Home Blog Page 574

How environmentally sustainable is the maritime industry?

0

Supporting 90% of trade worldwide, the sector plays a crucial role in the continuation of the global economy and was a lifeline during the Covid-19 pandemic when air travel ceased. With the maritime industry playing such a vital role in our lives, you may be questioning just how environmentally sustainable the sector is, as well as the ways in which we can improve it as a whole.

Sustainability is a hot topic in the maritime industry. Although the environmental performance of ships and vessels has not always been a key priority, the recent push for more environmentally friendly infrastructure in the transportation sector could mean that the spotlight will soon be shone on the maritime industry.

So how environmentally friendly is the maritime industry? And how can we approve its sustainability without harming the global economy?

Sustainability in the maritime industry

Approximately 2.5% of the world’s yearly greenhouse gas (GHG) emissions are attributed to the shipping industry, which annually produces around 940 million tons of CO2. Although the maritime industry carries significantly less environmental impact than other sectors, change is still required due to the sheer magnitude of the sector itself. For example, over 85% of trade to and from the UK is transported by sea, by the maritime sector. 

That’s not to say that the industry isn’t already implementing more environmentally sustainable practices. From marine conversion and refit services to the elimination of single-use plastic on board, there are a number of existing initiatives already in place.

Single-use plastic

It is perfectly logical that the maritime sector itself should be one of many industries driving initiatives that will preserve our oceans given that an estimated 33 billion pounds of plastic end up in our marine habitats each year.

Many maritime companies have already made the switch to more environmentally friendly drinking solutions at sea, including finding more sustainable ways to distribute drinking water onboard a vessel. This involves reducing the use of single-use plastic by implementing new assets including the installation of water units and other infrastructure onboard, offering reusable water bottles at sea and the procurement of more filtration stations.

A transition to renewable energy

The International Maritime Organization (IMO), an agency affiliated with the United Nations, made a commitment in 2008 to reduce the total annual greenhouse gas emissions from shipping by at least 50% by 2050. This is why the use of wind power is once again being investigated in a variety of ways, which is calling for the implementation of brand-new tools, technologies and operational procedures to make it happen.

For instance, cutting-edge technology is already being used to create modern hybrid container ships that will once again utilise the energy of the wind, much as our forefathers did a little over a century ago. As a result, conventional sails constructed of considerably stronger, lighter materials may be the future of the marine industry.

Conversion & refit services

The terms conversion and refit are particularly popular buzzwords in the maritime industry right now, with many owners/operators opting for maritime conversion and refit services over new builds.

As the name suggests, a conversion and refit service is the alteration of an existing vessel. It’s a highly complicated process that requires stringent project management and usually entails upgrading, lengthening or repowering an existing vessel for the purpose of modernising a vessel – or in this case, implementing more environmentally sustainable infrastructure onboard.

Your conversion and refit will differ depending on the type of vessel that requires servicing, as well as what it requires. During a conversion, a vessel will be converted, upgraded or repurposed to perform a new role. A refit, on the other hand, is where older equipment and infrastructure are replaced meaning the structure of the vessel remains largely unchanged.  There is also the term green retrofit which is the refurbishment of an existing vessel or ship for the purpose of making it more sustainable, efficient and better for the environment

What is green retrofitting?

A green retrofit is essentially an effort to lessen a vessel’s carbon footprint and future-proof it for the purpose of making it more environmentally sustainable and efficient. The adjustments made during the green retrofit process range from smaller projects to major refurbishments that overhaul the infrastructure of the entire vessel.

There are no set criteria defining what constitutes green retrofitting. This is due to the fact that the refurbishment and adjustments made will depend on the particular vessel specifications, the difficulties encountered and the end goal of the project.

Traditionally in the maritime sector, new builds have typically been less expensive and more straightforward than conversion, refit and retrofit projects.It is these challenges that in the past, have deterred the maritime industry from converting, refitting and retrofitting existing vessels. However, it’s important to remember that these services can achieve environmental sustainability with a series of smaller, more cost-effective projects and do not necessarily require a massive overhaul. These days, you don’t need to build a brand new vessel to achieve environmental sustainability.

Final thoughts

Although the marine industry’s environmental performance has never truly been questioned in the past, it won’t be long before the sector is in the news. The revolution is already here, and with large and small businesses alike implementing more environmentally sustainable practices in their operations, it’s obvious the future is green.

It goes without saying that the marine industry must embrace environmentally sustainable processes if it hopes to future-proof its operations and contribute to the preservation of the planet. It could be as straightforward as switching out single-use water bottles with high-quality, reusable ones or as complex as a full green retrofit of your vessel. Either way, there’s been a better time to make the switch.

A NEW COMMUNITY IS CREATED AS FIRST MOVERS ARRIVE AT LOVELL HOMES’ HULL DEVELOPMENT

0

LEADING housebuilder Lovell Homes is celebrating the arrival of the first family at its Kirk Ella development, The Sycamores.

First to snap up a plot on the site, which will boast 224 two-, three- and four-bedroom houses when complete, are second-time-buyers Laura Beet and James Beadle, who have moved into a three-bed detached Newbury home.

Laura said: “I’m originally from this area and, when James and I were looking at purchasing our second home, we decided two things: we wanted to move to Kirk Ella and we wanted to buy a new build. Initially, we came to the development to look at the three-bed semi-detached options but, when we saw the Newbury, it was too good to resist!

“The team at Lovell was on hand from start to finish to support with our sale and has continued to be there for us post-purchase whenever we’ve needed them. We’re thrilled to be the first arrivals at The Sycamores and can’t wait to meet our neighbours as more families join us.”

Colette Ben Tarcha, regional sales director at Lovell Homes, said: “We’re so pleased to be able to start welcoming the first families at The Sycamores as we look to create an exciting new community in Kirk Ella. The fact that we’ve been able to provide Laura with the opportunity to move back to her hometown is incredibly gratifying and I’d like to wish her and James all the best in their new home.”    

Laura added: “Thanks to Lovell Homes, we’ve not only been able to move back to the town I love, but also into a house that we adore on a development that’s incredibly picturesque. Both James and I are incredibly excited to take this first step in the next chapter and can’t wait to see what the future holds.”

Two three-bedroom show homes and one four-bedroom are available to view, with prices for three-bedroom homes starting from £295,000 and four-bedroom homes from £345,000. Several more homes are already reserved at The Sycamores, with completion due by summer 2026.

XBO.COM: A key player in the world of digital assets!

0

Introduction

XBO cryptocurrency exchange is around the corner and is preparing for a grand launch. It will provide access to an array of digital assets and cryptocurrencies accessible for trading. Digital assets can be valuable  with the potential to support a country’s economy, to deliver door-to-door products, and fund various social and economic causes. However, the potential remains hidden and unutilized to a great extent.

Apart from the multiple reasons and differentiating factors, this is one of the rationales why XBO will be a game-changer: It offers an intuitive platform to trade cryptocurrencies, bridging the barrier of complexity.

Why Choose XBO.com?

There are 20 million active cryptocurrency traders in India, holding crypto assets worth $5.3 billion. Yet many middle-aged and even millennial populations consider cryptocurrency as an exclusive service for the ultra-wealthy.

XBO cryptocurrency exchange will bring forth an array of opportunities for millennials and the middle-class population via:

  • Inclusivity:  XBO is coming soon to break the notion that cryptocurrency is available only to wealthy people. In future, there will be no one present to put a lid on the common man’s aspirations.
  • Communication: Whether it’s a launch of a billion-dollar project or an upgrade to an existing product, communication is the key. XBO claims to listen to their users.
  • Progress: XBO is an exchange for all. They believe in complete transparency of inner operations and communicating regularly regarding the transactions commission and terms of service.

Their Mission:

XBO has a mission to bring digital assets in day-to-day transactions and empower people through cryptocurrency. Unlike other cryptocurrency exchanges, they are aiming  to bridging the barrier to entry by dispensing user-friendly technology, coupled with  exceptional customer service.

They say  ‘everyone has the right to take part in the crypto revolution.’ Theyaim to enable users  through  web and mobile platforms that provide a secure and easy-to-trade infrastructure and unique user-interface, so that you can buy, sell and trade existing crypto assets.

Why choose XBO early access program?

XBO is offering a pre-launch benefit to its first 10,000 users. Whoever opts for the early access program will directly get access to the Gold tier with many appealing features:

  • A 0.1% exchange cashback
  • Two free cryptocurrencies and two fiat currency withdrawals each month. Unlike other exchanges that charge $3 to $10 for the services.
  • Spot trading fee varies according to the monthly volume. The favourable spot trading fees will be 0.38% for takers and 0.29% for the maker.
  • An XBO Gold card
  • A random allocation of crypto rewards in various currencies (basically free money)
  • An opportunity to win a lifetime membership to the rare Black Diamond tier

Every action on the XBO cryptocurrency exchange (like transacting, buying and selling, and making withdrawals) is rewarded with experience points (XP). If you are a member of the XBO early access program, you will enter a draw with 10,000 verified members, and a few lucky ones will be rewarded with a lifetime membership to the Black Diamond tier. Otherwise, 2,100,000 XP are needed to reach the Black Diamond tier.

How does the XBO loyalty Program work?

The XBO.com loyalty program has five tiers. Each tier offers extra perks and benefits for the users, like cashbacks, free cryptos and fiat currencies and an increase in randomised crypto rewards.

Let’s list down the five tiers and their features:

Silver

Silver is the basic tier of XBO.com and requires 100 XP (Experience Points). Here are the benefits offered: 

  • Free crypto deposit.
  • Spot trading fees (Taker/Maker) 0.40%/0.30%.

Gold

Gold is the second tier and requires  10,000 XPs. The benefits can be used to open more favourable market positions and include:

  • Free crypto deposit.
  • Exchange cashback 0.1%.
  • Free crypto withdrawals per month 2.
  • Free fiat withdrawals per month 2.
  • Spot trading fees (Taker/Maker) 0.38%/0.29%.
  • XBO gold card.
  • Crypto rewards with a random amount of cryptos.

Platinum

Platinum is the third loyalty tier and requires  65,000 XPs.  It offers the following benefits:

  • Free crypto deposit.
  • Exchange cashback 0.25%.
  • Free crypto withdrawals per month 3.
  • Free fiat withdrawals per month 3.
  • Spot trading fees (Taker/Maker) 0.36%/0.27%.
  • XBO platinum card.
  • Crypto rewards with a random amount of X 2.5 with cryptos.

Diamond

Diamond is an advanced program with several benefits to support traders. It requires   65,000 XPs.  It offers the following benefits:

  • Free crypto deposit.
  • Exchange cashback 0.5%.
  • Free crypto withdrawals per month 4.
  • Free fiat withdrawals per month 4.
  • Spot trading fees (Taker/Maker) 0.32%/0.24%.
  • XBO Diamond card (free metal).
  • Crypto rewards with a random amount of X 10 of cryptos.

Black Diamond

The user experience of a black diamond tier will be above all levels. It is an exclusive tier. Hurry up and register to get a chance to win the rare life-long Black Diamond loyalty status.

Bottom Line:

The XBO.com Crypto exchange will soon be ready to provide a benchmark experience to its users with cutting-edge technologies. Whether a beginner or an experienced trader, it can give you best-in-class experience with the stated mission and security measures. The users can avail various benefits with early registration. The simple user interface design on the web and mobile platforms will improve users’ trading experience.

To access the website and earn an early access reward, visit www.xbo.com.

Road Sofa Announces Affiliate List

0

Road Sofa, the up and coming streaming network of Gen Z, has announced a curated selection of high-level affiliates widely used within the Zoomer community.

In addition to streaming content, Road Sofa subscribers will be able to access high end brands through the Road Sofa network. This growing list of affiliates includes NordVPN, Skillshare, Pure Hemp Botanical, DaVinci, and Sneak Energy. In addition the streaming network has promised to continue to add to this growing list over time.

The affiliations will be mutually beneficial for everyone. Subscribers will be able to get great deals on their favorite brands while Road Sofa can keep the subscription costs at the low price of $3 per month. On top of that each brand should get extra exposure to customers that are in their primary demographic.

The team of Zoomers at Road Sofa founded the company on the belief that content is best curated by the demographic who will watch it. This philosophy seems to extend to the brands they affiliate with. Omar Parker the Chief Revenue & Content Officer stated that he would only ever associate with a brand that he would actually use. He also stated that it was the easiest job he’s ever had with his newfound responsibilities. Parker said, “I’m shopping for me. Anything I would watch or buy, I think of that and come up with a gameplan on how we can provide that at a lower cost than any of our streaming competitors.”

Road Sofa was founded just a few months ago in May of 2022. It is being designed to provide both short and long form content about topics that Gen Z cares about, both in fiction and non-fiction. The company is also currently in the process of producing their own content, including an adventure documentary, Idiots in Search Of, and a comedy documentary, Gummy Bear TV.

Road Sofa will launch in beta later this year in North America, Australia, and Europe. If you are looking for more details you can sign up for email updates at www.roadsofa.com/beta-updates

5 ways to get more YouTube subscribers for your e-commerce business

0

After all this time, YouTube is still the king of shared content. The videos shared on there are educational, entertaining and can express your brand. Videos are shared in a few clicks with those who love it enough getting notified as new pieces arrive.

Those already using YouTube will know the power of the platform if you’re following a certain series of tips. If you keep posting, dry, dull or irrelevant content, or worse still, spam subscribers with notifications, you create a major disinterest.

Here we share how to use YouTube to its advantage to promote your brand and create an engaged audience.

1. Call to action

As with any piece of online content, you should be including a call to action. It’s where you ask the audience to do something. Asking your audience to subscribe and engage truly is essential to getting the interactions you want. 

Don’t let your video content lose value. Ensure your calls to action are engaging and creative. For example, ‘For top tips for losing weight, hit that subscribe button!

2. Content is king

One way that you can develop and keep track of interesting ideas to make videos on is by scheduling content on a specific calendar after you make some creative decisions with a trusted colleague. 

Content should be interesting and engaging with significant value. Using tips, facts and showing expertise keep your audience entertained.  

3. Don’t forget your existing audience 

You already have an audience who read your blogs and subscribe to your email lists or social media channels. By simply promoting, linking, and even creating content about your YouTube channel, you guide people already interested in what you have to say towards your videos, which will, in turn, increase engagement and visibility for people who aren’t in your initial audience.

4. Engage all social media

Have you tried a quick poll on your social platforms eg facebook, about your YouTube channel? Competitions are a great way to utilise them all. You can even post tiny parts of your new videos on socials. The more people sharing, interacting with, and being exposed to your content, the better. 

Engagement on multiple platforms keeps your audience interested and helps you get more followers – plus it gives you an interactive brand image. And network away! Compliment others and watch the favour be returned.

5. Engage with other businesses

Whatever your business it’s likely there’s a successful YouTube channel to collaborate with. Make relationships with them for the long term. Use your own ideas but see if there’s a way to join forces without treading on toes.

You can even use each other’s audience for charity events.

Payment declines jump 37%

0

99% of merchants have seen an increase of at least 5% in payment declines (with an average 37% decline) following the introduction of Strong Customer Authentication; a third (35%) saw payments fraud jump since the start of the pandemic.

Nuapay (EML Payments Limited’s (ASX: EML) Open Banking business), has revealed that U.K. businesses have seen payment decline rates increase by an average of 37% following the enforcement of Strong Customer Authentication (SCA) rules on Mar. 14.

As the cost to business continues to compound, EML commissioned data highlights the importance of merchants acting now to review the technology used at checkout. Open banking payments offer a secure, efficient and cost-effective alternative to traditional cards.

More than a third (35%) of the payment decision-makers surveyed said their businesses’ payment fraud rate had increased versus two years ago at the beginning of the pandemic. Alarmingly, however, when asked if current payments security measures such as PSD2 (the second Payment Services Directive) SCA were fit for purpose, 62% were dissatisfied and felt there was still room for improvement.

Notably, nearly all of the merchants surveyed (99%) have seen an increase in payment decline rate of 5% or more since the new regulation came into force.

Additional findings:

· 29% believe the regulations need to go further to prevent fraud.

· A third (33%) said the regulations have a negative impact on the customer experience.

· By comparison, 39% felt the regulations were fully fit for purpose.

“As the research shows, SCA regulations have been far from the silver bullet that regulators might have hoped, creating serious checkout friction and frustration for consumers and lost sales for businesses,” explained Brian Hanrahan, CEO, EML’s Nuapay Business Division.

”Open banking payments offer a clear solution because they’ve been designed since Day 1 to comply with SCA while giving a great mobile-native user experience. They are inherently far more secure than other forms of payment as they don’t require a customer to share their card details with the merchant.”

The new research shows that security and data protection concerns are set to continue. A third (33%) of merchants agreed that payments security would be their biggest challenge over the next 18 months, and a further 29% said data protection would be a primary concern.

The news follows an announcement by Nuapay last month that one in four (25%) of payments professionals predict that open banking will become the most popular payment method amongst customers in the next 5 years.

Meet us at the Merchant Payments Ecosystem MPE Berlin, Germany event from Jul. 5 – 7, where Brian Hanrahan is excited to be speaking on stage about open banking during Session 4 tomorrow at 15:00 PM CET.

British chain Pret A Manger to launch in India, marking milestone between UK–India investment corridor

This comes as economic powerhouse recorded $82.3bn worth of deals in Q2, despite global volume being down 8.7%

Gaurav Singh, founder of the largest bilateral investment back across UK/India, JPIN, explains why UK businesses are looking East for investment opportunities to scale up.

Yesterday, India’s Reliance Industries announced a franchise partnership with Pret A Manger to launch and build the British chain in India. This marks a huge step for UK businesses looking East for opportunities in scaling up, as Britain’s largest-ever trade agreement lies on the horizon with one of the fastest-growing economies. Reliance Brands Ltd (RBL) – run by one of India’s most affluential men, Mukhesh Ambani – is India’s largest listed conglomerate, and already has a number of partnerships with multiple global brands such as Jimmy Choo and Burberry. This partnership demonstrates yet another key milestone between the India and UK corridor, highlighting the significance of establishing a strategic relationship with the nation. India’s booming economy has proven to be a vital lifeline for British businesses looking to scale up and expand onto a global scale. 

Earlier this month, American conglomerate, Apollo Global Management, made a binding bid with Reliance Industries to acquire high street chemist, Boots – owned by US retailer, Walgreens Boots Alliance – which is valued at between £5bn and £6bn. This comes as India recorded a record $82.3bn in mergers and acquisitions in the last quarter, despite global volume being down 8.7% – according to Bloomberg. The appetite of strategic investors has continued to fuel the nation’s economy, and now, UK businesses are looking to their significant pool of capital for investment opportunities. Despite the sharp curb of global M&As, catalysed by the effects of a worldwide inflation and a stock market rout, India has continued to break records in growth, and the country is set to overtake China as the fastest-growing economy by the end of the year.

More importantly, India has been a key player in providing the UK with various aspects of economic and trade support, to assist with combating the severe talent shortages in the IT sector, and the dire lag in digital services. Earlier this year, Prime Minister Boris Johnson announced £1bn in new commercial deals with India, with hopes of generating 11,000 new jobs in the UK. As businesses across Britain continue to navigate the implications of worldwide ‘stagflation’, India – dubbed as Asia’s Silicon Valley – has proven to be an anchor for firms looking to expand, however don’t have the means of capital to do so. Their young and dynamic population has given birth to some of the world’s most successful CEOs, and a relationship between both countries will likely be integral to lift Britain out of the current economic slump. 

Gaurav Singh, founder of JPIN, comments:

“It’s clear that some of the most well-known economies around the world are taking significant interest in establishing an economic relationship with India. The country has continued to show signs of real development with record growth in exports and foreign investment. Pret A Manger’s expansion to the country is a great example of this, and I expect to see many more companies following suit in the coming months and years.

“With the pandemic having created a unique and arguably, challenging landscape for British businesses, India presents as a key driver in providing a sufficient means of capital for firms looking for opportunities to scale up.

“India’s record-breaking quarter for M&A activity clearly illustrates the country’s wealth in investment opportunities. As one of the leading hubs of IT and technology, I expect to see an increasing number of investors turning East in search of funding opportunities that can assist with scaling UK companies in such a bleak socio-economic landscape.”

How Important Are Translation Solutions For Your Business Site?

0

Business websites are incredibly important. Modern businesses rely on websites to inform customers and prospective customers, to sell goods or services, and to increase brand recognition. However, if your website is only available in one language, you’re losing business.

The best business websites are those that are available and accessible to a wide range of people. When business content only comes in one language, the business passes up the opportunity to appeal to a bigger customer base. Fortunately, professional translation services can help. These services translate a website and other content into multiple languages, which offers businesses many benefits.

Choose A Service That Offers Multiple Translation Solutions

Modern businesses are fortunate in that they typically have several translation services to choose from. With that said, though, it’s important to choose a service with care. Quality translation solutions will be able to meet all of an organization’s translation needs. That way, you won’t have to get one type of content translated by one service and then turn to another for other types of content. When you visit Zab Translation Solutions, for example, you’ll see that they can translate several types of content, including websites, documents, app content, and more.

Improve SEO By Providing Content In Multiple Languages

The most successful business websites are built using proven search engine optimization (SEO) strategies. These strategies help draw targeted traffic to a website. They can also improve how sites are viewed by search engines, which makes the sites more likely to show up in the results when relevant searches are performed.

A qualified translation service will know how to implement SEO strategies from one piece of content into another piece of content, despite the two being in different languages. As a result, businesses essentially get double the SEO results. If they’re drawing traffic to several pages in different languages, this makes them look popular and helpful to the search engines. In turn, the search engines are more likely to suggest a site to searchers. This can mean more traffic and attention for a site, which, in turn, can mean more conversions and more success.

Businesses Can Show Where Their Values Lie

Right now, there is a push for businesses and organizations of all types to focus more on inclusiveness. Being inclusive means hiring employees who come from different backgrounds and bring different strengths to a business. It also means marketing to and welcoming customers from a vast range of backgrounds, including language backgrounds.

When a business uses a translation service and offers its content in multiple languages, it’s sending an important message. It’s saying that it values all kinds of people and wants to engage with them. By offering multilingual content, professionals can send a positive message about their business. This can help improve the business’ reputation and align the brand with honorable values, which can help attract more customers.

Remember, Quality Counts When It Comes To Translation

Obviously, there are a great many benefits to providing websites and business content in multiple languages. But, the quality of the translation matters significantly. When people can’t understand content due to poor or inaccurate translation, they may feel confused and frustrated, which doesn’t bode well for a business. In some cases, they may even feel offended since their preferred language has not been treated with care. Thus, it’s always best to rely on a skilled, professional translation service rather than on free online tools or less-experienced translators.

The bottom line is that today’s businesses should strive to be inclusive and offer their content in multiple languages. And, when they do, they should rely on trusted, experienced translation services. That’s the best way to ensure their efforts are rewarded.

5 creative ways to use custom stickers to increase conversions

0

When it comes to marketing, custom stickers can be a powerful tool. They’re affordable, easy to produce, and can be used in a variety of ways to help increase conversions. Here are 5 creative ways you can use custom stickers to increase your conversion rate:

1. Create high-quality product packaging with premium stickers

Adding high-quality custom labels to your packaging can give your brand a professional look. By using premium stickers, you can make sure that your products stand out on store shelves and entice customers to take a closer look. This can also be an effective way to communicate your brand’s message and values.

2. Try out limited edition campaigns

Using custom stickers for limited edition campaigns can be a great way to increase conversions. This is because customers are often drawn to products that are part of a limited edition release. Using custom stickers, you can make your products stand out and let customers know they’re part of something special. Limited edition campaigns create a sense of urgency and encourage customers to act quickly.

3. Use them to direct traffic to your website

One creative way to use custom stickers is to direct traffic to your website. By including your website address on your stickers in the form of a QR code, you can make it easy for customers to find your online store. Not only does this give customers immediate access to more information, but it also increases web traffic and boosts your online sales.

4. Stick them on cars or trucks for advertising on the go

Another creative way to use custom stickers is to stick them on cars or trucks. Personalised car stickers are a cool way to get your brand’s message out there and advertise on the go. It is an effective way to reach a wide audience as they simply come across your brand in their day-to-day life.

5. Include free stickers with every order

Including free stickers with every order is a great way to increase conversions. Customers love freebies, and by including custom logo stickers with every purchase, you can make your customers happy and encourage them to buy from you again in the future. Additionally, including free stickers with every order can help to build brand loyalty and keep your customers coming back for more.

Custom stickers can be a powerful marketing tool, and by using them in creative ways, you can increase your conversion rate. Try out some of the ideas we’ve suggested and let us know which ones work best for you.

Accounts Payable Automation: Is It A Solution?

0

Accounts payable automation or AP automation reduces the manual tasks associated with accounts payable. Automation technology creates a digital workflow for routine steps like receiving invoices and routing them for approval, payment and reconciliation. The process starts by capturing invoices electronically. Yooz compares invoice details with open purchase orders. Any discrepancies are flagged for review, and matched invoices are automatically routed for approval or scheduled for payment. Many companies are turning to accounts payable outsourcing services to streamline operations, reduce costs, and ensure timely vendor payments.

Why Every Business Should Invest In Accounts Payable Automation

Every business should prioritize investing in AP automation. Automation saves time by removing unnecessary manual tasks and making the core processes more efficient. A well-configured software also reduces errors and provides meaningful insights. Beyond these time and cost-saving measures, AP automation software can also be used to detect, flag and prevent potential fraud from overstated or duplicated invoices.

This set of benefits lays the foundation for an effective business, creates more opportunities to scale up operations, and improves the bottom line in the long run.

Getting The Most Out Of Accounts Payable Automation

Financial controllers and accountants should follow some key procedures to get the full benefits of AP automation software. These practices guide the most effective techniques to maximize the ROI on accounts payable software:

All Hands On Deck – All staff members should be on board to ensure your AP software translates into the benefits we have identified. Financial heads should engage their team members and inform them of the benefits of AP automation. They should take feedback from exhaustive discussions and apply it to vendors’ proposals.

Selecting A Project Leader – Capable people should be assigned to oversee and implement AP software. The project head is responsible for monitoring and troubleshooting the software. Project leaders are also in charge of training their colleagues on industry best practices in automation processes.

Multi-Stage Implementation – There is often a large amount of data that can be immediately automated. It is advisable to automate in stages and monitor between stages. There is a learning curve associated with rolling out a new software; thus, the process should be managed gradually.

Integrate Existing Systems – Your AP automation software should integrate into the existing infrastructure. There should be no data duplication in more than one system as this cancels out the benefits of automation. The AP software should communicate with the existing database through ERPs and other business programs.

Create Work Structures – Workflows in AP automation software give a real-time snapshot of the supply chain. You can monitor the movement of orders and identify areas where you can reduce turnaround times.

Set Up Actionable KPIs – The AP automation software gives financial controllers access to new and valuable insights. You can use this data to monitor key indicators such as free cash flow, cash tied up in inventory and balances on outstanding accounts.

Selecting The Right AP Software

Include these steps as you choose an accounts payable automation system:

Pre-plan – Set up a team to determine the company’s most pressing needs.

Collect and rank your requirements – Document how the existing software works and highlight the areas that can benefit from automation. This creates the blueprint of requirements to formulate the features of the software.

Vendor Engagement – Speak to potential vendors and software providers and factor in scale, price and ease of use.

Vendor Selection- Pick the vendor that can deliver in the most practical way in terms of cost and post-purchase support.

Conclusion

By reducing manual processes and delivering payments on time, AP automation helps a business improve relationships with suppliers and partners. It boosts productivity, reduces days sales outstanding, and saves money, which increases profitability and growth.

  • bitcoinBitcoin (BTC) $ 89,596.00 2.12%
  • ethereumEthereum (ETH) $ 3,057.25 2.58%
  • tetherTether (USDT) $ 0.998904 0.03%
  • bnbBNB (BNB) $ 872.16 1.47%
  • xrpXRP (XRP) $ 1.90 2.79%
  • usd-coinUSDC (USDC) $ 1.00 0.03%
  • solanaWrapped SOL (SOL) $ 129.42 3.57%
  • tronTRON (TRX) $ 0.284700 0.04%
  • staked-etherLido Staked Ether (STETH) $ 3,054.80 2.56%
  • cardanoCardano (ADA) $ 0.365262 7.96%
  • avalanche-2Avalanche (AVAX) $ 13.52 9.65%
  • the-open-networkToncoin (TON) $ 1.73 3.38%
Enable Notifications OK No thanks