The rate at which technology is advancing is about as close to the speed of light as possible. Top-notch procurement firms have had to seek the help of a Coupa consultant in order to keep themselves on the right track and in line with the current technology trends. As fast as ideas are beginning to surface, investment companies are taking steps to transform the ideas into technological breakthroughs.
Whether it is as simple as multiple email accounts or as sophisticated as artificial intelligence that you can train to do your homework technology has come a long way, and is not going anywhere.
What is Technology?
In the grand scheme of things, technology can be anything new or that has been crafted to make the life of humans easier. In fact, during the earliest times of war, while Genghis Khan went on a mission to conquer the world, the weapons of war that were fashioned by the armies were considered technology.
The dictionary defines the word technology as …the application of scientific knowledge for practical purposes… so, as you can imagine, technology can come in many fashions and forms. However, the new age of technology has to do with electronic equipment that becomes more and more advanced every day.
Modern Technology in the Business World
At one time if a company had a high-tech printer and an email address they were considered technologically advanced. In today’s world if a business does not have 6 social media accounts, a website, an office full of computers, and a tech support team they are considered out of date. In any event, the way that technology is shaping the future of businesses can be a bit scary for people that do not understand it.
Many businesses are starting to take advantage of the technical trend by:
- Building a website
- Having a social media presence
- Having a custom app built for their business
- Allowing employees to telecommute
Some corporations were able to transform from physical to electronic platforms to conduct business during the pandemic because they were already prepared to make the shift if needed.
Some of the top applications that are out for businesses today are:
- Source-to-pay software
- Management software
- Billing software
- Hourly tracking software
- Software that allows groups to have meetings from anywhere in the world
With the help of advanced technology and sophisticated artificial intelligence platforms companies around the planet have been able to transform their old-fashioned ways of doing business into efficient, productive processes that not only save time but money as well.
Any business that has money should have some sort of procurement process in place so that they can buy the things that they need and keep track of what is being spent and what is being bought. What better way for technology to introduce itself into the business world than to be able to track spending and predict optimum places to spend money and get more money back?
The source-to-pay process is a step up above the standard procure-to-pay process because it starts at the very source of the goods or services that are to be purchased.
A higher level of development than the standard type of application has allowed a type of software to come into the business world and use artificial intelligence to find sources, present offers, and solidify contracts all within a centralized hub where users and administrators are able to log in and conduct business.
The entire process from source to pay can be presented in a number of ways but the barebones structure is:
When there is the element of artificial intelligence involved the planning and sourcing phases are much faster than would be if they were done in a traditional format.
In any event, when a company plans out the strategy for the cycle of a procurement endeavor, they have to take into consideration every step of the process and see obstacles before they appear so that they can be controlled and put into place without causing a significant amount of damage.
Meetings in the Cloud
Who would have dreamed that it would be possible to hold a staff meeting with people all over the world? All it takes is a decent internet connection and some reliable equipment for people to meet online and conduct business on a virtual level.
People don’t even have to put pants on to go to work as long as they wear a shirt and look good for the camera. How is this all done? By technology, of course.
If you think about it, being able to commute to work via the internet could save businesses tons of millions of dollars each year. Why do many of them hesitate to completely transform into digital workstations? Maybe for the fear of losing human contact. Maybe because it is better to hold on to physical structures than to transform every aspect of a business to the digital realm.
In any event, platforms such as Zoom and Google Meet can help companies to:
- Hold staff meetings anywhere in the world
- Save commute time
- Allow business to go on without travel
- Safely conduct business without spreading germs
When the pandemic hit, there were millions of businesses that were able to continue to keep going because of technology. Beyond traditional businesses other organizations that were able to function were:
- The court system
- The education system
- The motor vehicle system
- The healthcare system
Without software platforms that allowed people to meet virtually with cameras the courts would have been unable to work, there would have been zero schools or educational programs, all of our vehicle registrations would have expired and nobody would have been able to visit their doctors.
Advancements in Technology
Even though many of the older folks that have been around for a while deny that the use of technology is useful, the rest of the world disagrees. As the ones in society continue to drag their feet about technological solutions, the ones that are excited about the growth and expansion of technology continue to strive forward and push for more and more ways to bring technology into the center of creation. When there are items such as self-driving cars, investment forecasting applications, and automation software that can run an entire business on the line, techy people get excited and want to see these advancements push to the next level.
As long as there are brilliant minds that want to continue the evolution of technology, there will be no stopping its trek.
It is beginning to look like the businesses and organizations that refuse to move forward with the technological advancements will be run right over the top by them as they crash by. Technology is changing the world and transforming the way that people do business. Tech makes it easier and more convenient for consumers to find, shop, and pay for whatever they want. Old-fashioned ways just can not compete with sensible solutions that make life easier for everybody.