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On a trip is often related to relaxing, a trip may bring on a great deal of stress. From having to worry about resort stays to handling progressing to your vacation spot, it occasionally seems just like every facet of traveling is overwhelming. This article will provide you with information on how to approach individuals tensions and savor your time out.
A term deposit is a fixed income investment, that is, an investment that promises a safe return. You give the bank an amount of money, and within a known period, the bank puts at your disposal your money plus a profit.༯p> The term deposit helps you to invest money for a specific time with a fixed interest rate. The term duration usually ranges from three months to five years. Itҳ up to you to either withdraw the money you invest with the lender or reinvest it.༯p> Reasons to use a term deposit There is no risk if you invest your money with lenders and get a specific amount of interest. There is a fixed time in which you can lock away your money. If you want to withdraw your invested amount, you will pay penalty charges. To open a term deposit, you will need to spend at least $5,000. The reasons for the term deposit are as follows. Higher interest rates let your money grow fast. By term deposit, you get more interest as compared to transactions and saving accounts.༯li> The government allows you a guaranteed deposit. It pays a specific amount for Deposit in the unlikely event that the lender fails.༯li> You donҴ need to pay charges for set-up. But you will give 31 daysҠnotice with a penalty fee for getting back your invested money before the term of Deposit ends.࠼/li> You will need to ask to open a linked transaction account while applying for a term deposit.࠼/li> Characteristics of a term deposit Next, we will discover the characteristics of term deposits: It is a collection instrument that allows the investor to deposit money at a particular time, obtaining at maturity the return of the principal plus the interest at a previously known rate. The profitability shows at the beginning of the operation. The client can dispose of the funds upon expiration thereof. Individuals or companies can be fixed-term or renewable, nominative, endurable, unipersonal, or personal. Renewable: When taking the Deposit under this modality, when the expiration date arrives, the client has three working days to recover part or all the money; otherwise, the Deposit will be renewed automatically for the same term and at the preferential interest rate that the bank has that day. Fixed (Non-Renewable): When the expiration date of the Deposit arrives, it stops paying interest (and readjustments, if applicable), and it is up to the person to rescue it from the bank. That is, the money invested earns interest only until the date the Deposit expires. Currency: It can be in pesos, UF, or foreign currency (dollars or euros). Term: Depending on the Deposit, they are usually from 7 to 365 days. Benefits of a time deposit Here are the benefits of term deposits: You can make investments for amounts that are within your reach. Obtain Preferential Rates for Automatic Renewal Deposits and Deposits made online. You can request that your Deposit of more than one year be covered by Tax Benefit 57 bis of the Income Law. Generally, the certificates are Electronic Custody, without costs. Time deposits in UF practically guarantee a positive absolute return since, when expressed in UF, they are readjusted monthly with the CPI, a factor that partially protects them against inflation. Term deposits contracted through the Internet have preferential rates with the convenience of doing it from anywhere at any time. The term deposit allows you to earn a fixed amount of interest-based on the specific term. It would be helpful for cautious savers as there is no chance of losing your money.༯li> The term deposit protects you from market slumps. It means if the marketҳ interest starts falling, the growth of your investment will continue with the same level of interest.༯li> You should note that profitability is not advisable to renew a term deposit when the expiration date arrives automatically. The new rate applied is usually lower than the original, so it is essential to negotiate again with the financial institution. About Complete Controller Americaҳ Bookkeeping Experts Complete Controller is the Nationҳ Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controllerҳ technology, clients gain access to a cloud platform where their QuickBooks file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controllerҳ team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. The post Top Benefits of The Term Deposit first appeared on Complete Controller. ------------------------------------------------------ By: Complete Controller Title: Top Benefits of The Term Deposit Sourced From: www.completecontroller.com/top-benefits-of-the-term-deposit/ Published Date: Sun, 14 Nov 2021 18:00:55 +0000 Read More Did you miss our previous article... https://chieffinancialofficer.blog/controller/conducting-business-during-the-covid19-pandemic
We often hear different terms used to describe forward-looking versions of a companyҳ financial statements. People frequently use these terms interchangeably, with some having a deeper understanding of the nuances in terminology than others. Forward-looking financial documents may include budgets, projections, forecasts, and pro forma financials. All of these represent hypothetical situationsִhat is, they are estimates or educated guesses (or occasionally just wishful thinking) about what may happen in the future. But the differences are important. In a recent post, we covered the fundamental distinctions between forecasts and projections. There are some subtle but relevant differences there. Itҳ especially helpful to understand those differences when speaking with investors, regulators, or other key stakeholders. Budgeting and forecasting, likewise, are somewhat different. In this case, though, the distinctions are not quite as subtle, although you may be tempted sometimes to muddy the waters by mixing the two. In fact, the combination of budgeting and forecasting can sometimes be a useful approach, which is why there has been so much interest lately in budget forecasting. Before we dive into that, letҳ explore the fundamentals of budgeting and forecasting. What Is a Budget? A budget is a financial plan for a specific period of time, typically covering one complete fiscal year. Generally speaking, budgets represent an unfolding financial reality that a companyҳ managers hope will come to pass, or to put a more optimistic spin on it, the budget represents managementҳ plans and intentions. There are a number of different methodologies for developing a budget. Historically, the most common approach has been to use last yearҳ budget numbers (or actual performance) as a starting point, then to make adjustments upward or downward to individual line items based on changing business conditions and any change in the strategic direction of the business. The process often involves adjustments to planned sales revenue based on past trends and future plans. Nevertheless, as a budget, it tends to emphasize intentions over expectations. There are several other approaches to budgeting that have also garnered considerable attention lately. These include zero-based budgeting, driver based budgeting, and activity-based budgeting. Each of these has distinct advantages and disadvantages. In the past, a key concern about several of these methods has been the amount of time and effort required to build a bottom-up budget every year. With the powerful planning and budgeting software available today, though, the balance has shifted for many people in favor of these more sophisticated methods. The CFO's Guide to Zero-Based Budgeting Access Resource What is a Forecast? Whereas budgeting is about what management intends and hopes for, forecasting is about what management actually expects to happen. In other words, forecasting leans slightly further toward realism then budgeting does. There should be little or no wishful thinking involved in a forecast. Just like budgets, forecasts may cover variable time periods, often spanning an entire year or more. It is common, however, for forecasts to address more focused time frames, such as the next quarter or six months. It is also more common for them to be limited in scope֦or example, attempting to predict sales revenue for the coming quarter or for specific seasonal peak periods. As such, forecasts tend to be somewhat quicker and easier to prepare. Because they tend not to be used as performance benchmarks for employees, they do not require as much back-and-forth negotiation as budgets do. Budgets tend to be internal documents, intended for planning and assessment. Projections, on the other hand, can serve as management tools, but for many companies they are also disclosed publicly, especially in the case of publicly traded corporations where such disclosures are legally required. So What Exactly is ӂudget ForecastingԿ Now that you understand the differences between budgeting and forecasting, you are naturally left with the question ӗhat is budget forecasting?ԠIn fact, you will not find many formal definitions of the term. Perhaps it is most useful to describe budget forecasting as a kind of hybrid document that combines elements of both budgets and forecasts. In fact, this is a process that most business managers engaged in at one time or another, simply because it can be useful in understanding how the business is likely to perform over the entire duration of the budget cycle, based on a combination of year-to-date results, plans for the remainder of the year (that is, the remaining budget), and expectations for the remainder of the year (that is, a forecast). A variation on this approach is sometimes referred to as ӲeforecastingԠor Ӣudget flexing.ԠThese terms generally apply to situations in which a significant event has occurred, resulting in a substantial deviation from budget. The onset of the COVID pandemic in 2020 represents a perfect example of the kind of situation that would call for reforecasting. As businesses were shut down and demand shifted abruptly for various goods and services, virtually every company in the world experienced significant, unexpected change to their annual budget. Other examples might include the emergence of a new competitor, the development of a new technology that supplants a companyҳ product, or external conditions that lead to an abrupt change in market demand. Budget forecasting is a bit different from reforecasting in the sense that it does not necessarily imply a sudden and unexpected material change to the business. For some, this takes the form of budget vs. actual reports alongside projections for the remainder of the fiscal year. If you expect material changes, or if management is considering key decisions that could impact the financials, then it can also be useful to incorporate projections that map out potential outcomes of different scenarios under consideration. Many companies get started with budget forecasting by combining information from various sources in spreadsheets, often by copying and pasting static information from their ERP system, from budget spreadsheets, and combining that with formulas that predict likely future outcomes. Unfortunately, that can be a slow, tedious process, and it is prone to error. Because the manual approach takes so much time and effort, budget forecasting in many organizations does not get updated as often as it should be. When the finance department has powerful budgeting and planning tools at its disposal, though, updating the budget forecast with near-real-time information is possible in mere seconds, with complete accuracy, and no additional effort. At insightsoftware, we provide powerful budgeting and planning tools, along with near-real-time reporting capabilities that integrate with over 140 different ERP applications. If your organization is seeking better, faster, more accurate and flexible ways of planning and budgeting. To get started with budget forecasting, you can download our free template today. 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Δ The post Budget Forecasting: What It Is and How To Do It appeared first on insightsoftware. ------------------------------------------ By: insightsoftware Title: Budget Forecasting: What It Is and How To Do It Sourced From: insightsoftware.com/blog/budget-forecasting-what-it-is-and-how-to-do-it/ Published Date: Wed, 02 Feb 2022 14:56:30 +0000 Read More
Investing without having one or several investment strategies is crazy. You knock and move your money based on forebodings or news without investment. It is something like that can you can lead to one place. Failure I will tell you about the three best investment strategies to grow your money, basically focusing on the stock market investment. Also, I will briefly discuss other strategies, some known and others not so much. If you are wondering what to do with my money, this article will be perfect for you. The importance of investment strategies༯strong> When you want to go somewhere, you have to have a strategy, because if you started to walk randomly, you would never reach your destination. When you have a child, you have to have a strategy to educate him. If you give him a different message every day, he will never know what to do. And, if you are going to cook a specific dish, you also have to have a strategy. Otherwise, you will end up eating something horrible. The same happens when you want to invest your money. If you invest in the crazy without a clear investment strategy, you will surely never see your money grow. In the stock market, your worst enemy is feelings. That fear that makes you sell when everything goes down, and you should buy, and that greed that makes you buy when everything goes up, and you should stop. And the best shield against feelings is a clear, mechanical, and straightforward strategy. This strategy does not depend on your mood or what appears in the newspapers. How to choose a good investment strategy༯strong> Ϧ course, not worth any investment strategy. Having a strategy is essential because if you donҴ have it, you will surely fail when you start investing. The problem is that there are many investment strategies, and some can make you lose a lot of money. It is essential to analyze the options available and choose a strategy that fits your profile as an investor and you as a personײeturning to the example of food. Imagine itҳ Sunday, and everything is closed, and you want to cook something, and someone tells you to make a paella. You start eagerly, but you realize that you donҴ have rice, and you donҴ have any broth either. You begin to improvise, and in the end, you get something that is neither paella nor anything else. Itҳ not that you donҴ know how to cook paella. Itҳ that you didnҴ have the right tools and ingredients. The same goes for investment. If you keep the first strategy you find, it probably wonҴ suit you. Imagine that you discover value investing, an investment strategy that I will talk about later. In short, buy undervalued companies and wait for the market to value them to sell them. Very pretty. But, without a doubt, a strategy that requires a lot of dedication and a lot of reading. You have to analyze the companies thoroughly, read their balance sheets and income statements, and much more. You start eagerly, but you have never really learned to analyze companies. Also, you work from 8 to 8, and when you get home, you donҴ feel like studying, and you end up buying companies that you think are good or that you have read around. Many investment funds follow the value philosophy, and managers and their teams spend all day analyzing and studying companies, and yet many fail. Risk Vs. Reward You are at risk while investing money. There are many investorsҠstories as they faced investment loss during the Great Recession or Depression. Despite this, you canҴ eradicate the entire risk, but it can be a little bit possible when you invest wisely. Like a retirement account, the earlier investment gives you a long-term benefit. Quick-fix stock is riskier than these investments. People are doing this as they donҴ know the reason for their actions. There is no harm in such investments as you will lose little money on a bad investment. You will earn maximum money with time as you start your struggle early. About Complete Controller Americaҳ Bookkeeping Experts Complete Controller is the Nationҳ Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controllerҳ technology, clients gain access to a cloud platform where their QuickBooks file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controllerҳ team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. The post The Best Investment Strategies To Build Your Business first appeared on Complete Controller. ------------------------------------------------------ By: Complete Controller Title: The Best Investment Strategies To Build Your Business Sourced From: www.completecontroller.com/the-best-investment-strategies-to-build-your-business/ Published Date: Fri, 28 Jan 2022 22:00:03 +0000 Read More Did you miss our previous article... https://chieffinancialofficer.blog/controller/in-2021-type-or-variable-mortgage
A paycheck doesnҴ come with instructions on how to use the money. We are left to figure it out on our own. But if we spend it all on just one thing, we will not meet our other needs. It depends on your money management skills. Where to spend your cash and how much? It doesnҴ matter how much you earn but what matters is how you spend it. When it comes to money management, budget is the foremost step. However, budgeting can sound a bit frustrating to some people. But if done correctly, it can give you peace of mind and pay you living expenses, save extra money and keep you away from debt and money anxiety. A budget is your plan to spend money according to the choices you make and priorities. You can manage your current expenses, save some bucks, and plan your future expenditures as well. The current economic troubles have every person nitpicking over budgeting and saving to avoid a potential financial crisis. Here are some basic rules you can follow to make your budget: Practical Goals: First, make sure you are spending less than what you earn. If youҲe Overspending, sit down and think about ways you can minimize it. Setting up realistic goals can help. Track your spending habits and categorize your expenses by priority or necessity, such as rent, mortgage, utilities, groceries & entertainment. Find out where you can cut down your cash flow and save it instead. Ask yourself where you wish to see your finances in a year, and youҬl get an answer to this subject immediately. Track your income and expenses: Keep a track record of the income generated and the expenditures on a weekly or monthly basis. Jot down every penny you spend in your journal, and youҬl eventually find out what youҲe missing. There are many free programs online for tracking down your income and expenses. They offer excellent tools for budgeting that categorizes all your income and payments coming in and out. Due to this, you will note the areas where you are spending a little more than in the regions that need it. Net income Estimation: Your net income is the amount of money you have left after paying all your bills. You want it to be a positive number so that you can utilize it for repayments, savings, or other financial goals. Subtract your monthly expenses from your monthly income to calculate your net income. Even if the number is negative, write it down. Differentiate between needs and wants: Try to differentiate between your needs and wants. There might be something that you want badly, but you can live without it as well. There are wants, and some things are needed to function in daily life; these are needs. Prioritizing needs over wants can make your budget fruitful and promising. Building your budget: While building your budget, look for ways to save some money while spending. Accommodate all your expenditures within your income. The budget cannot always remain the same for a family or even a single person. It keeps changing given the trends or needs. Review your budget from time to time to see where your expenses have increased and where decreased. Make lists before you shop: It is one of the best ways to stick to a budget. Always jot down the items you need on paper before going to the store. Only purchase the items noted in the list. Buffer cash: Besides some fixed bills and rent or taxes, there are some expenses that you donҴ pay for every month. These are variable expenses like an annual membership fee or a coursebook that can arise without prior notice. Keep an account of these variable expenses too in your budget. Be patient: Getting on track with this budget might take a month or two, but it can be rewarding and worthy of all the effort once you make it a habit. About Complete Controller Americaҳ Bookkeeping Experts Complete Controller is the Nationҳ Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controllerҳ technology, clients gain access to a cloud platform where their QuickBooks file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controllerҳ team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. The post Eight Tips for Managing a Smooth Household Budget first appeared on Complete Controller. ------------------------------------------------------ By: Complete Controller Title: Eight Tips for Managing a Smooth Household Budget Sourced From: www.completecontroller.com/eight-tips-for-managing-a-smooth-household-budget/ Published Date: Thu, 04 Nov 2021 18:00:02 +0000 Read More Did you miss our previous article... https://chieffinancialofficer.blog/controller/clearing-accounts-when-and-how-to-use-them
In this video, Julie Hogan explains the three components of the Conversational Framework for Marketing: Engage, Understand, and Recommend. Using the Conversational Framework for Marketing will help your marketing team identify areas where your marketing team can improve its existing marketing strategy to deliver a more personalized experience to prospects while accelerating revenue for your business. Learn more about the Conversational Framework for Marketing by completing the free Conversational Marketing Certification:https://drift.ly/ConvoMarketing Subscribe:https://goo.gl/2pRvjN ___ Stay connected with Drift: Twitter:https://twitter.com/Drift Instagram:https://www.instagram.com/drift/ Facebook:https://www.facebook.com/heydrift/ LinkedIn:https://www.linkedin.com/company/drift -------------------------------------- By: Drift Title: An Introduction to the Conversational Framework for Marketing Sourced From: www.youtube.com/watch?v=drKOaQjrLno Read More Did you miss our previous article... https://chiefmarketingofficer.blog/videos/beijing-is-covering-up-the-olympic-price-tag-true-cost
Subscribe Here! Email Address Subscribe to Supply Chain Game Changer The Digital Supply Chain Road is Full of Potholes, Construction and Accidents! Digital Twinning article and permission to publish here provided by Jenis Sheth. This Digital Twinning of Supply Chains article focuses on transformative ideation of transport & logistics value chains. Current practices of Digitization, e-shopping and industry 4.0 have disrupted the market which is embarking for a revision of managed processes, policies and outcomes that may have once served the business well but are now being challenged at the fundamental level. Any supply chain has complications which creates difficulty in making changes in a piece of the value chain ֠a balance is required in supply chain orchestration through digital transformation. An identified knowledgeable approach, best-fit to the challenges caused in switching from an as-is to to-be model is proposed in Digital Twinning where the roughness of data utilized or gathered is proportionate with the problem statement under study. This orchestration from an As-Is to a To-Be encounters massive data challenges as one moves through several transition phases, each perhaps requiring different modelling methods and progressively finer data tuning in Digital Twinning. The physical supply chain is not easily changeable. In this Digital Twinning white paper, I have used the term digital twinning in the context of the inherent characteristics of the supply chain that are captured in a digital model. However, such a digital twin varies with modelling method, data visualization, to analytical to optimization or simulation. Creating out-of-the-box ideas requires a sandbox in SDLC approach for safe experimentation within the digital twins of transformative ideas. Tools in the sandbox have been carefully picked and open to enhancements as it need to be built with bridges. These tools should organize in such a way to deliver interim milestone results and data collection itself is progressive and matched to identically required in the respective digital twin. I hope that you get more insights from reading this Digital Twinning white paper and that it provides some mapping in your digital supply chain journey. Digital Supply Chain Hitches In todayҳ tech world, DIGITAL is disrupting the way businesses perform across all industries. The mass adoption of digital emerging technologies influences the operations of companiesҠlogistics and supply chain management. Smart and interconnected technologies, such as the Global Positioning System, Radio Frequency Identification, cloud computing and sensor devices have changed how businesses interact with their consumers. Customer-centric strategies, innovativeness, flexibility and responsiveness with higher emphasis on fulfilling consumer expectations are the key drivers in this digital era. Traditional supply chains with linear and long chains may not be sufficient in this digital driven era. Now-a-days businesses need to be dynamic in ratifying the ever-changing trends of consumer demand and shift to a more connected supply network, via digitally interconnected devices and complex platforms to keep pace with digital transformations. Currently digital supply chain needs to have the capabilities for comprehensive data availability, superior collaboration and seamless communication across value chains. Here I portray few disruptions in terms of elements and expectations which drives to the need of digital supply chain: If these disruptive elements not handled properly then it can cause problems and issues in the supply chains, ultimately leading to high operational costs, poor company margins, unacceptable service levels, and low productivity. These elements enjoin with the business problems of todayҳ supply chain which is mentioned in below diagram: Many companies still struggle to make progress with a view to digital supply chain transformation. One of the main reasons for this is that the legacy supply chain and logistics tools/platforms are not able to efficiently address and manage digital supply chain complexities. Therefore, creating a more adaptive and orchestrated platform for assets, business processes, and complex operations has become the imperative. Data Driven Supply Chain Innovation with Digital Twinning Internet of Things, Machine Learning and Big Data are at the heart of supply chain digital transformation. It produces enormous data and information that can be in form of structured data such as delivery transactions and warehouse operational data or unstructured data from external resources and social media such as delivery feedbacks. If it managed properly then this data can help generate smarter supply chain and logistics solutions and improve decision making processes. Hence, many companies are rapidly evolving and investing large amounts of funding and resources in trying to collect and transform data into competitive advantage. However, only collecting (raw data) would not turn the data into business insights. Data processing and analytics, with Artificial Intelligence and Machine Learning technologies are crucial. The raw data needs to be processed into the following steps as shown below: Supply Chain Understanding and Requirement This step involves understanding what supply chain aspects are to be improved or identification of the supply chain problems to be addressed before re-shaping the supply chain network. Bottlenecks need to be clearly identified at this stage. To do that, relevant data such as the current supply chain network, supply-demand flow, KPIs are needed. Data Collection and Acquisition The next step is to gather these data which are identified at earlier step. This step focuses on data availability & accessibility. Relevant data is collected from different sources, like ֠Enterprise Resource Planning (ERP) system, sensors, machine generated, social media and external web services. It can be structured or unstructured data, in the format of text, picture, audio or video. Data Processing The collected data may be duplicate or with errors. E.g., the same data may be inserted multiple time or timestamp of the data does not match with the fulfilment. It needs to be cleaned before subsequent analysis. This process would include matching record, identifying potential data inaccuracies, making computations for missing data, removing outliers, removing duplications, and formatting the data. Data Modelling and Algorithm Designing In this step, mathematical formulas, mathematical / optimization / simulation data models to the supply chain network. It generates insights by identifying relationships among variables, finding patterns from the data, predicting what is likely to happen and optimizing solutions by using what-if scenarios to evaluate transformative strategies for structuring the supply chain network. Data Communication, Visualization and Business Insights Once the data is modelled and analyzed using one or more modelling methods and algorithm designs, data along with insights and results from the model can be reported in many formats for communication with the relevant decision makers. Supply Chain Innovation Based on the data visualization results of the supply chain, the business owners would be able to take action to transform their network design. It may result in new incremental or radical innovations in the supply chain network. This innovation would be derived from the data and the model used. It would be recorded and updated into the system as new knowledge and insights and can be used for further analysis to derive future innovation. Supply Chain Orchestration Platform To address all pain areas of industry by utilizing the extensive supply chain digital twinning orchestration platform. Platform would structure in a way where it equips all parties with proper advocacy in managing changes of goods planning and flow. It integrates supply chain, logistics operations and technologies to strategically shift supply chain resources to create more value and higher returns. The Digital Twinning platform aims to tackle the main challenges of todayҳ supply chain that can be summarized as follows: Supply Chain Transparency: Collaborative data sharing through the whole value chain is still not in usual practice, hence making data available and visible across the supply chain remains as the main challenge. Functional and geographic data silos that do not share information openly, often characterize traditional supply chain. Usually, vast amount of generated data is stored in a complex and unstructured form that are not system-readable. This leads to less effective performance of the supply chain which are influenced by poor demand planning and management, high operating cost due to excessive inventory, high product return rates and poor SKU service levels due to stock-out. Supply chain orchestration platform aims to leverage various cutting-edge technologies (i.e. Internet of Things, Big Data Analytics and Machine Learning Algorithms) to provide seamless integration for all processes and activities in the supply chain with secure data sharing which ensures that all stakeholders have the same view of the database to process real-time information automatically. It will permit a supply chain to respond effectively to increase supply-demand, modal choices and demand volatility. Supply Chain Collaboration: Non-collaborative execution by supply chain stakeholders, particularly in the first and last-mile stage, could result in high costs, low productivity and asset wastage. With limited assets and workforce, supply chain and logistics activities have to be managed in innovative ways to ensure timely order fulfilment. Collaboration is a strategic term for integrating different technologies, processes, resources, and networks to achieve the optimal operations with an efficient use of whole workforce and assets. One standard approach of supply chain collaboration is delivery consolidation; where data exchange, demand and resource management of more than one stakeholder are synchronous. Supply chain orchestration platform would enable information sharing across the supply chain to encourage both vertical and horizontal collaboration between the parties of network value chain. Horizontal collaboration for parties having similar logistics requirements can take advantage of potential distribution synergies, such as distribution consolidation and transportation sharing. For example, using Artificial Intelligence (AI) and machine learning algorithms; the platform would be able to predict the demand fluctuation and fulfilment patterns. These patterns can be matched with patterns from other parties for consolidated deliveries. Supply Chain Flexibility: Fragmented supply chain network hampers the process and operations flexibility. This nature of supply chains may require significant time and effort to make simple changes. Supply chain orchestration platform would enable real-time planning of inventory and delivery milk runs to dynamically optimize and configure the supply chain to accommodate changing parameterized values such as change of vendor, order quantity, buffer SKUs and lead time. Dynamic optimization and multi-scenario simulation are the main tools to help networks self-configure to achieve the flexibility. The platform would enable flexibility in determining the distribution network and configuration. With the exploration of multiple scenarios, it would be able to provide more robust solutions that can be evaluated under different kind of criteria. Supply Chain Intelligence: With the continuous evolving digital transformation and the ever-changing consumer landscape, long chains, functional and geographic data silos, majority of the current supply chains face difficulties to adapt and respond. A discrepancy between production quantity, customer sales forecast and the actual sales may result in lower sales while incurring higher out of stock rate and inventory disposal expenses. Supply chain orchestration platform consisting of intelligent engines will seek to understand the customersҠdemands and reduce the discrepancy between production quantity and customerҳ forecast. Using a machine-learning algorithm, it would reveal demand insights and provide suitable forecasting mechanisms in order to maximize revenues, reduce costs / losses / risks within the value chain, increase responsiveness with minimum investment and manpower usage and minimize the mismatch gap of demand-supply. This can be applied by adopting both the supply chain modules with the current technologies to seed new growth niches, boost its capabilities and translate to a stack of modules. Platform should have an integrated AI powered engine core with data modelling and optimization that provides possibilities for different scenario experimentation, visualization and decision dashboards to give rise to a unique orchestration platform. The features in the supply chain orchestration platform are divided into three main features, namely: control tower interface, intelligent engine and data configuration and controller. Visibility & Exception Interface Supply chain visibility & exception management interface is used to interact with the user and visualize the information and results to the users. The functionalities in this feature can be divided into four groups, namely: AS-IS Visualization and Modelling Interface GPS visualization for supply-demand are the core for this AS-IS interface. It shows the overall supply chain on interactive map view to find out issues, risks and detailed level info for sustain and upgrade the supply chain. To-Be (Standard) Modelling Interface To-Be (Standard) interface would be used to produce optimal scenarios for a particular supply chain, without considering constraints from the industries or companies. E.g., this interface will be used to conduct performing nodes (DCs) of supply chain to identify potential locations for additional warehouses in a particular area or identify risk analysis for a specific supply chain re-structuring. To-Be (Practical) Modelling Interface To-Be (Practical) interface would be used to improve the To-Be (Standard) scenarios for implementation purposes. The scenarios would be generated by considering all practical constraints from the industries and companies, such as limited funding for constructing a new warehouse or land-use regulation for a particular location. Dynamic Planning and Monitoring Interface. This interface can be used for transportation digitalization by providing a dynamic planning and monitoring of the operation supply chain and logistics activities based on the To-Be (Practical) supply chain set-up. Intelligent Engines Supply chain orchestration platform would be equipped with intelligent engines to generate scenarios and solutions that will be presented by the visibility & exception interface. Specific engines for supply chain as well as core intelligent engines are integrated in this platform. E.g., supply chain network set-up tool would be selected to determine alternative location for new warehouse, while optimization algorithm in scheduling and routing tool would be selected to produce cost-effective delivery routes. The integrated engines would create digital twinning of the ӰhysicalԠsupply chain network for evaluating possible improvement scenarios and solutions. The results from these intelligent engines would be sent to and presented in the visibility & exception interface. Data Configurator and Controller This feature would capture the data and information from different data source (such as transaction database, social media or sensor data) and store it in the one integrated database. Due to the variability of the data, some data may need to be cleaned before it is used by the intelligent engines. Letҳ explore more scenarios on how the mentioned supply chain orchestration platform is used to tackle a supply chain network problem. Data Requirement: Minimum set of data required for supply chain orchestration platform are: 1. Network Distribution Data Relevant data on the existing network and distribution (consist of locations of facilities, costs, capacities, available workforce), facility costs, transportation assets, transportation costs and existing routes need to be collected. 2. Transaction Data Daily transaction data for supplies, demands and delivery schedules are needed. It can be extracted from the ERP system and stored in a particular Central Database Management. Sensorҳ data from the vehicles or other logistics assets can also be included to present the actual movement of the goods, vehicles and other assets. 3. Other data Company policies and considerations are needed to determine the implementation of solution. Modelling Stages: The supply chain modelling in this orchestration platform would include the 3 necessary development stages: 1) Ӂs-IsԠ֠Understanding the existing network including issues and improvement areas 2) Ӕo-BeԠ(Standard) ֠Identify standard solution for the supply chain network 3) Ӕo-BeԠ(Practical) ֠Adjusting T0-Be (Standard) solution based on practical constraints Using the available data, the As-Is supply chain network can be visualized and modelled. This visualization and modelling will be used to understand the existing situation and identify potential aspects that can be improved in Ӕo-Be (Standard)Ԡand Ӕo-Be (Practical)Ԡmodel. Examples of this visualization are presented below: Above diagram visualizes the demands (in orange dots) and demand patterns. The demand can be grouped into several clusters with different central of gravity (in green dots). The dot size represents the number of demands. Above diagram visualizes the current distribution model (i.e. good flows) from the warehouse (green dots) to the customers (orange dots). Above diagram visualizes one example of the exiting delivery route to deliver the demands. It applies the milk-run distribution for several customers. Ӕo-Be (Standard)ԠModel: The Ӕo-BeԠ(Standard) model serves as an intermediate model derived from ӵnconstrainedԠsupply chain network situations. This step would produce an optimized solution based on the model. To develop the Ӕo-Be (Standard)Ԡmodel, one should use the Geographic Positioning & Information System (GPIS) with volume of density-based approach which seeks to find the optimum number of storage/freight facilities as well as to define the approximate locations for these facilities. Computations are typically based on minimum transportation costs in consideration of aggregate demand for each customer and product, customer locations and service distances. In order to build a GPIS model for a particular supply chain network, several inputs are required. These inputs include a list of products, customer locations and the aggregate demand for each customer and product. Typically, the user is further required to preselect a maximum service distance between to-be facilities and customers or a fixed number of to-be facilities. For simplification, GPIS would only consider straight routes between the customers and facilities or the facilities to another facility. Above diagram shows an exemplary GPIS result. It shows three proposed locations for logistics facilities (in green dot) to serve the demands (orange dots). The GPIS model would build using a simulation software based on two years of operations information on historical demand (by location, amount and time distribution), product flows and costs. The number of facilities can easily be adjusted to analyze the impact on the overall cost-to-serve. Ӕo-Be (Practical)ԠModel: The Ӕo-BeԠ(Practical) model is the final model that includes practical constraints set by the industry or the company itself. This model is an adjustment of the Ӕo-BeԠ(Standard) model. The GPIS results may not be able to be implemented directly. It requires adjustment to align with companyҳ policies and considerations. Hence, a Ӕo-Be (Practical)Ԡmodel is developed using Network Optimization and simulation by considering the practical implementation constraints. Network Optimization is used to find the best configuration of a supply chain network structure as well as the flows based upon an objective function, which typically maximizes profits. Considerations for the network optimization are: 1. Transportation cost that is driven by goods flow. The larger the good flow, the higher the transportation cost 2. Fixed cost, the daily cost of operating the distribution hubs. Calculating the daily operating costs per distribution hub, the fixed cost components that drive facility-operating costs were derived from actual cost figures 3. Outbound Processing Cost includes expenses of delivery workforce 4. Inbound Processing Cost includes expenses of warehouse operations Real Time Scheduling and Monitoring Standard network configuration derives from network optimization and simulation model which would improve the efficiency of the supply chain and delivery fulfilment. However, supply chains are highly volatile to the exceptions which may have different occurrence frequency and consequences. It would affect the level of service of supply chain network. It would increase delivery lead time and failure to securely deliver the goods. To anticipate it, a predictive analytics modelling tool to visualize, schedule and monitor delivery schedules for not only the effectiveness but also the robustness of the supply chain network and logistics, fostering the creation of fast response to disruption. Key Takeaways in Digital Twinning In this white paper, I address the challenges in digital transformation for supply chain and logistics industry through a supply chain orchestration platform that develop and scale to better efficiency and effectiveness of logistics assets and workforce in digital transformation era. Consisting of various supply chain modules and techniques, supply chain orchestration platform does foster supply chain transparency, collaboration, flexibility and intelligence to efficiently and effectively cope with the complexities in the digital supply chain. Finally, the expected outcomes are to achieve an efficient way of analyzing and visualizing data from various sources more time-efficiently schemes to offer optimal prices. This is needed to cope with variable supply and uncertain demand to mitigate risks in the supply chain. In addition to the various supply chain modules and techniques, this supply chain orchestration platform can be equipped with big data analytics and machine learning techniques utilizing a safeguarding blockchain infrastructure as shown in below diagram. It would enable the companies to take the leap into digital supply chain transformation. This platformҳ ultimate aim has to serve as a digital twinning of the ӰhysicalԠsupply chain network that provides virtuality for evaluating new business scenarios. It enables the user to conduct sandbox testing by changing only a particular aspect in the supply chain by isolating and only changing this aspect to understand its impacts to the overall supply chain. And at the end, I hope that you (the reader) in turn provide motivation to reshape and collaborate with the same concept to create the supply chain orchestration platform to further enhance the supply chain practices and align with business innovations. Disclaimer (for map views): This is a conceptualized work of all map mentioned. Geographical Names, projected dots, various stakeholder businesses, cities, and incidents are authorҳ imagination. Any resemblance to actuals is purely coincidental. Originally published on Supply Chain Game Changer on August 6, 2020. The post Digital Twinning of Supply Chains! appeared first on Supply Chain Game Changerٮ ------------------------------- By: supplychaingamechanger@gmail.com Title: Digital Twinning of Supply Chains! Sourced From: supplychaingamechanger.com/digital-twinning-of-supply-chains/ Published Date: Wed, 13 Oct 2021 21:20:06 +0000 Read More Did you miss our previous article... https://chiefoperatingofficer.blog/suply-chain/five-ways-to-make-your-workplace-more-positive
What is a supply chain? A supply chain is a complex network of people, businesses, and resources that is critical to the production of a product or service. In this article, we'll look at 8 of the most important business processes in a supply chain. Also, we'll cover how to measure the performance of your supply chain. And, we'll look at the consequences of a supply chain disruption. Let's dig in! 8 key business processes Supply chain management involves various processes, methodologies, tools, and delivery options that help companies create value and maximize their competitiveness. Increasing global competition, rapid price fluctuations, and short product life cycles are among the factors that are contributing to the increased complexity of supply chains. Other factors that affect supply chain speed and performance include limited human resources, political issues, and changes in legislation. These issues require the participation of multiple organizations. A supply chain managementstrategy must take all of these into account to maximize the value of the organization's supply chain. Developing and finalizing strategic plans is a crucial aspect of supply chain management. Proper planning can help align the supply chain with a business model, ensure collaboration among network members, and track the effectiveness of various strategies. Business owners must determine which suppliers are best for their specific needs and design a production method that fits those requirements. These plans must also be based on current market data and key performance indicators. In addition, companies must keep track of inventory levels and assess their performance. Keeping track of customer service is another important part of a supply chain management strategy. Customers should have the option of contacting a company's customer service representatives for any issues regarding products and services. If the customer service is excellent, they are more likely to return to a business and recommend it to their friends and family. In addition, good customer service will also help the company retain customers longer than its competitors. In short, supply chain management has the ability to make a difference in the success of any business. In addition to focusing on customer service, a strong supply chain will include a return and complaint process. This step will handle issues with defective or unused products. The process may also include inventory and transportation management. The most basic supply chain includes a company, its suppliers, and customers. However, most supply chains are complicated, so examples of supply chain management failures are helpful. The above-mentioned examples can help businesses understand how to handle these problems more efficiently. Connected network of people, businesses, resources and technologies The term "smart supply chain" refers to a network of people, businesses, and resources that move goods and services from one point to another. Its importance is increasing as more companies realize the benefits of connected systems. These systems allow decision makers to make decisions closer to the source of information and improve their efficiency. In the past, apparel retailers had limited information about the fabric mills that manufacture their products. These days, however, they have the means to understand the entire extended supply chain. The term supply chain describes a coordinated network of people, businesses, resources, and technologies that play roles in producing, transporting, selling, and delivering goods. Supply chains are a critical link in the production process and enable companies to create efficient value systems and competitive advantages. To begin a supply chain, you must decide on your business's strategy. Once you've decided on a strategy, you'll need to define the different roles that each group will play and then develop a plan to execute it. Ultimately, the goal is to maximize the performance of each link in the supply chain. A well-designed network allows for better efficiency and reduced costs. It also facilitates speed and flexibility by creating stronger connections and better backup plans. Developing a supply chain with this level of complexity will be a major challenge. With the right strategy, however, companies can create a sustainable competitive advantage by understanding how supply chains are connected. Ways to measure supply chain performance There are many ways to measure supply chain performance, but some of them are counterproductive, while others can be extremely beneficial. Performance metrics can help companies identify areas where they can improve and motivate employees to take action. For example, you might be able to increase the number of orders processed each day, by implementing means to reduce the number of movements in the supply chain. Another example is the time it takes to process purchase orders. The perfect order KPI is a composite of several important metrics, including on-time delivery rate, in-full-delivery percentage, and total cost per item. The perfect order index can provide an overview of supply chain efficiency, while tracking the exact number of sales that arrive in perfect condition can help identify areas for improvement. To use this metric effectively, make sure you understand how it is calculated. It is crucial to understand how it works, as well as how it can help your business grow. In supply chain-based businesses, customer service is of primary importance, so performance metrics should focus on enhancing customer service and quality. Delivery times are an excellent indicator of customer satisfaction, and so should be measured through the Cash-to-Cash Cycle Time (CCT) and Supply Chain Cycle Time. Other performance metrics you can use to measure supply chain efficiency include Cost of Goods Sold (COGS) and the On-Time Shipping Rate. While financial metrics are the most popular way to measure supply chain performance, other metrics, such as operational effectiveness and customer service, are also important. While these metrics may seem irrelevant, they do relate to the key goals of your supply chain. While many measures may not be directly related to operational effectiveness and efficiency, they are useful for evaluating the overall health of a supply chain. So, how can you measuresupply chain performance? Here are some tips to help you determine how to measure it accurately. The agribusiness sector, for instance, faces a mismatch between stakeholders. For example, farmers and manufacturers are in conflict over how much food is produced and consumed. Supply chains can better align when they measure the right things. Dell thought that the fastest processor speed was the most important feature, but when they surveyed corporate customers, they learned that the fastest processor speed was not the best option. Then, they revised their product line and metrics to meet customer needs. Costs of disruptions to supply chain Disruptions can affect the entire supply chain, from the lack of resources on the production line to the shortage of raw materials at far-tier suppliers. These disruptions are not new, however. Supply chain professionals have faced similar challenges throughout history. For example, disruptions caused by natural disasters can cost upwards of $228 million in the U.S., while the DACH region can incur costs of around $145 million. The impact of disruptions to the supply chain varies across regions and industries, with U.S. firms spending more on assessing supply chain risks than their counterparts in other regions. Disruptions in supply chains can have major implications for national security. A shortage of a key ingredient can cripple the nation's ability to protect itself and care for its citizens. These shortages can occur in a variety of areas, including pharmaceuticals, food, and energy. A disruption in one industry can affect adjacent industries as well, raising the risk of conflict. Moreover, disruptions can be so severe that a national government can take action, potentially leading to global economic disaster. The effects of supply chain disruptions are increasing. Many companies are taking a fresh look at risk in sourcing and inventory planning. Amongst the top concerns for firms are rising labour costs in their suppliers' countries, and geopolitical risks. The continued disruption has prompted companies to rethink their strategies in response to the threat. 60% of firms said redundancy and resilience are more important than speed in their supply chains. Consumer prices have historically been low, but recent price hikes are directly related to supply chain disruptions. While this might seem like a trivial cost to some, it's important to understand the true costs of disruptions in supply chains. While the costs associated with these disruptions have been relatively low for the past two decades, they have recently been significantly inflated. This has led to higher prices for many goods. If disruptions in the supply chain do not alleviate these costs, then companies will feel the pinch. Disruptions in supply chains often result from a collective event or market failure that requires a large amount of collective action to remedy. In many cases, this means external actors will have to find a way to avoid conflict and counterproductive disruption. Identifying the causes of the disruptions in supply chains can help minimize them. These disruptions are likely to continue into the future. The impact of these disruptions will be felt in multiple ways.
Read any overview of how the finance and accounting function is changing, and you will notice several common themes. Three of the most important of these are: cloud migration, data standardization, and interoperability. The aim of technology in finance is to remove friction. With cloud migration that means making upgrades, licensing, procurement and maintenance simpler with software-as-a-service (SaaS) models. In the case of data standardization, silos of information held by different teams are being replaced by single common datasets that underpin every process and are updated in real-time. Discover how to automate and standardize tax reporting And with interoperability, technology enables this data to be shared seamlessly between stakeholders, whether they are senior leaders, heads of finance, corporate communications specialists, line of business managers or tax and transfer pricing professionals. Using insightsoftwareҳ Longview Tax Application to Elevate Tax to a Strategic Business Asset Access Resource The drivers behind these lines of travel are clear. Technology is getting more powerful, so it can deliver the number-crunching capabilities needed to eliminate friction from financial workflows.Digital transformation has accelerated as organizations have been forced to adopt new operational models. This has been driven by the recent need to work remotely, and the increased tendency for regulatory bodies to either encourage or mandate digital reporting across the board. As a result, sub-trends such as real-time reporting, robotics and AI, more regular forecasting, and self-service reporting via dashboards, have all gathered pace. As the Association of Chartered Certified Accountants (ACCA) writes in its report Technology trends: their impact on the global accountancy profession, a Ӯew normalԠis emerging. With it, technologies are converging to change the ways in which finance and accounting teams consume IT resources, share knowledge and experiences, and access products and services. Ӂccountants in practice and in the finance function are part of that connected world,Ԡthe ACCA report says. Ӕhis is changing the ways in which they communicate and collaborate with those in the businesses they work with and for, and shaping new working patterns. It is providing accountants with the opportunity to automate and de-skill time-consuming and repetitive work and focus on higher value work, so that they can consolidate their role as advisers on finance and business.Լ/p> Implications for Tax Teams While finance teams have long had a seat at the technology strategy table, tax professionals have not always had the same influence. As a result, many tax departments have been unable to take full advantage of cloud migration, data standardization, and interoperability. They continue having to deal with friction in the way they collect data, prepare for year end, and monitor processes throughout the year. This is beginning to change, especially in light of changes in tax regulatory regimes and the need to demonstrate transparency in tax reporting. The reason is simple, says Deloitte: ӎew data modeling tools make it possible to deliver valuable tax insights about different financial scenariosשn real-time. This means business leaders get the benefits of those insights before they must make their decisions. A modernized tax function has the digital tools and talent to churn through scores or even hundreds of scenario models to determine their after-tax financial implications.Լ/p> Business leaders can now seek answers to questions based on the state of financial data at the time, not on the state that it was three months ago. The pace of change and complexity will only continue to grow, so working with aged data is no longer an option. Transfer Pricing at an Inflexion Point One of the most important elements of corporate tax management and reporting is transfer pricing, which determines operationsҠcontribution to the overall picture, as well as to the final profitability of each business unit at year-end. Unstable supply chains and uncertainty about future domestic tax rates have added to the challenges faced by transfer pricing teams in recent times. Those without modern tools have struggled to provide the accurate, timely data needed by the business. Yet operational transfer pricing is one of the biggest custodians, users and consumers of trade related financial data in a multinational enterprise, says EY. ӂusiness models are rapidly evolving, and the associated regulatory landscape presents challenges within transfer pricing that did not exist historically. It is, therefore, not surprising that the 2021 EY Tax Risk and Controversy Survey across 1,265 respondents in 60 countries and 20 sectors, identified Transfer Pricing to be the # 1 tax risk.Լ/p> Find out how transfer pricing software boosts visibility and inspires action Harnessing technology in transfer pricing can be a powerful force to address various inefficiencies, adds EY. These can range from disparate data sources, lack of controls and automated transfer pricing documentation, to manual calculations separated from the organizationҳ ERP, inconsistent outcomes across countries, year-end adjustments, and difficulty in generating segmented financial results. insightsoftwareҳ Response As one of the industryҳ leading providers of tax and transfer pricing software, insightsoftware works to continuously deliver new functionality that brings greater value to existing and future customers. In the 22.1 release of our software, we have built improvements across three broad categories: cloud maturity, new product features, and connecting solutions. Under the heading of cloud maturity, we have made our software easier to deploy and upgrade within the SaaS model, although we continue to support companies that wish to continue with an on-premise platform. We have also enhanced our HTML compliant Dashboard Designer with usability features and out-of-the box cards. New product features for Longview Tax include classification and netting enhancements, as well as Tax Account Roll Forward (TARF) performance improvements. Longview Transfer Pricing now includes productization for modelling and target setting for counterparties. Finally, connecting solutions encompasses two main elements. The first is integration with other products in the insightsoftware family, such as our reporting tool for finance, CXO Software. The second involves investments in application programming interfaces (APIs). Through our program of customer voice activities, such as focus groups and webinars, we will continue to gather priorities for further development of our tax and transfer products in the years ahead. With this in mind, we have introduced a special сhaҠideas portal where our customers can make their suggestions for future capabilities, playing their part in eliminating friction from finance. 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Δ The post Technology in the Finance Function: Which Trends Will Impact Tax and Transfer Pricing? appeared first on insightsoftware. ------------------------------------------ By: insightsoftware Title: Technology in the Finance Function: Which Trends Will Impact Tax and Transfer Pricing? Sourced From: insightsoftware.com/blog/technology-in-the-finance-function-which-trends-will-impact-tax-and-transfer-pricing/ Published Date: Mon, 31 Jan 2022 15:12:29 +0000 Read More
Are you preparing for a data entry interview? We have compiled the top 20 data entry interview questions along with their answers to help you increase your chances of getting hired. You can also view the content in blog format athttps://www.projectpractical.com/data-entry-interview-questions-and-answers/ Below are the 20 questions discussed: 1. Why Are You Interested In This Role? 3. What Are The Qualities That A Data Entry Clerk Need To Be Successful? 4. What Major Challenges Did You Face During Your Last Role? How Did You Manage Them? 5. Describe Your Daily Routine As A Data Entry Clerk? 7. What Kind Of Strategies And Mind-Sets Is Required For This Role? 8. What Is The Biggest Challenge That You Foresee In This Job? 9. How Do You Stay Motivated In Your Work? 10. Describe A Time When You Failed In This Role And The Lesson You Learnt? 13. How Would You Rate Your Computer Skills? 14. Where Do You See Yourself In Five Years? 15. Accuracy Is Essential In This Role. How Will You Maintain Accuracy In Your Work? 16. What Is The Difference Between Data Capturing And Data Mining? 17. Data Entry Can Be A Repetitive Job. How Do You Handle The Repetitive Nature Of A Data Entry Role? 19. Explain The Most Common Data Entry Errors. 20. Tell Me about Your Major Strengths And Weaknesses. ----------------------------- By: ProjectPractical Title: Top 20 Data EntryInterview Questions and Answers for 2022 Sourced From: www.youtube.com/watch?v=1V2OWJTcBz0 Read More