified the top five technologies for that year as: 1) Digital Account Opening; 2) Application Programming Interfaces (APIs); 3) video collaboration; 4) Supply-to-pay (P2P) application; and 5) cloud computing. Coincidentally, all of these technologies are enterprise technologies. Businesses are created to generate profits and business owners invest heavily, year after year, in technologies that can facilitate their work (process). The fact is that all companies, from small to medium, medium to large, have specific technologies that can improve their processes.

While digital account opening allows bank customers to easily open accounts online, APIs work as a virtual middleman, relaying information from one interface, such as a mobile app, to another. APIs connect different parts of a software platform to ensure that information ends up in the right place. Procure-to-pay video collaboration is the process of integrating purchasing and accounts payable systems to create greater efficiency. It exists within the broader procurement management process and involves four key steps: selection of goods and services, compliance and ordering, receipt and reconciliation, invoicing and payment. Cloud computing is the use of a network of servers hosted on the Internet to store, manage and process data instead of a local server or personal computer.

Business technology is a concept that describes all technologies that help an organization manage its business and operational processes. These range from customer interface applications and solutions, to business-critical production, back-office financial systems and logistics solutions. Technology is now being used as a catalyst for business growth. Technology makes it easier and cheaper to grow a business. By investing in modern technology, you can achieve huge economies of scale and produce more with fewer resources. If you invest wisely in technology, you can improve the quality of your products and services and reap huge profits.

Automation of the production line can help you run your business more cost effectively and efficiently by minimizing manual labor. Automation can also help you maintain quality and the right product mix, for example as a baker. Systems integration is a primary area of ​​improvement in most businesses. Small businesses have independent challenges and little communication. They can afford to communicate with each other physically. Large offices with vast spaces need an intercom system to communicate with a remote office and employees. Serious companies should evaluate new technological products on the market that improve the quality, save time and cost of producing the goods and services they can acquire.

There are technologies in the market that can help with customer relationship management (CRM), task bundling, property management, financial services, project management, marketing automation, sales management , accounting, inventory control, manufacturing, auditing, human resources, vessel tracking and other services.

All businesses are always looking for ways to produce more goods with the same quantity and quality or to produce the same goods at lower cost. This involves innovation and cost reduction. Technologies can help business owners reduce raw material waste and increase profits. This is always the target of all business owners.

Ephemerization is the term coined by RB Fuller to describe a technologically advanced ability to do more and more with less and less until you can finally do it all with nothing. It is an accelerated increase in efficiency to achieve the same or more output (products, services, information, etc.) while requiring fewer inputs (effort, time, resources, finances, etc.). Ephemerization is not just about reducing waste in the production process, but also about continuously identifying waste in a business process and reducing or eliminating it altogether. It is about achieving one or more desired goals with fewer resources. That’s the purpose of technology – to help improve ways of doing things.

The role of technology for an entrepreneur has increased significantly in 2022 and this trend will continue in the future.

So many changes have been recorded in entrepreneurship over the past decade. The majority of these changes have been brought about by the advancement of technology. There is hardly any business one can do now without investing in technology! Technology and entrepreneurs are perfect couples made in heaven. Business transactions are now easily done through technology. From meeting daily needs to online betting and working from home, technology is now “number one” for every business.

People are now doing business on their smart phones and you can’t just buy plane tickets on your phone, you can actually check in and see your seat and the plane you’re going to board. Potential buyers no longer need to leaf through the yellow pages, they can search Google on their smartphone for the goods, products and services they are looking for. And their smartphone is all they need to travel the world. Nowadays, people subscribe and read different newspapers online thanks to technology! This makes getting news quicker and easier, and a good way to be climate change compliant.

Investors who buy a hotel in the UK and live in Nigeria can now monitor the flow of traffic to their hotel using software. The world is changing technologically, every day. Construction 3D printing technology is a tool used in the manufacture of construction elements or entire buildings by means of a 3D printer. This robot-like printer prints concrete, polymer, metal and other viscous materials, layer by layer. The most common type of printer is based on a robotic arm that moves back and forth while extruding concrete from its inkjet. This technology can produce up to a thousand three-bedroom bungalows per day!

Technology is not just an enabler that makes some companies faster and easier in order to affect the quality of their products like graders instead of cutlasses; and ridgers instead of hoes. It is also a mandatory requirement in some businesses such as escalators in high-rise buildings and solar panels or generators in offshore offices without a national grid. Modern land, rail, pipeline, air, cable and water transportation businesses, which are based on mobility as a service (MaaS), are not possible without technology sponsorship, just like many others. businesses.

Olufemi Adedamola Oyedele, MPhil. Construction Management, Managing Director/CEO, Fame Oyster & Co. Nigeria, is a Property Investment Expert, Registered Property Surveyor and Appraiser and an experienced Construction Project Manager. He can be reached at +2348137564200 (sms only) or [email protected]

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