Connect with us

Business

GOLF AND BUSINESS: HOW THE TWO WILL GO WELL TOGETHER

BUSINESS

– Jordan

Golf isn’t only considered work for just the professional golfer, as under the right circumstances a round of golf can be very productive. Personal relationships are very important, no matter the industry or business, and golf can be an incredibly effective means of networking. As the old saying goes, “it’s not what you know, but who you know,” and the course is a great place to get to know a potential business associate. Many business owners love to play golf, as some of them met their business partners over a tee time. Playing golf with a prospective partner can help in establishing a relationship that will end up an advantage to both parties.

So how golf and business go well together?

Relationships of all kinds take a bit of time to establish, and business relationships are no exception. Trust and communication with potential clients require nurturing, and spending time on the course with them is a great way to do so. First impressions are often emphasized when meeting a new person, but it is rare for a relationship to have much of a foundation based on a chance meeting or casual introduction. A corporate event or business meeting is a good start, but a great way to secure additional opportunities to get to know someone is to suggest a round of golf, should the interest be mutual.

 

Jordan

Additional Read: How To Manage Your Small Business’s Finances

While formal business meetings are the norm, there have been many a negotiation and discussion of business while waiting for the fairway to clear on the tee box. While you’re enjoying being out of the office, it’s likely that your associate will as well, creating an excellent atmosphere for discussing potential business with things far more relaxed and less uptight. It is more likely thinking out of the box.

 

Most rounds of golf will take about four hours, ensuring plenty of time during the round to get down to business while still taking the time to enjoy the game and relax. Ample downtime is available to pitch your business idea from time on the tee while walking up to the green, or if you’re sharing a cart heading down the fairway. Discussions can easily stray from that new driver that fixed your slice, to a new business idea. This is a major advantage to using golf as a networking tool – the sheer amount of time spent during the round. There is no need to rush into the business talk, and as a matter of fact, the first few holes can be spent getting a better feel of your associates on a personal level first. Holding off on the business idea until the end, or waiting until the opportunity presents itself can make the pitch easier, without having your colleague feel trapped in a cart all afternoon talking shop.

 

One of the best things about golf is that you do not necessarily have to be a good golfer to make a good impression on the course. Bear in mind, that the average golfer is, in fact, not very good. How you carry yourself during the round can say as much about your character than your score as right attitude is a must. If you are truly a great golfer, showing some humility will likely help to foster a future relationship more than your game, and likewise, a less than a skilled player or just learning to play, shouldn’t make an overly big deal about their difficulties.

 

Self-assuredness and composure are sought after traits in the business world, and your associates will have an opportunity to notice those qualities while on the golf course. Your skill won’t matter as much as how you deal with success and adversity during the round. Golf is a game of honor and sportsmanship, and those things don’t go unnoticed when a prospective client or associate is considering you for a potential deal or relationship. Being skillful is not as important as how you handle the game.

 

Most importantly, remember that the game of golf is supposed to be fun, even when your business colleagues are present. Be sure to strike the right balance between your personal chatter and your networking efforts, and be mindful of the behaviors you demonstrate while golfing and make sure you and your partner have a good time. Your experience with your associates can lead to some of the most treasured times of your personal and business life.

Business

WHY AUTOMATING CAN FUTURE PROOF YOUR BUSINESS

By Ryan Demaray, Managing Director SMB EMEA at SAP Concur

 

Every business has administration duties that can be considered mundane and time consuming  but are a necessary core function of operations. Whether it’s paying suppliers on time or processing expense requests, tasks such as these are necessary for the day-to-day running of a business – however it’s safe to say that these tasks are never ranked as the most engaging or rewarding by your employees.

With a UK recession on the horizon, finance teams are under pressure to not only control costs but provide guidance to the business on where savings can be made. This will only happen if your employees are able to focus on tasks that not just keep a business running but allow them to add further strategic value.

Automating the invoice function is just one step towards giving your finance team back valuable time, not only creating a more efficient and productive workplace, but a positive employee experience that supports growth and stability across your business.

 

The gateway to better efficiency 

From receiving the invoice, inputting data, chasing approvals and moving it down the chain of command, research shows that it can take an average of 17 business days to manually process an invoice. For SMBs with a finance team of approx. eight people, implementing an invoice management solution can save on average 69 hours per week.

By allowing the technology to do the heavy lifting, your finance team can use the time to focus on more strategic elements of the business. This includes providing them a moment to take a step back and holistically look at the spending trends and costs across your business. By doing so, they can often pinpoint spend patterns, but also identify cost reducing opportunities, providing visibility and guidance to help positively impact the bottom line in the short and long-term.

 

Enabling growth and accuracy

As your business grows the number of vendors and suppliers you use often increases in parallel. This growth in external stakeholders can cause challenges and maintaining consistent and timely payment of invoices to suppliers is crucial. The Federation of Small Business estimates that late payments contribute to 50,000 insolvencies annually, costing the UK economy £2.5bn. The UK government recognised this and in 2019 implemented a prompt payment initiative, aimed at helping small suppliers get paid on time by enterprises, with the potentially penalty of not awarding government tenders to those who do not adhere to the prompt payment practice.

In addition to this, inhibiting the lack of cashflow to small business through late or unpaid invoices can have more than just a monetary impact. With poor invoice payment practices, your business reputation is likely to suffer damage, which in turn carries consequences across with future suppliers, as well as customers.

Through invoice automation, you are able to streamline your finance and accounting processing by making sure that payments are processed in time, resulting in avoidance of payment delays, calls from suppliers querying about invoice payment timescales and vital staff time responding to these.

 

Supporting employee engagement

Employees’ experiences affect their work outcomes and carry the benefits of high engagement, increased productivity, and a lower staff turnover. Creating a better employee experience is a challenge faced by many SMBs, but once cracked can provide benefits across your business.

More than just providing a workplace environment and culture, businesses with motivated employees can find recruitment and onboarding costs reducing, with retention rates increasing.

But it’s not only the employee that benefits from a better experience – your customers do as well. With many often on the frontline of customer interaction, it’s difficult to keep customers happy if your staff member is disengaged. By employing tools that allow the automation of mundane and repetitive tasks, employees can focus on aspects of work which they care about most.

 

Future proofing for tomorrow

Digital transformation is here and for SMBs employing an automated invoice solution, is a positive step in becoming a business that is ready for scale and growth. Not only will it help benefit your bottom line, it will create positive staff experiences and efficiencies, that help truly optimise your business – now and in the future.

 

Continue Reading

Business

COULD GRAPH TECHNOLOGY BE A POWERFUL WEAPON AGAINST CORONAVIRUS FRAUD?

Crisis funds and loans put in place to help support businesses during the health emergency have become a prime target for cybercriminals. Neo4j’s Amy Hodler examines how graph technology could be a powerful weapon against these scams

 

Fraudsters will use any opportunity to siphon off funds illicitly, and the pandemic is proving no exception. With coronavirus moving rapidly across the world and locking down countries in its wake, cybercriminals have been quick to launch sophisticated methods to callously exploit the situation.

Cybercriminals have been fast to impersonate trusted organisations such as the World Health Organisation, which has itself seen a five-fold increase in cyberattacks since the start of the crisis.

The pandemic is opening the doors for fraudsters who are taking advantage of changes in normal business processes, controls and working conditions to carry out fraudulent activities. Security controls, for example, are often not as strong as normal due to the speed aid is required and the fact that many people are teleworking.

Amy Hodler

Cybercriminals are using fake or stolen identities to draw down governmental emergency funds. In France, for example, the Paris Prosecutor’s Office has launched an investigation into massive fraud of the country’s temporary unemployment scheme where fraudsters have drained €1.7 million. It is investigating potential international links to the fraud.

In a statement Paris Prosecutor Remy Heitz said that more than 1,740 fraudulent operations were discovered across the country on behalf of 1,069 different businesses asking for wire transfers to over 170 different bank accounts.

 

Can financial services’ practices help?

Aid departments and organisations should look to the mature practices of the financial services industry for a lead in combating fraud. Here firms repeatedly and meticulously check and compare transactional data to look for suspicious behaviour that may indicate an attack.

Like applications for financial aid for the impact of the coronavirus, malevolent actors look to defraud financial institutions using false identities when creating accounts and putting together loan applications. Personal data such as addresses, telephone numbers and emails are cleverly assembled to model assumed and phony identities.

 

A need for a different approach

One of the main reasons traditional approaches fall short is that most fraud detection systems are based on a relational database model where data is stored in predefined tables and columns. With large, unstructured data sets, relational databases swiftly reach their limits; queries turn out to be far too complex and response times lag. Banks and government authorities need the ability to follow a trail from one account to another, viewing a fraud network as a whole complete entity to work out how activities are linked.

Unlike relational databases, graph database technology not only represents individual items of data such as person, account number, home address, but also their relationships with one another such as how they are related. Any number of qualitative or quantitative properties can be assigned, showing complex relationships in an easy to understand way.

One of the best graph algorithms for fighting coronavirus cybercriminals is ‘PageRank’, which finds important nodes (objects) based on their relationships and interprets them using visualisation tools. For fraud detection in banking, the algorithm identifies important or influential customers who are featured in a large number of financial transactions. Nodes with a high PageRank Score can be illustrated using a visualisation tool so that they appear larger in the view and can be immediately picked up.

Another key algorithm is ‘Weakly Connected Components’, which works to reveal the hidden networks that form a fraud ring based on common identity features such as multiple applicants all residing at the same address. These hidden connections provide invaluable information when hunting down fraud.

 

Uncovering fraud rings with incredible accuracy

 Cybercriminals are continually developing attack methods, sharing infrastructures to maximise their opportunities for success. Graph technology has the capacity to help stop advanced fraud scenarios in real time.

Graph databases can help future proof an organisation’s fraud prevention initiatives by enhancing insight based on data relationships and building connected intelligence.

 

The author is Director, Analytics and AI Program at Neo4j, the world’s leading graph database company, and co-author of Graph Algorithms: Practical Examples in Apache Spark & Neo4j, published by O’Reilly Media

Continue Reading

Magazine

Partner Events

Trending

Business20 hours ago

WHY AUTOMATING CAN FUTURE PROOF YOUR BUSINESS

By Ryan Demaray, Managing Director SMB EMEA at SAP Concur   Every business has administration duties that can be considered...

News20 hours ago

VIBEPAY SETS SIGHTS ON GROWTH WITH INTEGRATION OF MORE UK BANKS AND NEW BUSINESS ACCOUNTS

VibePay is continuing on its ambitious path of growth, with the integration of more UK banks and payment providers via...

Banking20 hours ago

HOW BANKING IS USING AI TO PROCESS CUSTOMER FEEDBACK

By Dan Somers, CEO of Warwick Analytics   More banks are turning to practical AI to rapidly analyse customer conversations...

News21 hours ago

BOARD REPORT HIGHLIGHTS COMPLEX DECISION-MAKING PROCESS ACROSS BANKING AND FINANCE SECTOR

‘The State Of Decision-Making’ report from Board, reveals business decisions made in silos without modern planning tools A third (33%)...

Business21 hours ago

COULD GRAPH TECHNOLOGY BE A POWERFUL WEAPON AGAINST CORONAVIRUS FRAUD?

Crisis funds and loans put in place to help support businesses during the health emergency have become a prime target...

News21 hours ago

THOUGHT MACHINE JOINS THE BANKING INDUSTRY ARCHITECTURE NETWORK (BIAN)

Thought Machine, the cloud native core banking technology firm which builds Vault, today announces it has joined the Banking Industry Architecture...

Wealth Management4 days ago

DON’T RISK IT ALL WITH NON-COMPLIANCE

By Paul Sleath, CEO at PEO Worldwide   Did you know non-compliance costs more than twice the cost of maintaining or...

News5 days ago

BANKIA TRANSFORMS THE CUSTOMER AND EMPLOYEE EXPERIENCE WITH BIANKA BY IPSOFT

Developed with cognitive artificial intelligence, IPsoft’s conversational agent can carry out transactional tasks, perform different roles in customer service and...

Finance5 days ago

FIDUCIARY MANAGEMENT

by Devan Nathwani, FIA and Investment Strategist at Secor Asset Management   Defined Benefit pension schemes are one of the most significant institutional...

Business5 days ago

TOUCH-FREE AUTHENTICATION FOR ALL: WHY WE NEED A SAFER PAYMENT METHOD IN THE ‘NEW NORMAL’

David Orme, SVP, Sales & Marketing, IDEX Biometrics ASA   Ever since March, when the World Health Organization encouraged people to...

Banking5 days ago

WHY BANKS NEED TO EMBRACE OPEN SOURCE COMMUNITIES

Nikolai Stankau, Director Business Development, EMEA Financial Services at Red Hat, the world’s largest enterprise open source solutions provider.  ...

FINANCIAL MARKET FINANCIAL MARKET
Wealth Management5 days ago

FOR PE TO SNAP UP “GOOD” COMPANIES, THEY MAY NEED TO WADE INTO “BAD” ECONOMIES

By  Martin Soderberg, Partner at SPEAR Capital   There’s no shortage of global challenges for investors currently, especially for those...

Business6 days ago

THE BASICS OF BUSINESS FINANCE

When you’re starting your business, you’ve got a lot to be thinking about. You need to find affordable suppliers, market...

Business6 days ago

HOW THE IMPORTANCE OF E-COMMERCE PLATFORMS GREW DURING THE PANDEMIC

Never in history has the world relied more on the internet than during this Covid-19 pandemic. With governments imposing lockdowns...

Business6 days ago

UNBANKED AND UNCONNECTED: SUPPORTING FINANCIAL INCLUSION BEYOND DIGITAL

Darren Capehorn, Director, Icon Solutions   Many of us take it for granted, but accessing basic financial services is fundamental...

Banking1 week ago

MORE THAN REGULATION – HOW PSD2 WILL BE A KEY DRIVING FORCE FOR AN OPEN BANKING FUTURE

Ralf Ohlhausen, Executive Advisor, at PPRO   Whilst initially seen as simply a regulation exercise, the second Payment Service Directive,...

Top 101 week ago

TIME TO THINK OUTSIDE OF THE BLACK BOX

Mike Brockman, CEO, ThingCo   If you have the unbridled joy of parenting a teenager you’ll probably know what telematics...

Banking1 week ago

BANKING’S SECOND WAVE OF TRANSFORMATION: INTEGRATING THE CLOUD-ENABLED FUTURE BANK

Keith Pearson, Head of Financial Services EMEA, ServiceNow   The last six months have seen significant changes to the financial services landscape, with operational resilience, economic recovery, cost reduction and an...

News1 week ago

RISK AND INVESTMENT SPECIALIST, CARDANO, TAKES TO DOCUMENT AND EMAIL MANAGEMENT IN THE CLOUD WITH ASCERTUS AS IMPLEMENTATION PARTNER

Ascertus also providing document comparison tool, compareDocs    Cardano, a privately-owned, purpose-built risk and investment specialist, has chosen Ascertus Limited as its implementation...

Wealth Management2 weeks ago

HOW SALARY SLIPS HELP YOU UNDERSTAND TAX DEDUCTIONS ON YOUR SALARY

A salary slip is defined as a document that is provided by your employer which contains the breakdown of your...

Trending