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Ferobide – Reducing operating costs in Agriculture, Construction and Mining

Josh Haines
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Ferobide – Reducing operating costs in Agriculture, Construction and Mining

Tenmat, a leading manufacturer of advanced materials and components, has a range of world-renowned composite and polymer materials, including Ferobide, Feroform, Feroglide, Ferosafe and Railko. 

Ferobide is a highly effective solution for reducing operating costs in the agricultural, mining and construction sectors.

This tungsten carbide composite is one of the most wear-resistant materials in the world, it is already trusted globally as a reliable solution for minimising equipment downtime. By preventing wear part damage, Ferobide is able to deliver lasting results which minimise equipment downtime and therefore aid in decreasing operating costs. 

Ferobide in Farming

Farmers who utilise Ferobide can experience dramatic savings by extending the life of their equipment, reducing the need for frequent replacements and repairs. 

For instance, implementing Ferobide has allowed some farms to extend the service life of cultivator wings and legs by several seasons, cutting down metal wear expenses by up to two-thirds. This not only minimises downtime but also boosts overall operational efficiency and profitability.

When used on soil-engaging equipment parts, Ferobide enhances durability against abrasive soil conditions, which can significantly decrease the frequency of part replacements. 

A case study involving sugar cane mills showed that equipment outfitted with Ferobide experienced less wear compared to traditional hard-facing materials, leading to longer operational periods between maintenance shutdowns.

Ferobide in Construction and Mining

In the mining and construction industries, Ferobide has proven effective in increasing the lifespan of equipment parts exposed to extreme wear and tear.

In mining operations, Ferobide is used on drilling equipment to enhance durability against the harsh, abrasive conditions found underground. This results in fewer drill bit replacements and reduced downtime.

In construction, Ferobide can be applied to loader buckets and other machinery that frequently contacts abrasive materials like gravel and crushed rock. This application significantly extends the service life of these high-wear parts, leading to lower maintenance costs and less frequent equipment replacements.

The Benefits of Ferobide 

When used correctly and welded onto suitable surfaces, Ferobide has numerous benefits, which include: 

  • Significant savings on wearing metal costs
  • Increased wear part lifetime
  • Reduction in machinery downtime for maintenance
  • Increased operational efficiency due to a reduction in downtime
  • Quick and easy to weld

For additional information, please contact Tenmat directly. 

https://tenmatwear.com/contact-tenmat

ThetaRay Transforms AI Financial Crime Detection with Screena Acquisition

ABC Staff
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ThetaRay Transforms AI Financial Crime Detection with Screena Acquisition

The acquisition marks a significant milestone in ThetaRay’s mission to leverage AI in combating financial crime.

As a leading comprehensive, cloud-based financial crime detection platform, ThetaRay empowers financial institutions to identify trusted transactions and customers across all banking activities. This innovation recently earned ThetaRay an award for Best Use of Data for Human Trafficking and Modern Slavery Detection, in collaboration with Santander UK.

ThetaRay, the leading provider of AI-powered financial crime detection technology, has announced the acquisition of the next-generation European screening company, Screena. This acquisition underscores ThetaRay’s commitment to investing in proprietary technology and solidifies its mission to help banks, fintechs, and regulators detect financial crime using state-of-the-art AI solutions.

Screena assists financial institutions in preventing wrongdoing without impacting legitimate parties by screening individuals, companies, and other entities against numerous sanctioned party lists. This ensures compliance with international laws and regulations, while promoting global trade, protecting reputations, and enhancing financial security.

ThetaRay, operational in over 40 countries across six continents, is evolving from a leader in AI-powered Transaction Monitoring solutions to a comprehensive, cloud-based financial crime detection platform used by over 100 financial institutions, including Santander, Payoneer, and Travelex. This strategic acquisition integrates Screena’s advanced, cloud-based AI-driven screening solution into ThetaRay’s product suite, offering financial institutions an unparalleled, holistic view of transactional and customer screening risks.

ThetaRay’s clients can detect various financial crimes such as money laundering, terrorist financing, and drug trafficking. Recently, in a global effort to combat modern slavery, Santander UK partnered with ThetaRay to deploy advanced technology aimed at detecting human trafficking within financial transactions. This collaboration was honored with the “Best Use of Data for Human Trafficking and Modern Slavery Detection” award at the Digital Transformation Awards in June 2024.

ThetaRay’s product suite ensures that financial institutions can quickly and effectively comply with complex regulatory requirements. Additionally, ThetaRay facilitates seamless customer onboarding and transaction flows, enabling companies to scale rapidly and seize business opportunities while fostering growth across diverse business lines.

“The acquisition of Screena is a significant milestone for ThetaRay as we continue our mission to power the global fight against financial crime by enhancing our offerings with the most advanced AI capabilities. It furthers our commitment to delivering an end-to-end platform that enables banks, fintechs, and regulators to effectively identify financial crime – vital capabilities to grow and operate a financial institution today,” remarked Peter Reynolds, CEO of ThetaRay. “The recent launch of our Customer Risk Assessment (CRA) product this year and the mass adoption of our leading Transaction Monitoring offering demonstrates both a clear need in the market and our proven ability to build pioneering solutions. We are delighted to have closed our first acquisition, bringing key capabilities and further establishing our already rapidly growing presence in Europe.”

“The need for international, cross-border payments, and business corridors between Europe and Africa, South America and the US, and many locations around the world requires the use of AI and advanced technology to make sure that the transactions are trusted, and that the people behind them are trusted,” said Erel Margalit, Chairman of ThetaRay, and Founder and Chairman of JVP. “ThetaRay’s AI also establishes a highway for the good actors that require an international payment network to do their business. The acquisition of Screena advances the ability to identify bad actors, whether it’s money laundering, drug trafficking, or terrorist financing in a much more pointed way. This move is a testament to ThetaRay’s mission of thwarting financial crime and continuously enhancing capabilities to win this critical fight on our journey to becoming a category leader.”

Cédric Iggiotti, CEO of Screena, stated, “Integrating with ThetaRay has been a game-changer for us at Screena, revealing the true potential of combining Transaction Monitoring, Screening, and Customer Risk Assessment. For too long, screening was siloed from other critical financial crime detection tools. Our partnership with ThetaRay not only meets stringent regulatory demands but also significantly enhances our crime detection capabilities, as evidenced by our recent successes with major financial institutions. Looking ahead, we are excited to push the boundaries of what’s possible in building a more trustworthy financial ecosystem.”

Logistics Sector Begins To Normalise Following Post-Pandemic Surge

ABC Staff
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Logistics Sector Begins To Normalise Following Post-Pandemic Surge

Global Logistics sector shows signs of normalisation after post-pandemic boom

  • · UPS is the most valuable logistics brand ranked for a decade, valued at USD34.6 billion
  • · JR remains strongest logistics brand ranked, followed by JINGDONG Logistics and MTR
  • · CPKC’s brand value surges by 28% while DoorDash and dpd trail behind
  • · UPS has the highest Sustainability Perceptions Value at USD3 billion and also holds the Highest Positive Gap Value at USD224 million

This year, the logistics industry is showing signs of normalization following the post-pandemic boom, according to a new report by Brand Finance, the world’s leading brand valuation consultancy. Leading logistics brands like UPS and FedEx have reported lower shipment volumes and reduced consumer spending compared to the high-demand periods immediately after the pandemic.

Despite this trend, the Brand Finance Logistics 25 2024 ranking is still led by UPS, which retains its position as the most valuable logistics brand for the 10th consecutive year, with a brand value of USD34.6 billion (down 2%). FedEx follows as the second-most valuable brand, with a brand value of USD28.6 billion (down 1%), and Germany’s DHL is third, valued at USD12.2 billion (down 3%).

Japan-based JR remains the strongest global logistics brand, despite a 14% drop in brand value to USD11.9 billion, earning a AAA rating and a Brand Strength Index (BSI) score of 86.9 out of 100. China’s JINGDONG Logistics (JD Logistics or JDL) is the second strongest, with a 1% rise in brand value to USD3.5 billion, improving its brand strength rating from AA+ to AAA and scoring 85.2 out of 100 in its BSI. MTR ranks third, with a 3% decline in brand value to USD3.5 billion, retaining its AAA- rating and obtaining a BSI score of 83.1 out of 100.

Richard Haigh, Managing Director of Brand Finance commented:

“Despite the cooling demand and inflationary pressures we’re seeing this year, the logistics industry is showing remarkable resilience and strategic adaptation.    
“As the market transitions in the post pandemic era, shaped by overcapacity, shifting consumer demands and geopolitical tensions, industry titans epitomise excellence and visionary leadership to remain competitive.” 

Brand Finance also utilises its Global Brand Equity Monitor (GBEM) research to compile a Sustainability Perceptions Index. The study determines the role of sustainability in driving brand consideration across sectors and offers insight into which brands global consumers believe to be most committed to sustainability.

For individual brands, the Index displays the proportion of brand value attributable to sustainability perceptions. This Sustainability Perceptions Value is the financial value contingent on a brand’s reputation for acting sustainably. From here, Brand Finance’s perceptual research is analysed alongside CSRHub’s environmental, social and governance performance data to determine a brand’s ‘gap value’. This is the value at risk or to be gained, based on the difference between sustainability perceptions and actual performance.

The 2024 Sustainability Perceptions Index finds that in the logistics sector, UPS has the highest Sustainability Perceptions Value of USD3 billion and the highest positive gap value of USD224 million among brands in the rankings. A positive gap value means that brand sustainability performance is stronger than perceived: brands can add value through enhanced communication about their sustainability efforts, so that perceptions are raised to fully account for the brand’s actual sustainability performance. UPS’s gap value suggests that it could generate an additional USD224 million in potential value through enhanced communication of its impact and accomplishments in sustainability.

 

What the Treasury’s Decision to Phase Out 1p and 2p Coins Means for SMEs

ABC Staff
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0
What the Treasury’s Decision to Phase Out 1p and 2p Coins Means for SMEs

Following the Treasury’s announcement to halt the production of new 1p and 2p coins from The Royal Mint this year, concerns have arisen about the potential extinction of copper coins. Although a Treasury spokesperson assured that the coins are not being phased out entirely, many are anxious about the impact on cash-dependent businesses.

SumUp, experts in card payments, are emphasizing how traditionally cash-reliant industries have successfully integrated card payment options. They highlight that cards and cash can coexist without one needing to replace the other.

Are People Still Using Cash?

For businesses dependent on cash transactions, there is no need for immediate concern. SumUp’s analysis of recent YouGov data indicates that 29% of Brits still frequently make cash payments, with 7% almost always using cash. Only 8% of adults reported never using cash.

The data reveals that both the 18-24 and 65+ age groups are the most likely to almost always pay in cash, at 8%. Additionally, men are more likely than women to use cash, with 9% of men almost always paying in cash compared to 6% of women.

How Cash-Dependent SMEs Can Incorporate Digital Payments

To enhance efficiency, reduce costs, and cater to a wider customer base, cash-reliant businesses can adopt the following digital payment methods:

  • Point of Sale (POS) Systems: Invest in modern POS systems that accept credit/debit cards and contactless payments, including NFC methods.
  • Mobile Payment Solutions: Utilize mobile payment apps to accept payments via smartphones and tablets.
  • Online Invoicing and Payments: Offer online invoicing with integrated payment options.
  • QR Code Payments: Implement QR code payment options, displaying QR codes at checkout or on receipts for customers to scan and pay using mobile banking apps or digital wallets.
  • eCommerce Platforms: Set up an eCommerce website or use platforms to facilitate online sales and digital payments.
  • Payment Links: Send payment links via email or SMS, enabling customers to click and pay through a secure online portal.

These digital payment methods can help businesses adapt to the evolving payment landscape while maintaining the option of cash transactions.

Corin Camenisch, Product Marketing Lead at SumUp, discusses how SMEs can adopt card payment methods alongside cash to align with consumer spending habits: “We won’t see previously cash-reliant industries die; we will just see them innovate. Businesses need to adapt to work in the digital environment as well as cash. Offering both payment options will only help your business and cater to all customer payment preferences.”

8 cash-reliant businesses that have successfully adopted card payment

SumUp also highlights that many businesses and sectors have successfully embraced card payments to meet changing consumer preferences and increase sales by accommodating customers who prefer not to carry cash, such as:

  1. Taxis: Traditional taxi services have widely adopted card payments,
  2. Street vendors and food vans: Many now accept card payments through mobile point-of-sale systems.
  3. Market stalls: Vendors at local markets increasingly offer card payment options.
  4. Small local shops and convenience stores: Many have transitioned from cash-only to accepting cards.
  5. Vending machines: Modern vending machines often accept card payments and cash.
  6. Parking meters: Many cities have upgraded to systems that accept card payments for parking.
  7. Public transport: Buses in many cities and towns now offer card-based payment options.
  8. Barbers and hairdressers: Many small, independent salon businesses now accept card payments.

Adopting mobile payment technologies and point-of-sale systems has facilitated this transition for many small businesses and individual vendors.

UK Prime Minister Ranked 29th in Global Leadership Salaries and Third in the UK

Danielle
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0
UK Prime Minister Ranked 29th in Global Leadership Salaries and Third in the UK

Research by Talent Insight Group shows that Sir Keir Starmer’s salary as UK Prime Minister is comparatively low on the global stage and also falls behind the earnings of the Scottish First Minister and the Irish Taoiseach.

In terms of pay, the First Minister of Scotland receives £4,430 more annually than the UK Prime Minister and earns over 127 times more per capita. Meanwhile, the Irish Taoiseach’s salary surpasses Sir Keir’s by over £28,000, equating to more than 12 times more per head of population.

As UK Prime Minister, Sir Keir is entitled to a £172,153 salary and access to several official residences, including 10 Downing Street, Chequers, Dorneywood, Chevening, and Stormont. However, the value of the Prime Minister’s salary has decreased over time, with a standard backbench MP now earning £91,346 upon entering the House of Commons.

Additionally, 278 senior government officials and 57 senior BBC staff are known to earn more than the Prime Minister. The highest earners in the public sector include the Chief Executive Officer of HS2, the Chief Executive Officer of Network Rail, and the Director General of the BBC, each earning over half a million pounds annually.

Glen Hall, Chairman of Talent Insight Group, stated, “We regularly benchmark senior roles in this pay range, and while I’m not in the habit of arguing for higher-paid politicians, the data shows there is a case to be made. Normally, we speak to post-holders and lean heavily on primary data to form a full picture. We’ve made an exception in this case, but if any current or former Prime Ministers would like to contribute, we’re here to listen!”

Download the full report here: Benchmarking the Prime Minister’s Pay.

More Than 14 Billion Smartphones Have Been Shipped Over The Past Ten Years

ABC Staff
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0
More Than 14 Billion Smartphones Have Been Shipped Over The Past Ten Years

The global smartphone industry has faced significant challenges in recent years, and 2024 is expected to continue this trend. After fluctuating demand, it is anticipated that the global appetite for new smartphones will decline once again this year, delaying the anticipated market recovery. Despite struggling to maintain the growth rates observed in 2021, the overall number of smartphone shipments has continued to rise, reaching impressive totals over the past decade.

Data from AltIndex.com reveals that global smartphone shipments have totaled 14 billion units over the past ten years.

The peak years for smartphone sales in the past decade were 2015, 2016, and 2017, with each year averaging around 1.4 billion shipments. However, the industry has faced setbacks due to component shortages, inventory issues, and extended replacement cycles, leading to a $15 billion decline in sales over three years. In 2024, global smartphone sales are projected to generate $486 billion in revenue, a decrease from the over $500 billion recorded in 2021, according to Statista. Despite these challenges, smartphone sales have still achieved impressive figures.

The IDC Worldwide Mobile Phone Tracker survey indicates that smartphone manufacturers have shipped more than 14 billion units globally since Q1 2014. Notably, 2015, 2016, and 2017 were the best years for smartphone sales in the past decade, with average shipments of 1.4 billion units. The market saw a downturn in subsequent years, with shipments falling to 1.28 billion during the initial year of the COVID-19 pandemic. Although there was a rebound in 2021, the decline persisted through 2022 and 2023, with a further 13% drop in shipments.

In the first half of 2024, IDC data shows a positive trend, with smartphone shipments rising nearly 40 million year-over-year to 574.8 million. However, demand remains challenging in many regions, and global shipment figures are still below the market peak.

Samsung has remained the leader in global smartphone sales, shipping 2.99 billion units over the past decade, surpassing Apple by 743 million units, which shipped 2.24 billion units during the same period. Despite being the top seller, Samsung’s market share has significantly decreased from 30.7% in Q1 2014 to 18.9% in Q2 2024. Meanwhile, Apple’s market share has remained stable at 15.8% in Q2 2024.

Chinese competitors have shown notable growth over the past ten years. Xiaomi has surpassed the one-billion mark in shipments, capturing a 14.8% market share in Q2 2024, up from a fraction of that a decade ago. Oppo and Vivo have also seen substantial growth, with 937 million and 528 million smartphones shipped, respectively.

For further details and statistics, visit: AltIndex.

FREY acquires ROS, The 4th Largest Outlet Operator In Europe

ABC Staff
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FREY acquires ROS, The 4th Largest Outlet Operator In Europe

FREY, already one of Europe’s top developers, owners, and managers of large-scale retail parks and open-air shopping centers, is further accelerating its growth with two strategic operations. Strengthening its position as Europe’s leading player in open-air shopping destinations, FREY now boasts 31 operational sites across nine European countries, with a portfolio valued at over 3 billion euros.

Antoine Frey, Chairman and Chief Executive Officer of FREY, made the following statement:
“We are delighted to announce a major strategic operation for FREY. The signature of the binding acquisition agreement of ROS, Europe’s 4th-largest outlet operator, will not only give us access to a very high-performing asset class but also offer us vastly diversified geographic exposure. ROS is a fabulous company led by some of the outlet market’s most talented individuals and has successfully risen to the very top of the league in Europe. FREY’s strategy will focus on stepping up ROS’ position in third-party management but also on tapping into its experience and reputation in order to build up a portfolio that is dedicated specifically to outlets by acquiring or developing assets. The first example of this strategy is the recently launched operation to develop the Malmö Designer Village. FREY now boasts over 31 open-air shopping destinations in operation across 9 European countries and is thus consolidating its leading position in the retail asset classes that are most sought after by consumers, chains, brands and investors alike”.

Both operations focus on outlets, a format of open-air shopping centers that FREY previously did not include in its portfolio. These centers, also known as designer outlets, attract both consumers and retail chains for several reasons. For consumers, outlets offer excellent value for money, an upscale shopping experience, and enhance the pleasure of shopping, with their catchment areas extending beyond those of traditional shopping centers. For brand partners, these locations provide opportunities to expand their client base and strengthen their brand positioning. Financially, outlets deliver high sales per square meter and low Occupancy Cost Ratios (OCRs) for brand partners, while also generating higher margins than traditional shopping formats. This is achieved by clearing out previous year collections and overstocks, with lower operating expenses compared to high street locations. A study by specialist consultancy Ken Gunn Consulting indicates that Europe’s outlets should see average annual sales growth of 9% from 2023 to 2026.

FREY and ROS share the same views on developing an approach to retailing that is responsible and engaged; such an approach can enhance both the client’s experience and the retailer’s performance.

This shared DNA will generate sizeable industrial and commercial synergies:

• New greenfield and brownfield projects can be developed by combining FREY’s expertise in development and financing arrangement with the close partnerships that ROS maintains with all the brand partners in its outlets

• ROS’ marketing clout will improve FREY’s ability to tap into the very essence of the catchment areas surrounding its assets

• Last of all, the two groups’ tenant portfolios are highly complementary, which means that they will be able to enrich and enhance the merchandising mix offered by the assets they own and manage.

GROWTH

As an asset class, designer outlets remain something of a niche as there are only 210 such assets in Europe and their ownership is still very fragmented. The strategic objective is two-fold: to build up ROS’ third-party management activity in a drive to expand its coverage across Europe, and to create a real estate investment platform that is geared specifically to outlets. This platform will be populated with acquisitions of existing assets, greenfield developments as well as projects to transform existing traditional retail assets into outlets. ROS’ expertise will enable it to source such opportunities, assess their suitability and work alongside FREY to develop these projects. All assets acquired or developed in this manner will subsequently be managed by ROS.

A EUROPE-WIDE, MISSION-DRIVEN COMPANY

FREY was the real estate industry’s first firm to obtain B Corp certification and become a mission-driven company. FREY’s decision to restore retail as a service for the common good began to take shape back in 2021 in the form of a large-scale effort to transform the way it operates, the aim being to factor its mission into each and every one of its choices. ROS’ entire staff fully adheres to these values. FREY is therefore going to take the very same processes that have inspired its mission for 3 years now and apply them across ROS’ entire business chain; its continuous improvement approach geared towards positive impact will thus be able to take on a European dimension.

MBA programs online: Which is the most affordable?

ABC Staff
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MBA programs online: Which is the most affordable?

Top 10 Most Affordable Online MBA Programs in 2024

New research has identified the most affordable MBA programs in the US, with Northeastern State University leading the list. Research.com, a university ranking site, evaluated various universities offering online MBA programs by examining their estimated tuition per credit hour for non-residents and the total number of credits required. This analysis resulted in a ranking of the most cost-effective options.

Northeastern State University emerged as the most affordable, with an estimated tuition cost of $251 per credit hour for a total of 36 credits. Its online MBA program includes topics such as business analytics, accounting, finance, and Native American enterprises, and can be completed entirely online or in a blended format at the NSU Broken Arrow Campus.

Georgia Southwestern State University ranked second, with an estimated tuition cost of $257 per credit hour for a total of 30 credits. Core courses in this program cover advanced business finance, international business practice, and organizational theory and behavior, requiring a cumulative GPA of 3.0 or higher.

Fitchburg State University placed third, with an estimated tuition cost of $275 per credit hour for a total of 30 credits. The Massachusetts-based university offers online MBAs in finance, marketing, accounting, and other fields, allowing completion in as little as 12 months, making it both affordable and time-efficient.

Eastern New Mexico University came in fourth, with an estimated tuition cost of $297.25 per credit hour for a total of 30 credits. This program focuses on developing general managerial skills across all major functional areas of business and requires a cumulative GPA of at least 3.0 in all CPC courses.

Missouri State University ranked fifth, with an estimated tuition cost of $309 per credit hour for a total of 33 credits. In addition to the MBA, Missouri State offers graduate certificates that can be completed online within the MBA program.

The University of the Cumberlands is sixth, with an estimated tuition cost of $315 per credit hour for a total of 37 credits. This program offers several concentrations, including entrepreneurship and healthcare administration.

Sam Houston State University is seventh, with an estimated tuition cost of $320 per credit hour for a total of 36 credits. This flexible program offers start dates in the fall, spring, and summer.

The University of Central Arkansas is eighth, with an estimated tuition cost of $325 per credit hour for a total of 30 credits. Students can choose concentrations in healthcare administration, information management, or finance.

Texas Tech University ranks ninth, with an estimated tuition cost of $333 per credit hour for a total of 30 credits. Texas Tech’s Rawls College of Business online MBA program offers the option to study full-time or part-time.

Southeastern Oklahoma State University rounds out the top ten, with an estimated tuition cost of $337 per credit hour for a total of 36 credits. This program includes coursework in finance, accounting, economics, behavioral management, research, and data analysis.

Top 10 most affordable online MBA programs 

MBA

Financial Efficiency: Key to Boosting Your Company’s Productivity

Claire James
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Financial Efficiency: Key to Boosting Your Company’s Productivity

Financial efficiency is a valuable lens through which you can assess the success and sustainability of your company. If you’re aiming to thrive in a saturated market, this article should help you understand and improve it to boost competitiveness.

What does financial efficiency mean?

It’s essentially your company’s ability to use its resources as effectively as possible to maximise income and profitability. It’s a top-level view of managing funds in a way that enhances value while minimising waste and inefficiency.

Key aspects include effective cash flow management, prudent expenditure and strategic investment decisions. The most efficient companies have robust planning and analysis mechanisms in place to ensure resources are allocated where they’re most likely to generate the biggest returns.

How can you measure financial efficiency?

Measuring financial efficiency involves various ratios and metrics that provide insights into how well your company utilises its resources. The headline KPIs to consider include:

  • Return on Assets (ROA): This ratio indicates how efficiently your company uses its assets to generate profits. It’s calculated by dividing net income by average total assets. A higher ROA percentage signifies greater efficiency.
  • Return on Equity (ROE): ROE measures profitability relative to shareholder equity. It’s calculated by dividing net income by shareholder equity. A high ROE percentage indicates that your company is effectively using its equity base to generate profits.
  • Asset Turnover Ratio: This ratio shows how efficiently your company uses its assets to generate sales revenue. It’s calculated by dividing sales revenue by average total assets. A higher asset turnover ratio indicates better utilisation.
  • Operating Margin: Operating margin measures the percentage of revenue that remains after accounting for operating expenses. It’s calculated by dividing operating income by revenue. A higher operating margin suggests better cost management and operational efficiency.
  • Current Ratio: This liquidity ratio assesses your company’s ability to cover its short-term obligations with its current assets. It’s calculated by dividing current assets by current liabilities. A current ratio above 1 indicates good short-term financial health.

How can you drive financial efficiency?

Improving the financial efficiency of your company is no easy task, particularly for larger corporations. Moving the needle requires both strategic planning and consistent operational improvements. Consider the following:

  • Improving budgeting and forecasting: Accurate budgeting and forecasting help in aligning resources with business goals, ensuring that funds are allocated efficiently.
  • Optimising working capital: Efficient management of working capital, including inventory, receivables and payables, ensures that your company maintains liquidity while minimising costs.
  • Continuous performance monitoring: Regularly reviewing financial metrics and KPIs allows for timely identification of inefficiencies and prompt corrective actions. Legal compliance is another important aspect to prevent penalties and unnecessary costs – corporate lawyers are best placed to help here.
  • Cost management: Identifying and eliminating unnecessary expenses can significantly enhance financial efficiency. This involves negotiating better terms with suppliers, reducing waste and improving operational processes.
  • Employee training: Equipping employees with the necessary skills and knowledge to manage resources effectively can drive overall efficiency. This includes technical training for specific roles and education around cost management and financial KPIs.

Financial efficiency is an important indicator of your company’s success and sustainability. Take a close look at the figures if you haven’t done so before.

2024 Broadband Prices Average UK Rates Found to Be 31% Lower Than Global Average

ABC Staff
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0
2024 Broadband Prices Average UK Rates Found to Be 31% Lower Than Global Average

Broadband Price Trends: A Seven-Year Analysis of Rising Costs

  • UK’s 2023 Average: In 2023, the average monthly broadband package in the UK was £26.90, a decrease of £3.78 from 2022’s average of £30.68.
  • Global Ranking 2024: In 2024, the UK ranks 96th globally for the cheapest monthly broadband packages, with an average cost of £30.46.
  • Most Expensive: The Solomon Islands hold the title for the most expensive broadband packages in 2024, averaging £360 per month.
  • Cheapest: Sudan offers the lowest average broadband price in 2024 at £1.81, likely due to the devaluation of the Sudanese Pound.
  • Expert Advice: Gemma Ryles, Home Tech Expert at Independent Advisor Broadband, provides tips for securing the best broadband deals amid the high cost of living in the UK.
  • Price Increases: Due to rising inflation, major UK broadband providers like BT, Vodafone, and Three have increased their prices by 7.9% for both mobile and broadband services this year.

Given these trends, Independent Advisor Broadband Deals experts have analyzed broadband cost statistics over the past seven years to illustrate how average UK broadband package prices have fluctuated in comparison to other countries.

For the complete dataset, please click here.

The UK has consistently been below the global average for monthly broadband package deals, with 2023 being its cheapest average (£26.90), compared to £30.68 the year before. This year, broadband in the UK is priced 31% below the global average, with the worldwide average being £43.95. As of 2024, the UK has the 96th cheapest broadband in the world (£30.46). The largest percentage difference was seen in 2020, where the global average was 58% higher than the average price for broadband packages in the UK.

The cheapest broadband packages are found in Sudan, with an average monthly cost of just £1.81 per month, which is £28.65 cheaper than the UK broadband in 2024. Broadband in Western Europe in 2024, as a whole, is generally quite expensive (an average of £39 per month), with no country in the region ranking among the top 50 cheapest places in the world for broadband. The cheapest country in Western Europe was Malta, averaging at £21 per month for broadband, which is £9.46 cheaper than the UK average.

Globally, the most significant rise in broadband prices occurred from 2019 to 2020, with the average monthly cost increasing by 25%, from £48.77 to £65.42, which may have likely been due to Covid pandemic. In 2024, there was a 1.84% decrease in prices worldwide from 2023, now averaging £43.95 compared to £44.76.

Gemma Ryles, Home Tech Expert at Independent Advisor Broadband Deals shares her tips on securing the best broadband offers amidst the cost of living:

“Finding the best broadband deal firstly involves comparing prices and packages from multiple providers to understand what’s available in different areas. It is crucial to pay attention to the speed and data limits to ensure they meet individual needs, especially if users work or study from home and require a more advanced broadband. 

Additionally, looking for any hidden fees — such as installation charges — which may come as a surprise to customers. It’s also recommended to read customer reviews to gauge service reliability and customer support quality. Lastly, consider bundling services or packages, such as TV and phone, to potentially save further. By carrying out thorough research and considering all factors, users can find a broadband deal that offers the best value for their needs.”

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