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HOW AUTOMATION HELPS CFOS DRIVE PROFITABILITY

By Vijay Kurkal, CEO at Resolve

 

The economic backlash of the pandemic has challenged organisations across sectors to bolster their financial security. CFOs play a critical role stabilising businesses in the near term, positioning them for recovery, and safeguarding against the unexpected.

Given the economic climate and uncertainty, CFOs are closely monitoring every corporate expenditure and understandably questioning how current investments will add value to the business. Digital transformation initiatives are being carefully scrutinized as CFOs weigh costs and benefits.

As business leaders analyse which projects to pursue and which to table, they should consider this: research shows that innovation during downturns and investing in the future empowers companies to better survive recessions. Economists suggest that investing in digitalisation helps cut costs because it increases flexibility and allows for more sound, data-driven decision making. Additionally, companies that neglect technology investments during downturns oftentimes face insurmountable performance gaps as they come out of the turns.

Transformative technologies can deliver significant cost savings and operational efficiencies that help address immediate challenges while positioning companies for long-term success. Simply stated, digitalisation should remain a key investment area for CFOs to drive recovery and foster growth.

 

Driving Productivity and Cost Efficiency

One technology that has surged to the forefront over the last few months is automation. Automation immensely improves process efficiency by minimizing repetitive tasks and increasing output per worker to maximise resources. According to Accenture’s Finance 2020 report, robotic process automation can eliminate up to 40% of the transactional accounting work for finance departments. In addition to freeing up the finance team to refocus efforts on more strategic work, it also enables more accurate forecasting and real-time decision making – which drives better business outcomes.

Automation can undoubtedly have substantial impact on your bottom line, with applicability across many departments and job functions. For example, Resolve’s customers use our platform to automate IT tasks and processes, which has resulted in business outcomes ranging from an annual savings of 40,000 manhours to more than $15 million in operational costs.

Today’s IT workers face an overwhelming workload in the wake of the pandemic, resulting from a rapid shift in business processes to digital channels, a workforce that became remote overnight, and mounting demand on infrastructure – not to mention ongoing challenges related to increasing complexity in dynamic IT environments. Intelligent automation can help make IT more efficient and streamline a wide range of activities, such as automating the roll out new applications and services, onboarding new users, powering chatbots that enable employees to self-serve, and provisioning new infrastructure. Reducing support loads on service desks allows IT teams to focus on more business-critical digital transformation initiatives that will improve business continuity and resilience.

Automation, both in the IT department and elsewhere, also has the benefit of capturing and encoding business-critical tribal knowledge, alleviating the need to rely on a select few subject matter experts to keep processes flowing. CFOs can rest assured that business won’t be disrupted by workforce fluctuations due to illness or other unforeseen events (or the inevitable reductions in headcount that many organizations are forced to make right now).

 

Preventing Unnecessary Losses 

In an increasingly digital world, ensuring reliability of critical applications and infrastructure is no longer just the concern of the CIO. Last year, server downtime cost 15% of global businesses over $5 million per hour, while 65% were set back between $300,000 and $2 million for every hour of downtime. The significant cost of such outages should come as no surprise given today’s dependence on technology systems for virtually everything – from day-to-day businesses operations to customer service. Downtime does long-term damage to brand reputation and directly equates to lost business and lost productivity – all of which adds up to serious financial impact.

Given CFOs’ vested interest in IT performance, it’s important that they work with their IT counterparts to minimise system outages. Investing in automation enables IT teams to prevent downtime by automating preventative maintenance and proactive health checks, and when outages do occur, automation significantly accelerates problem resolution by pinpointing the source of the problem and executing remediation procedures to quickly bring things back online.

CFOs seeking to streamline operations should also be aware of AI for IT Operations (AIOps), which leverages machine learning and advanced analytics, alongside automation, to help further ensure business-critical infrastructure remains up and running at all times. By collecting and analysing immense amounts of data from a variety of systems, AIOps can quickly identify and, in many cases, predict issues before they impact the business. By pinpointing a problem in the making and triggering automated processes, AIOps can help your business avoid costly outages and improve business continuity (not to mention safeguard customer satisfaction).

Today’s business landscape has been altered in profoundly unexpected ways, shifting customer demand and making the need for speed, agility, and optimisation more pressing than ever. CFOs can ensure their organizations survive and thrive by making strategic technology investments that offer immediate value, while also fuelling long-term growth.

Business

THE REASON WHY YOU NEED A LAWYER FOR YOUR BUSINESS

– Peter

Before we get into deeper into the law of business, let’s find out who the lawyer is or what the lawyer is. So, who or what is a lawyer? This is the truth that depends upon skills and specialties there are several types of lawyers. Some fight for civil rights, some lawyers sue for or against criminals, and many other lawyers can continue their careers throughout their careers without having to go to court!

 

Duties of a business lawyer

By keeping it simple, business lawyers help business owners to solve any business-related problem. To put it more clearly, business lawyers usually take steps to protect and secure the business to understand the issues that businesses are facing and what problems they may face in the future.

 

What kind of issues do traders or business owners can face?

  • Starting a new business – LLC, S Corps, or any other type of business, having trouble choosing which type of business to start? Correcting a mistake when making a decision can be costly incredibly and the issues may not be obvious even after many years of starting a business!
  • Writing Contract – What form do a business owner need when hiring employees or bringing in new clients? Do they have to sign any kind of waiver? Which points should be mentioned in the forms? Business attorneys help you draft contracts to meet your business’s unique needs.
  • Violations of Agreements & Controversial Agreements – What should you do if an agreement is in dispute? What happens in the case of a controversial contract? Your client is not paying? Is any of your employees leaking confidential information to the opponent? The business lawyer will speak on behalf of the business owner on all of these and similar issues, and will even if necessary they will file a lawsuit.
  • Attachments and Acquisitions – Thinking of buying a competitor? Has your business been captured by a large company? Are you having forces with other businesses? Make no mistake about having a qualified business lawyer to guide and advise you in all these processes.
  • Resolving Business Problems and Demands – Even well-established and successful business owners may face a variety of disabilities such as sexual harassment, discrimination, sick leave, workplace safety issues, and all. A skilled and experienced business lawyer represents clients in case of any such problem and keeps them informed of best practices with giving training in applicable law.
  • Risk Management & Compliance – Even established businesses can get benefits from any good and experienced business lawyers who can develop systems that are compliant and risk-averse.
  • Real Estate and Disputed Property – Whether your business has its property or leased property, lawyers will be needed to help protect it. Business attorneys discuss leases and sales, navigating confusing and complex tenancy and real estate laws.

 

Why Do You Need a Business Lawyers?

So now, business owners and traders may be facing problems in a variety of legal situations or may need legal help with a variety of legal issues. Business owners, both large and small, hire lawyers for a huge assortment of reasons, such as buying property, setting up a new venture, preparing taxes, and complying with labor laws. It is important to work with a lawyer to make sure your trade or business is compliant and efficient.

You must be aware of all the business strategies when hiring an attorney for the best assistance. A lawyer will inform you about various legal issues and improve your skills in dealing with all kinds of situations. Certain circumstances make it a must for settlement owners to make their lawyers involved. These include legal violations by employees, negotiations for filing discriminatory lawsuits, sale of businesses, and so on.

Business lawyers are required to provide legal guidance aspects related to contracts in all types of business. Only a skilled lawyer can guide you through the various stages of negotiation, document preparation, and review for any type of business transaction.

In most cases, the business owners or traders lack the necessary experience and knowledge to manage the various legal aspects to run a business. Hiring a skilled and experienced lawyer to manage your business can be of great benefit to you in preparing documents, getting legal protection, also protecting your business deals and interests.

 

Business agreement

Discussing and reviewing lawyer-binding contracts is usually one of the issues for which lawyers are hired. There are types of agreements that business owners can enter from partnership to lease agreement.

Creating a business agreement process involves the exchange of information between parties. It is used to oversee the negotiation, negotiation, and finally pre-signing of an agreement and to negotiate agreements.

 

How to hire the best business lawyer?

However, the hiring process of a business lawyer is time-consuming and stressful, especially if your business does not have any confirmation or communicative idea to have a successful start-up.

  • Understand the ideal opportunity to hire a business attorney

This is unique to each business. As a rule, it is sensible not to hold on to this business relationship until it is properly anticipated and the services provided by a lawyer are needed to find it. This way you will have plenty of time to do thorough research by yourself, get some information about their services and rates, and conduct an underlying interview to verify if you agree.

  • The kind of attorney you need is zero

Most business lawyers have the necessary education and skills to handle management needs. It involves forming an LLC or company, drafting a business temporary staff, or an associate at an event. However, if you can only think about assessment law or only you need a trademark then you are good to find a lawyer in your area. If you think you are searching for long run insights for your start-up or established business, you can hire a decent business attorney. Later, they can contact you, masters, in the same way as needed.

  • Find a lawyer who will understand your area of work

You need a business attorney, but you have no clue what is your business up to or how your industry works, you will face the challenge of different correspondence. This is specifically true in circumstances where your business is exceptionally specific and regulated for the reason that you would prefer not to make legitimate errors regardless of the material they have information on, appoint a lawyer who is interested in learning, and prepared to continue trying to recognize your market or specialty.

  • Choose a lawyer who comes up with a variety of resources

Great legal services are not usually modest. Accordingly, there needs to be the most explosive in your chest. It is suggested that you hire or appoint a business lawyer who can take a variety of resources to your table. How is this possible? The business lawyer you are thinking of is an exchange company or a person from different congregations who can be beneficial to you. Do you have any network of professional lawyers or do you know when will you need master services? Is it safe to say that they will get to know potential clients, different clients, and serious collaborators? Look for point-by-point solutions as they can assist you to settle on the right choice.

  • Make sure you are well aware of their fee structure

You should not panic or be intimidated by examining any potential costs with your business lawyer. Whether your business is a small start-up or an established one, you need an estimate of your legal expenses. Traditionally, lawyers charge per hour on their services, yet now some business lawyers have decided to provide a specific cost estimate for one particular service. Still, the most well-known lawyer is a good combo of hourly and stationary charging. You 1st need to check the game plan of your choice with your possible lawyer and then talk openly about your desire to stay away from the problem.

But if you think about these tips for a long time, you will have the option of separating the best business lawyer from a group of lawyers to manage all the legal part of your dream business.

 

Conclusion

Businesses tend to retain levels that can help them with various legal tasks. It is advised for time-consuming and complex issues that are beyond the range of a business owner’s skill who is capable to manage that alone.

 

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SOCIAL MEDIA AND THE FINANCIAL INDUSTRY: TOP 5 REASONS TO DEVELOP A LONG-TERM STRATEGY

Social media is not just for people to share stories and opinions anymore, and it has not been just that for a long time. Nearly every platform is a place for businesses, including financial institutions, to build a following, share important information with active or potential clients or customers, and reach out to people in a variety of ways, whether through text, images, or videos. And while we doubt a solely meme-based strategy will work for your business, a social media presence is vital, and you should consider how your company can use it to its fullest.

To do so, you will need a long-term strategy. While developing one might not be easy in a constantly changing online landscape, here are some of the top reasons to start developing your long-term strategy as soon as possible:

 

1) You Can Be Ready for Major Opportunities

The world is constantly changing, especially in these current times, and while there are many things that can happen, there are some key situations you know your business is prepared for. Whether it is a downturn in the economy or circumstances that would lead to a ramping up of investments across the board, you want people to be able to know where to go and who to talk to. With a social media plan, you can respond to these opportunities quickly and effectively, ideally with less confirmation and more action.

And waiting for the right time to start is the only wrong choice that matters now. Your business will need time to build an infrastructure, a social media methodology, and a following. By the time that is done, any new opportunities will have passed, or will certainly not have been seized on to their fullest potential.

 

2) You Can Build Trust in Your Institution

While you likely do not want your clients constantly worrying about their accounts (that is what your institution is there for, to alleviate such concerns), you also should not be completely absent from their minds or exist only as a distant and replaceable entity that provides a very basic service. You want what makes your organization great to shine through, and with a social media plan, that is more likely.

By staying in the public eye through providing important and useful information to them free of charge on social media, among other initiatives, you can improve your company’s brand in a significant way, and likely retain clients and gain new ones in the process (whether by word of mouth or improved natural traffic) through positive reputation and a sense of trust in your people. It is an investment that might take time to pay off, but it will pay off.

 

3) You Can More Easily Promote Your Online Systems and Resources

If you can provide direct links to your pages, sites, and tools, it is much better and quicker than giving someone a pamphlet that they might never read. Social media allows for just that, without the commitment of an email newsletter or similar techniques.

And while you certainly have people already using your institution’s online tools (and it would be hard to imagine your company does not have them in 2020 to at least some degree) you can use social media pages to better direct them, increase usage as opposed to more inefficient methods, and provide information as to their best uses. You want the investments made in technology and design to pay off. Use a social media plan to make that happen.

 

4) You Can Build a Team and Mission

As you are certainly aware from all other parts of your business, a good team and good processes make all the difference, and with a long-term plan, you can create the foundations for those personnel to thrive and give them clear instructions on how you want the company to be seen by active and prospective clients. Once people know what they are working with, they can work better.

A planned team will be able to be more organized and be able to use data of several types more efficiently than a simple unplanned posting schedule. You will be able to track what is working and what does not all the better for the changes.

 

5) You Can Be Proactive Instead of Reactive

Rounding back to the first point, if you have a long-term social media strategy for your financial institution, then you can plan for the future, even if that future is uncertain. You can have a plan that allows your social media and marketing teams to work more easily in conjunction and to target the likely people to use your organization’s services in the near future. As opposed to responding to events, you will be at times anticipating them.

Consider the top websites of recent years. While you probably aren’t operating on the same scale, does a single one of these websites not have a significant social media presence on at least a few platforms, if they are not one of the most trafficked websites in the world? Your financial institution needs to go to where the people are, and ideally be there before people start looking for answers. A long-term social media plan allows for just that.

 

Conclusion

You do not need to start investing all of your marketing budget into social media or create a team that’s as large as some of the top companies in the world. You just need to get started and get your priorities clear when it comes to social media. Even devoting just a few resources towards creating a consistent, long-term strategy can make the difference between stagnation and success over the next decade, and given that every competitor is either already working with a plan or soon will, its best to start working as soon as you can.

 

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