4 Technologies That Will Drastically Improve Your Business Practices
Technology has evolved highly throughout the past few years. Look at how people used to do business 10 years ago (even 5) and how they’re doing it now–completely different. Advanced IT solutions have taken companies to a whole new level, with minimal effort required because of advanced Artificial Intelligence (AI).
From what we know, there are some business practices that can never be replaced with machines or technology (until now), that’s why using advanced technologies saves a ton of time for businesses, and possibly money because of the natural percentage of human error. Not only that, but it allows humans to entirely focus on core aspects of the business, rather than worry about numerous things.
Here are some of them:
1. Printing in 3D
Also known as additive manufacturing is getting increasingly popular among businesses, especially those that are more specialized in manufacturing. That’s because of the number of benefits that 3D printing provides. However, just like any other technology, there are some disadvantages.
The benefits are: having more freedom to establish complex designs that cannot be printed with traditional manufacturing processes, prototyping is easier because 3D printing manufactures designs in a number of hours which allows for quick prototyping, hence getting into the next stage easier.
For Print on Demand (POD) businesses, 3D printing has many benefits as it doesn’t require a lot of space for stock inventory which saves costs and makes demand management more efficient. Another thing is minimizing waste because the manufacturing of the parts with 3D printing only requires the materials of the part. So, you will not waste material since you are not cutting from large chunks or materials that cannot be recycled which makes it waste-minimal, and cost-minimal as well.
2. Software Defined Wide Area Network (SD-WAN)
An SD-WAN application is basically a network that is centrally managed by the enterprise which makes it easier for them to use different, and less expensive, WAN interfaces. For instance, broadband and wireless networks for creating their enterprise network architecture in an agile and customizable manner.
Their benefit includes a faster network since SD-WAN applications offer the capabilities for defining routing policies based on the needs of your business. Not to mention the reliability of the network which avoids the problem of users in the organization losing connectivity.
3. Blockchain technologies
Generally speaking, blockchain technology is a network of decentralized and dispersed data. Put simply, it allows users of the blockchain to manage the network of data through their own compute nodes. It is a database that stores data in a digital format. As the name suggests, a blockchain is a chain of blocks full of data and as each block is filled, added information goes to the next block and is added to the blockchain.
The benefits a blockchain provides include transparency between users since any user of the blockchain can access the data which allows the public to verify the data which makes it more trustworthy. Also, blockchain creates an audit trail that cannot be reversed so it allows for traceability. If a change in the network happens, the source can be easily tracked and there’s nothing they can do to erase their traceability.
4. Cloud-based Accounting tools
Accounting and Finance applications have been making businesses save a ton of time and money on tracking financial sheets. These accounting tools allow users to monitor financial data across any device since it is cloud-based.
Not only this, but it allows employees to work from anywhere and automates a ton of time-consuming tasks that used to be done manually. It also ensures that the reports are more accurate since there is no percentage of human error which is usually higher with accounting tasks since they work with a lot of numbers.
Another thing is the ease of compliance since it automates processes such as tax calculations by ensuring that the financial statements produced reflect the actual numbers, hence, tax compliance is easier. This avoids the problems of under-reporting tax liability which can easily result in fines and prompt audits. On the other hand, it can save companies from overpaying taxes because of the wrong calculations.
Additionally, accounting tools benefit the environment tremendously since it’s paper-free, especially in an industry like accounting that requires a ton of paper if done manually. Also, cloud-based accounting tools are much more scalable than using desktop-based accounting tools since their functionality is often limited, especially if the business expands. Cloud-based accounting tools are scalable and will adapt to your business needs no matter how much your business expands.
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