Technology has evolved a lot in recent years. Look at how people used to do business 10 years ago (even 5) and how they are doing it now, completely different. Advanced IT solutions have taken businesses to a whole new level, with minimal effort required thanks to advanced Artificial Intelligence (AI).
As far as 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 companies a lot of time and possibly money due to the natural percentage of human error. Not only that, but it allows humans to fully focus on the core aspects of the business, instead of worrying about many things.
Here are some of them:
1. 3D printing
Also known as additive manufacturing, it is becoming increasingly popular among companies, especially those that are more specialized in manufacturing. That’s because of the number of benefits that 3D printing brings. However, just like any other technology, there are some drawbacks.
The benefits are: having more freedom to establish complex designs that cannot be printed with traditional manufacturing processes, prototyping is easier because 3D printing produces designs in several hours, allowing for rapid prototyping, for making it easier to move on to the next stage.
For print-on-demand (POD) companies, 3D printing has many benefits, as it does not require a lot of space for stock inventory, saving costs and making demand management more efficient. Another thing is to minimize the waste because the manufacture of the parts with 3D printing only requires the materials of the part. So you won’t waste material since you’re not cutting large chunks or materials that can’t be recycled, keeping waste and cost to a minimum.
2. Software-Defined Wide Area Network (SD-WAN)
An SD-WAN application is basically a network that is centrally managed by the company, making it easy for them to use different and less expensive WAN interfaces. For example, wireless and broadband networks to create your enterprise network architecture in an agile and customizable way.
Your benefit includes a faster network, as SD-WAN applications offer capabilities to define routing policies based on your business needs. Not to mention the reliability of the network that 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. In a nutshell, it allows blockchain users to manage the data network 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 filled with data, and as each block fills, the added information is passed to the next block and added to the blockchain.
The benefits that a blockchain provides include transparency between users, as any user of the blockchain can access the data, allowing the public to verify the data, making it more trustworthy. Also, blockchain creates an audit trail that cannot be reversed, thus allowing traceability. If a network change occurs, the source is easily traceable and there is nothing they can do to erase their traceability.
4. Cloud-based accounting tools
Accounting and finance apps have saved businesses a ton of time and money tracking financial sheets. These accounting tools allow users to monitor financial data on any device as 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 reports are more accurate as there is no human error rate which is often higher with accounting tasks since you are dealing with a lot of numbers.
Another thing is ease of compliance, as it automates processes like tax calculation by ensuring that the financial statements produced reflect the actual numbers, therefore tax compliance is easier. This avoids the problems of under-reporting of tax obligations that can easily result in fines and quick audits. On the other hand, it can prevent companies from overpaying tax due to incorrect calculations.
Also, accounting tools greatly benefit the environment since they are paperless, 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 desktop-based accounting tools, as 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 big your business grows.
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Categories: Technology
Source: vtt.edu.vn