Mismanaged projects are destined to fail and reduce business revenue. For every $1 billion invested in projects in the U.S., a whopping $122 million is wasted by failing to manage projects efficiently.
To avoid wasting this kind of money on your projects, you must start by understanding the reasons for project failure. Some of the top reasons for project failure are:
- Forty-one percent of respondents believe teams fail because of their inability to keep pace with changing organizational priorities.
- Thirty-eight percent feel they don’t understand project objectives, and 31 percent feel that the projects fail because they’re executed without a clear vision and goals.
- Thirty-seven percent feel that the organization can’t accurately define project requirements to its employees, which results in project failures.
Data is no longer the “new oil.”
Though parallels have been drawn between the current data boom and the oil boom of a century ago, data has become a huge opportunity for growth that small businesses need to cash into.
Unlike oil, data is an infinite and all-encompassing ubiquitous concept that has become an invaluable “natural resource.” Therefore, data is no longer the new oil; rather, it’s the lifeblood for the likes of Facebook, Google, and Amazon, which capitalize on 2.5 quintillion bytes of data generated in a day by mobile devices, the internet of things (IoT), and other large data platforms, such as social media.
What will the future of business analytics look like? If only you could ask someone from the future for advice—or better yet, see it for yourself.
But you don’t need to be a time traveler to take a good guess: the future of business analytics is small business. (more…)
Invoice management is at the core of accounts payable (AP) for small businesses.
However, adopting electronic invoicing (e-invoicing) has become one of the top challenges that small businesses face while processing high volume invoice transactions from their suppliers or trading partners. (more…)
Picture this: You have a pile of invoices and expense receipts that need to be recorded in your accounting software’s general ledger before the fiscal year ends.
You could hire contract or freelance workers to help speed up the data entry, but that’s going to be expensive, and you’ll also have to invest some time for training. One way to boost your financial data management would be to automate the process, but that sounds complicated—and expensive.
Automation technologies, such as robotic process automation (RPA), can help you transfer financial data from primary data sources such as emails and spreadsheets into your database with great accuracy and speed without the need to hire more employees.