Over the last decade, technology has become an integral part of every 21st-century workplace. The situation has become so critical that any kind of business is more likely to fail without some level of technological knowledge. If you’re intimidated by software, hardware, and everything tech innovations have to offer, you will probably look for excuses why to stay the same, but let’s be honest, if you want to succeed, you can’t.
Technology and its innovations are a crucial part of every organization that wants to run smoothly and efficiently. Let’s take a look at why it is so important for your company to embrace technology and keep up with the latest innovations.
The most obvious reason why technology is so important is that it allows your employees to be more efficient and productive. Simply, it makes everything faster. Employees can do tons of work seamlessly if their computers are perfectly synchronized with top-notch software. Furthermore, whatever your product or service may be, you will need to compete. All your competitors already use the latest technology, so you need to as well.
Technology has brought us a whole new level of communication like never before. We can connect with any of our employees, managers, co-workers anytime, anywhere. New communication technology allows workers to communicate and collaborate fast, making them more efficient and productive.
Team coordination has never been better. Using online communication tools, employees can work more closely even if they’re working remotely. Collaboration is also much simpler, as colleagues can have meetings even when they are not at the same place. Teams can hold remote meetings using video conferencing software and work on the same shared documents with cloud-based software. Companies can also use workplace management tools such as Slack or Basecamp to keep track of their team’s progress on projects.
The security of your company’s sensitive information can be severely compromised without the implementation of high-level software security standards. A company should always invest in the latest innovative technology to prevent data breaches. In the past, stealing sensitive information was easy for hackers, however today, with the use of top-notch security software it has become almost impossible. So, investing in security is a top priority, and if you’re currently low on resources you can always apply for a loan from companies such as Saldo, who offer loans up to 50 000 € for the needs of your company.
Technology Can Boost Creativity
In recent times, technology has been a key player in boosting employee creativity. It has the power to help workers think outside the box and develop innovations in their line of work. For instance, social media is widely used today as a marketing tool in most businesses. They are known to help generate interactions between employees and potential customers. Furthermore, companies use brainstorming platforms where they can interact and transmit information to help teams ideate and collaborate online.
Technology has also become a key player in recruiting and hiring and the internet has made this job much easier for managers. Companies can make their job openings public much faster, and recruits and replacements can be done when needed.
Profitability is the main goal of every company on the globe. With the help of innovative software companies are become fiscally healthy like never before. Yes, we are talking about SaaS tools in the workplace. Through SaaS tools, we can kill the manual treatment of an assignment via mechanizing at every possible opportunity and zeroing in on the incorporation of various undertakings. Moreover, robotized measures have shown much better outcomes, and help keep each record with its date and time referenced.
Innovation has made it conceivable to redo any product as per the variable business needs. Organizations are currently utilizing such programming to deal with their everyday activities. One such programming that is getting well known in the cutting edge working environment is facility management software.
Regardless of whether huge or little, every business working environment has its particular manner of getting things done for accomplishing its objectives. For that, they need a sort of innovative help that suits their way of working, and facility management software can offer this type of assistance.
Innovation is an important apparatus for all organizations. It engages you to improve client support and fulfillment. Furthermore, there are diverse online media stages that you can use for client support and showcasing, similar to Twitter, Facebook, etc. You can too utilize programming choices for videos and chats. Innovation makes it conceivable to keep in contact with your crowd and keep a cordial and amicable presence.
In this day and age, technology plays a crucial role in the growth of your business. Today, most clients search for products online and so you must have an online presence. Remember, brand visibility, greater communication, and all the things we mentioned here are impossible without the right technology in place.
Just-in-time inventory is a supply management strategy that schedules products and materials to arrive as they are needed to fulfill orders. This reduces how much inventory is kept on hand and can help small businesses reduce waste, save space and improve cash flow. Instead of ordering a large volume of items, businesses make smaller, more frequent orders to limit their inventory specifically to what they know they will sell.
A company’s business model, available cash flow, supply chain and consumer demand can all play a role in how well the method works. Business owners who implement this strategy need to be prepared to track consumer demand and navigate the supply chain swiftly.
How does just-in-time inventory work?
To use just-in-time inventory, a small business decides how much inventory it wants to have available at all times and orders small shipments of material to replace used stock as it fulfills customer orders. Let’s look at an example.
Fiona wants to implement just-in-time inventory management in her knitting store. Instead of keeping a large volume of stock on hand, as she had previously, she decides to keep only a month’s worth of inventory at a time.
After averaging out the monthly sales for each item, she adjusts her inventory orders over the next quarter until she has only enough of each item in stock for a month’s worth of sales. At the end of each week, she orders replacements for what she’s sold that week so that she constantly restocks to keep a month’s inventory in her store.
This allows Fiona to invest a smaller amount upfront, improving her cash flow and allowing her to make profit before investing in more inventory each time.
Nerdy tip: Some small businesses that specialize in custom orders, such as an at-home cake business, might find that a similar approach of only ordering materials after a customer submits an order works better. Rather than replacing all of the materials that were used in the last order, the baker can purchase all of the ingredients after receiving an order so there is no risk of unused ingredients and wasted investment.
What are the advantages?
“If every day you replenish what you consumed, then you would need less inventory and you could adjust dynamically,” says Lisa Lang, who has a doctorate in engineering management and is president of Science of Business, Inc., a consulting company that has helped small businesses implement the just-in-time method.
For small businesses, the benefits of just-in-time inventory management include:
Reducing waste by not over-ordering or having goods expire or go unpurchased.
Minimizing inventory storage cost by housing a smaller inventory.
Freeing up physical space that can be used for other operational purposes.
Creating available cash to use for other operating costs, such as labor.
Just-in-time inventory management also creates flexibility for seasonal changes. In the same way that stores stock up on candy in the month leading up to Halloween, you can build up inventory for temporary changes in customer demand, says Lang, who is certified by the Theory of Constraints International Certification Organization, which aims to minimize bottlenecks in companies. In the example of Fiona’s knitting shop, she can easily review her sales from the previous holiday season and order a little extra to account for the surge in customer demand.
What are the disadvantages?
These potential disadvantages do not occur for every business, but it’s important to understand what can go wrong with this method. Have a plan in place in case you encounter:
Higher spending on inventory rates if you switch from buying in bulk to smaller, more frequent orders.
Supply chain disruptions that are beyond your control. Think COVID-19 or natural disasters.
Running out of inventory if you do not accurately track sales or forecast customer demand.
Businesses that can benefit from just-in-time inventory
Small businesses that have regular sales and want to keep tabs on cash flow are good candidates for a just-in-time inventory strategy, especially if they find their inventory often sits for long periods.
Good Promotional Products, a provider of customizable merchandise for businesses, once had offices full of unsold products, said Joe Bass, CEO and founder, by email. Switching to just-in-time inventory helped.
“When I just ordered as much as I knew I needed, it freed up a lot of my office space as I didn’t have a lot of unordered products just sitting around,” Bass said.
But retail businesses aren’t the only ones benefiting from rethinking their inventory management. Several business models have found just-in-time inventory helpful in lowering costs and creating a more streamlined process, including:
Coffee roasters and coffee shops.
Businesses that should avoid just-in-time inventory
Businesses that source materials internationally. For Illuminate Labs, a dietary supplement manufacturer, the need to frequently order materials internationally made the just-in-time method overwhelming.
“Dealing with suppliers is a time-intensive process,” says Calloway Cook, the company’s founder. By choosing to keep a lot of stock on hand, he says the company has been able to focus its efforts on scaling the business instead of worrying about long lead times from international suppliers.
Businesses that only process a handful of orders annually. A just-in-time inventory strategy tends to be “less effective for slow movers,” Lang says. “This is for the fast-to-medium movers, where you replenish more frequently.”
Businesses with certain operational limitations. You might want to wait on implementing the method if you:
Can’t delay orders without drastically impacting business.
Don’t know how to track customer demand to anticipate inventory needs.
Aren’t confident in your supply chain to deliver on time.
Don’t have reliable employees who communicate well about supply issues.
What to do before implementing just-in-time inventory as a small business
Small businesses should ensure the following operational areas are working before implementing a just-in-time inventory approach.
Test your turnaround time
When you receive inventory just before you need it, you may still need time to create products and provide services using the materials you ordered. Research and test your process to be confident that you are able to get orders out the door on time without a large inventory.
Track consumer demand
Some businesses replace the inventory they just used to fulfill customer orders; other businesses prefer to forecast inventory needs by averaging monthly totals and noting seasonal sales from previous years.
Find reliable suppliers
With such a tight turnaround time, you need dependable vendors that will deliver inventory when needed. If they can’t, a just-in-time inventory strategy can fall apart. If your suppliers are inconsistent about deliveries, consider changing providers before implementing the new system.
Have a plan for supply chain disruptions
You must be able to adapt to supply chain disruptions and find alternative vendors when material orders are delayed or canceled despite your supplier’s best efforts. Make a plan about how to respond to a bad situation to avoid delayed orders.
is probably the most popular cloud storage app around. And with 15GB of free storage space, it’s not hard to see why.
Luckily, it’s not hard to sign into Google Drive either. Google Drive, like other Google services, is connected to your Google account. That means it uses the same email address, username, and password as your Gmail account, YouTube account, and more.
Here’s how to sign into Google Drive on both a computer and phone.
How to sign into the Google Drive website
All you need is your Google username and password.
2. If you’ve signed in before, you might be offered one of your Google accounts — click the one you want and enter your password to log in. Otherwise, type in your Gmail address, username, or phone number and click Next.
3. Enter your password and click Next again. If prompted, complete the two-factor verification process.
You’ll be signed in.
If you can’t remember your account information, click Forgot email? or Forgot password? You’ll be able to use your recovery method to get back into the account.
William Antonelli is a writer and editor based in New York City. As Editor of Insider’s Tech Reference vertical and a founding member of the Reference team, he’s helped grow Tech Reference from humble beginnings into a juggernaut that attracts over 20 million visits a month. You can find him on Twitter @DubsRewatcher, or reach him by email at [email protected].
Much of the last two years has revolved around businesses and their employees finding new ways to adapt to remote work. Organizations that have made this transition successfully often attribute their ease of adaptation to the flexibility gained through the adoption of cloud technology. It didn’t just fill the physical distance between employees and employers but also plugged loopholes that weren’t visible to them just then.
Cloud technology enables your remote employees to quickly adapt to any number of upcoming “new normals” they’d have to face. This has made it a basic necessity for businesses looking to scale despite uncertain economic conditions.
But where do businesses start? We’ve crafted this quick guide to help you get started while answering all your questions about cloud tech and your business. So let’s get to it!
What are the main challenges of remote work?
Being in the office gave employees the ease of accessibility and communication with other employees, their mentors, and managers. Remote work, though, severed the bond by adding in a massive amount of physical distance. As a result, traditional methods no longer work with remote teams, leading to a massive dip in productivity and efficiency.
The Finance department was the most affected by the onset of remote work as their work (verifications, approvals, and documentation) has always been one-on-one. While such meetings were possible in an office environment, the situation has changed dramatically with distributed teams. This has resulted in broken records, inaccurate documents, delayed reimbursements, and overworked Finance employees.
Unmotivated employees and broken processes could significantly affect the health and sustenance of a business. Leaders need to understand that the time for change is now and that leveraging cloud technology is the only way companies can scale while running efficient teams to bring forth profit.
Why should businesses shift to cloud technology?
The increased physical distance between employees has pushed businesses to adopt collaboration tools that improve communication and collaboration across departments to improve productivity.
Studies report that there has been an 80% increase in the adoption of cloud techs like expense management software, time-tracking software, and communication tools since the onset of the pandemic. Thus it’s safe to conclude that businesses can use these techs to bridge the physical gap between employees.
Keep in mind that your best way to start as a business owner is to ensure teams can maintain the same levels of collaboration as they did while in office.
How does cloud adoption enable a successful remote work model?
1. Enables real-time collaborations for distributed employees
Cloud technology is built to enable remote teams. Most cloud tools let employees work on a single project from multiple locations (while simultaneously editing.) Other tools focus on streamlining communication, reporting, documentation, and more.
By enabling employees to tackle all the potential challenges of remote work, cloud technology lets businesses continue operations as they did while in office. Additionally, it provides business leaders with complete control over all functions through a joint dashboard. This adds a layer of accountability to all areas of business operations.
2. Enables executives to make better business decisions
Almost every cloud tool comes with advanced data-analytics capabilities that analyze all available data to help executives make business decisions backed by data. This ensures the right decisions are made with little to no added effort.
For instance, if your Finance team uses an expense report software, they can gain insight into all the essential aspects of expense data across the company like top-spending departments, policy violations, and more.
Having access to such information enables teams to make better decisions around business expenses.
In similar ways, other cloud tools are also designed to address every little problem in their ecosystem.
3. Enables Finance teams to have more control over business spends
Traditional expense management is redundant when it comes to remote work. Any business that still uses manual means to process expenses is now increasingly prone to fraud, a complete loss of control over business expenditure, and no visibility into costs. This, if left unchecked over time, can quickly shut the doors of your business.
Automation tools make tracking and reporting of expenses more accessible by taking away the hardship of Finance teams having to verify every expense report for company policy manually.
Additionally, keep in mind that inaccurate/non-compliant reports can lead to severe problems with the IRS if discovered during the audit process. Therefore, if you feel like your business is prone to such issues, know that it’s the perfect time to switch to an expense software to improve employee productivity by reducing the number of erroneous or fraudulent reports.
4. Provides teams a better work experience
Cloud technology, like webinar software or project management software, enables employees to have much more flexibility in their work routines. They can work from anywhere, using any device with just a stable WiFi connection. This, in the long run, can significantly improve the employee working experience.
Why? Simply because remote work is giving employees the option to maintain a healthy work-life balance by becoming self-managed, all of which wouldn’t have been possible if it weren’t for cloud computing.
Remote work will be around for a long time, and developing a sustainable remote work model is directly tied to the adoption of cloud technology.
Having access to a shared digital workspace where your entire organization can access the information they’d need makes remote work efficient and scalable. In addition, cloud adoption lets businesses transition easily to remote work and stay remote while improving productivity.