Fraud is a serious risk that companies face in this complex global business environment. A 2008 study has shown, nearly 1/3 of companies had experienced a fraud in relation to payments. Switching to an EFT solution such as B4B, which includes PGP (Pretty Good Privacy) Encryption as an option as appose to relying on cheques and manual payment processes can provide reassurance, better security and complete knowledge of payments being made.
PROFESSIONAL ADVANTAGE Blog UK
Things are moving swiftly in the payments market. More and more people that I know, no longer carry any cash around with them. Gone are the days of being weighed down by copious amounts...
The progression of advanced systems and operational intelligence over the years has lead to businesses/organisations having the ability to use data in a proactive way so that problems can be identified immediately. Data analytics and sensor information can identified the problem immediately with enhanced process management controls preventing the problem occurring at all. In the modern world, It has become the new ‘normal’ to to respond to everyday activities exceptionally.
Cash payments seem to be a thing of the past especially with the introduction of contactless payment bank cards. And not only that, cash is not accepted as the appropriate payment method for some type of purchases such as transport systems services.
Many retail companies today are using a process which allows them to offer products to customers with the option to buy now and pay later (6-12 months). But how are they managing this process? Answer is: a credit management system.
Research shows the cheque/check will be non-existent in the next decade although the US is holding on quite strongly. EFT is becoming the method of payment most countries are currently using, particularly the UK.
Mobile connectivity has suddenly stepped away from the early social network and email adopters to become commonplace. The big jump is the fact that it is no longer the social animals driving the moves forward. Businesses are rapidly taking up the drive for mobility.
I had some discussions recently regarding a multinational replacing a pretty, but poorly functioning eProcurement system with iPOS for SunSystems and an old joke popped into my head.
How many psychiatrists does it take to change a light bulb?
Computers are consistent, people are not. Business process management delivers reliable, repeatable and sustainable results.
I really enjoyed the National iPOS User Day last year. It was great to meet so many of our Australian iPOS for SunSystems clients and to be part of such a vibrant and engaged group. During the day we were honoured to have a couple of stand-up customer stories.
Sometimes we have procurement projects where the project goals are undermined by Dickensian thinking. David Parmenter in his book Winning CFOs writes that the paper-based processes deployed in the accounts payable function are akin to operating in Charles Dickens’ era.