Investments in Sustainable Innovation for a Thriving Future
Dubai Exhibition Center, EXPO 2020 Dubai 29 – 31 March 2022
Initiated by the UAE’s Ministry of Economy and under the patronage of HH Sheikh Mohamed Bin Rashid Al Maktoum, the Annual Investment Meeting is the world’s leading investment platform, which creates a regional and global economic transformation by providing investment opportunities, upholding solidarity, and developing strong economic relations among countries, investors, startups, SMEs, and all other stakeholders in the global investment arena. The 6 pillars of AIM strive to support all economic sectors by opening numerous opportunities to the world as a dynamic roadmap to economic recovery. The 6 pillars are FDI, SMEs, Startups, Future Cities, FPI, and 50 Projects Initiative.
Businesses and organizations process more than a billion invoices annually, and studies show that this number could increase four times by 2035. Fortunately, the growing adoption of procurement technology can help chief procurement officers, suppliers, and accounts payable teams handle this number. Currently, 89% of U.S businesses have adopted digital-first strategies, which include automated invoice processing.
https://unsplash.com/photos/sNwnjxm8eTY
Electronic invoicing is part of AP automation that has proved to be a viable solution to the many challenges associated with invoicing. Outlined below are a few reasons why businesses should take advantage of artificial intelligence in their invoicing processes.
1. Time-saving
Before the inception of accounts payable automation, the typical invoicing procedure was as follows:
The supplier starts by generating the invoice
The supplier then sends the invoice to the buyer
The buyer prints the invoice
Buyer enters and reviews invoice data
The buyer approves the supplier’s invoice and writes a check
The buyer mails the check to the supplier
Along this process, expect some back and forth between the supplier and buyer if the invoice has discrepancies. That said, the entire accounts payable process may take between 30 and 90 days, including room for errors in the cycle.
Contrastingly, with automated invoicing solutions, approval takes minutes without human intervention. Automated invoices eliminate the lengthy process, reduce errors, and thus eliminate the possibility of late payments. A study by Atradius shows that 87.6% of Western European businesses and 90% of U.S businesses report regular late payments due to past-due invoices.
2. Saves on cost
The Institute of Finance and Management estimates that businesses spend between $1 and $21 for invoice processing. These estimations were done by dividing the cost of maintaining accounts payable staff by the number of invoices processed within a given period.
Similarly, an Ardent Partner study estimated the average cost of automated invoice processing to be $11.57. This includes overheads, labor costs, and technology. Switching to automated processes reduces printing costs, labor expenditures, mailing overhead, and possibly late fees.
3. Improve efficiency
Human error in business processes cannot be avoided. Interestingly, more than 16% and 15% of late payments in the U.S and Western Europe respectively stem from inaccurate invoices. Fortunately, automating invoice processing can improve invoice accuracy, consistency, reporting, transparency, and general accountability.
Improving efficiencies of your finance department frees your accounts payable teams to focus on other important tasks. The business also grows safely, with surety that the digitized system can handle the increasing amount of invoices accurately.
4. Improved compliance
Invoice is among the key documents used as evidence of tax compliance. It also helps validate tax audits, which may be conducted years after a business transaction. Initially, businesses relied on paper documentation, which is most likely to be misplaced. Businesses also had to hire storage facilities and warehouse boxes to store their paid invoices.
On the other hand, copies of invoices are submitted online with automated AP. Original documents can also be submitted to tax authorities with ease. Purchase orders are quickly converted into an invoice, eliminating the risks of manual discrepancies.
Endnote
Invoice management is an important part of financial planning. Members of the AP team can attest that invoice management can take a toll on people, time, and financial resources. Most businesses don’t achieve invoice efficiency for these reasons, affecting business cash flow and bottom line. Shifting to automated invoice processing, saves on cost, and boosts data visibility.
The executive recruitment process can be complicated and time-consuming, with everything from searching for the right position and interviewing to making the right choice for which executive position will best meet your needs. This process isn’t usually something that’s complete overnight, so it’s important to be prepared for what the process will bring, with tenacity, and focus on what you need.
If you’re already discouraged, take heart knowing that executive recruiters have been doing this process for years, and they’re ideally suited to offer insight and support that should get you through the recruitment process quickly and painlessly. These tips will help you optimize your executive job search process and get you the right executive position as soon as possible.
What Sets Your Brand Apart?
Before you search for candidates, first look at the market to understand the range of opportunities currently available. Then, focus on your brand. What sets you apart? What might a company love or hate about your resume, your social media presence, and your reputation? Also, look at how you’re already positioned among your fellow candidates.
There could be a wide range of reasons you have negative vibes following your personal profile and online platforms. Whether you’re using a recruitment service or handling the process yourself, be prepared to address any issues. Also, be transparent about why you’re the best candidate for the executive-level position.
The reasoning may not be as logical and obvious as you think. Communicate why you are the quality solution to bring the level of performance, versatility, and high-powered relevance they need. Show you’re excited about the opportunity and what you will do to make a difference.
Is a Recruiter the Best Solution?
The recruitment industry is a billion-dollar industry and rising, with 3-15% of all jobs being filled by recruiters. So recruitment works most of the time. It’s just a matter of whether a recruiter will get you the right solution for your needs and how long that process will ultimately end up taking. To get the best possible options for your needs, you should be upfront about what you’re looking for but also what you’re not looking for.
Beyond setting the groundwork for a successful relationship with your recruiter, keep the lines of communication open and build a relationship with them. It might take a while for the right situation to appear, but if you’re patient, you may find what you’re looking for. There’s really no guarantee that your search will be successful, even if there are positive signs. That’s where the positive attitude, tenacity, and continued professionalism all come into play.
Be Upfront About Employment Flexibility
Flexibility is a key focus for executive candidates. Now, as many as 55% of global businesses offer some capacity for remote work and 18% of workers are remote full-time. There’s still a great deal of uncertainty in the marketplace about remote, hybrid, and in-office work. Your ability to be flexible may be an important consideration, or it may really not matter to you at all.
Regardless of how flexible you will be, you should be upfront with prospective recruiters and employers. As you search for the right executive-level job to meet your needs, address the remote situation, and be clear about your expectations. Think about what you will need the position to be and become both now and in the future. Then focus on that as you work through the recruitment process.
If it’s a give and take, how are you uniquely qualified to fill the position, and how does your need for flexibility fit into that requirement? You’re offering value, but how can you make that aspect resonate with recruiters and employers? They can’t rely on empty promises, so what have you done in the past that proves that you will deliver the level of expertise and true value they need?
Do You Need Focused Help?
A recruitment agency may offer generalized executive recruitment services, or they may specialize. Depending on what you’re looking for, you may be better served by a recruiter who is already experienced in your specialized area. If you’ve tried a more general recruitment service in the past without luck, you might try a more specialized recruitment option, and vice versus.
Simplify Your Recruitment Process
Simplified job applications and a streamlined recruitment process make life easier for everyone involved in the employment situation. Whether you’re proceeding with internal recruitment, you’re using agency software, or you’re using a recruitment service, you need a simple solution that will speed up the process.
The recruitment process doesn’t have to be painful or time-consuming. Most of the information you should need to make your decision should be easily accessible. So, you should be able to figure out the best solution in a streamlined and straightforward manner. Don’t let the process drag out and don’t make it more cumbersome than it needs to be.
Use Technology to Your Advantage
HR recruitment software and other tools make it fast and easy to search for and process executive candidates. Avoid the headaches, the indecision, and the back-and-forth. The best recruitment software not only streamlines the hiring process but also offers training and onboarding solutions to get everyone up to speed.
If you’re not sure where to start, rely on the sage advice of recruitment professionals. They can usually guide you through the initial steps of the process and assist you in navigating through all the complications that technology, lack of knowledge, and other roadblocks may put in your way. The common goal is to help you get up and running as quickly as possible.
In this article, we’ll share some smart ideas for your restaurant you can use to win more clients and separate yourself from the competition.
Integrate online reservation platforms
Online booking platforms are a must-have for restaurant marketing as they help them get discovered by a broader audience and receive more bookings. The most popular platforms to try are:
OpenTable
Eat App
Resy
Wisely
Table Agent
Eveve
Tablein
Add a reservation link to Google Business
Today, Google dominates online food searches.
When someone looks for a business on Google, they see a profile on the right side of the screen. That is a Google My Business listing. Google created this free tool to help businesses, owners, and visitors.
On top of displaying open hours, location, driving directions, reviews, and photos, restaurants can also add a link and take reservations directly from a GMB page.
It’s also possible to add your URLs for specific actions such as:
Viewing the menu
Booking an appointment
Searching for items
Placing an order.
Implement smart email marketing
Dozens of articles dedicated to restaurant marketing suggest implementing an email newsletter as a great free opportunity to get more clients. But almost all companies, including well-known players, use email marketing. So just sending out a generic email with some news and updates once a month will usually have little to no impact.
However, email still remains an excellent marketing channel if you know how to use it. One of the most crucial things to keep in mind is that you’re competing with other brands for attention in people’s inboxes.
So how do you stand out from the crowd?
Send email before b-day to offer to book a table for a celebration
It’s always a smart idea to send personalized emails. By using your customer data, you have a chance to create email marketing that is relevant to clients rather than just acting blindly.
Let’s take birthdays. This is one of the most important days for most people. So it’s very likely they’ll want to have dinner with their friends and family. If you’re smart about your marketing, they’ll choose your place.
So start with recording the birthday dates of your guests along with email addresses when they are making an online booking or receiving a bonus card.
When you have a database of such email addresses, you can send your customers personalized emails two or three weeks out from their birthdays telling them you have an excellent venue for their event.
Use a professional email signature with CTA ( book a table or with new dishes)
The email signature is like a digital business card you can include in every email you send. With this signature, you will let recipients know who you are, what you do, and most importantly, what you want them to do (it’s called call to action). Just imagine the number of extra guests you could get to your restaurant if you simply include a link to your menu or the option to book a table in your email signature.
It’s not enough to write the name of the dishes on the menu or on the restaurant’s website to attract new visitors. You need to take quality, appealing photos so that when people see what you have to offer, they would want to come and try.
Professional food photography is significantly different from what you do yourself: you won’t be able to get high-quality pictures on your phone or camera unless you have a lot of practice styling and photographing. In addition, you need special light, professional equipment, and, of course, artistic taste.
So hiring a pro food photographer is one option that shouldn’t be overlooked, even though it isn’t cheap.
Still not convinced? According to this survey, people specifically look for food photos on restaurant websites and social media. For example, 60% of Generation Z and 55% of Millennials check out food photos on a restaurant’s websites before they decide to order. Furthermore, 50% of Generation Z and 44% of Millennials say they scrapped the idea to visit the restaurant because the food photography wasn’t enticing.
Be in touch with local food bloggers and influencers
Look for influential bloggers that have a large following in your city. The common practice among restaurants is to invite such bloggers to your restaurant and offer them a free dining experience. As a rule, influencers feel their audience very well and can easily find a way to highlight the benefits and advantages of the product or service. According to statistics, 49% of consumers depend on the recommendations of influencers.
What do Wingstop, Sandwich Hag, and Steak’ n Shake have in common? Hint: it’s not just tasty food on the menu. All have adopted smart digital marketing strategies to grow their businesses. Let’s get inspired.
Wingstop
Wingstop, a chicken wing fast-food network, launched a smart campaign where they provide 1,000 branded merchandise items to those who will post on Wingstop’s Instagram. The brand also offered $10 via mobile payment to each user who posts an ad for the restaurant on their public Instagram profiles. The trick might work no worse than inviting bloggers.
On top of that, they announced that twenty-five million consumers are now placing orders digitally. This is 65% of all orders.
Sandwich Hag
The restaurant promotes the individuals behind their company to humanize the consumer experience. How can you use it?
The study reveals that 55% of people find stories more persuasive than facts and data. Try posting about what happens behind the scenes in your restaurant, and see how your audience responds to this tactic.
Steak’ n Shake
Everyone knows the importance of email sign-ups. So do Steak’ n Shake. That’s why the company uses its Instagram profile to direct visitors to their email sign-up. On top of that, they add an enticing incentive – a free shake to everyone who signs up.
On their Instagram, you can see many professional food pictures and photos of guests and staff, which also keeps people interested in the restaurant.
Summary
Here’s the restaurant marketing ideas list in full for your reference:
Integrate online reservation platforms such as OpenTable, Resy, Eat App, and others
Add a reservation link to Google Business
Send personalized emails based on customer history with your restaurant and before b-day
Use a professional email signature with CTAs (add links to a menu or online booking)
Hire a professional food photographer
Cooperate with bloggers and influencers
Reward your customers for reposts and sign-ups
Show what happens behind the scenes to humanize the consumer experience.
When you invest, no matter the larger economic conditions, you always want to ensure you’re diversifying your portfolio.
This is a concept that major corporations and wealthy people understand well. For example, corporations like UBS invest in blue-chip art. Many of these banks and global companies have full-time curators for their collections in order to diversify their investments.
While you may not be a multimillionaire or a global bank, the principles of diversification are critical to a good investment strategy. Your approach may also need some tweaking during periods of high inflation, like what we’re in now.
The following are things to know generally about inflation and how it might affect your investment strategy and approach to diversification.
An Overview of Diversification
A diversified portfolio is one with a broad mix of different types of investments. The longstanding wisdom was a 60/40 portfolio where you allocated 60% of your capital to invest in stocks, then 40% of your portfolio went to fixed-income investments, such as bonds.
There are opponents of this approach who feel there should be more stock exposure, particularly for younger people.
Overall, with a diversified portfolio, you might hold a wide variety of healthcare, energy, and tech stocks, as well as some from other industries. You don’t need exposure to every sector, but you should have a pretty varied portfolio made up of a healthy mix of quality companies.
You also want to have a combination of divided, large-cap, small-cap, growth, and value stocks.
Then, in addition to diversification in your stock portfolio, you want investments included in the mix that aren’t correlated. That means these investments don’t go up and down with the stock market.
Crypto, art, gold, bonds, bank CDs, and real estate are all examples of non-correlated investments.
What to Know About Inflation
Inflation is an increase in the overall price of goods and services. Inflation is measured as an annual percentage increase. The annual percentage increase is reported in the Consumer Price Index or CPI, which the U.S. Bureau of Labor Statistics prepares monthly. When inflation goes up, purchasing power goes down.
The rise of inflation affected fixed-asset values, and companies will raise their prices to compensate for their own rising costs.
As a consumer, you’re paying more across the board for goods and services. If you have certain assets, like a house, inflation can be a good thing. Your income may also rise, although maybe not enough to keep up with inflation.
Inflation increases the cost of living, and if it gets too high, it harms the economy.
The effects on the economy largely depend on the type of inflation. Walking inflation ranges from 3-10% a year while creeping inflation isn’t as dramatic. Running inflation indicates very aggressive pricing increases that might be leading to hyperinflation.
Rising prices might indicate the economy is growing very quickly. People then tend to stockpile and overbuy because they want to avoid future higher prices, and suppliers can’t keep up with demand, nor can wages. Everyday goods and services could be out of reach for many people in situations with severe inflation.
Inflation doesn’t always have to affect everything in the same ways. For example, during the financial crisis of 2008, home prices went down almost 20%, but gas prices doubled.
Mild inflation can be good for the economy because consumer spending is propelling economic growth.
The Federal Reserve sets an inflation target, with a healthy core inflation rate considered around 2%, taking out the impact of energy and food prices.
Other specific effects of inflation can include:
Inflation can have negative effects on retirement planning. The amount you target to save has to go up in order to pay for the same quality of life. Basically, your savings is going to buy you less over time. You have to start saving as soon as possible for retirement to utilize compounding interest, and you should use other strategies as well to hedge against inflation’s effects.
Treasury bonds are fixed-income assets that pay the same every year. If inflation goes up faster than the return on this asset, they’re less valuable. People will then try to sell them in response, bringing down their value further. The U.S. government has to issue higher Treasury yields to sell them, so mortgage interest rates often go up as a result. Higher rates lower the value of your investment, and the interest on national debt rises.
If you have a fixed-rate mortgage, inflation can be beneficial. The value of the monthly payments you make on your mortgage goes down over time.
If you have debt with a variable interest rate, you’re probably going to see that your minimum payments go up as inflation increases. This is most often the case with high interest credit cards but can apply to mortgages with a variable rate.
If you’re trying to buy a house, inflation has negative effects because their prices will typically rise along with inflation.
How Do You Invest to Protect Against Inflation?
When you’re an investor, you have to think about the best ways to hedge against inflation. You can plan for it by investing in asset classes that outperform the market during times of high inflation.
The following are particular investments to consider to protect against inflation:
Art
When you invest in art, it is a good hedge against inflation, and it also diversifies your portfolio and reduces volatility.
Many investors assume they’re not wealthy enough to get involved in the art marketplace. In reality, it can be accessible for anyone.
There are even new platforms that allow investors to own a piece of blue-chip art, much like an ETF.
Art is an asset class not correlated to other major asset classes, so this means if you have traditional assets like stocks or bonds that aren’t doing well, your art investments are more likely to hold their value.
Since art can be a physical asset, it tends to do well in inflationary periods.
Of course, any investment carries risks, but unlike equities which are sensitive to movements in the market, the art market as a whole has been growing steadily.
There are downsides you have to think about, like the lack of liquidity. Selling a piece of art can be time-consuming, which is why options that allow you to buy fractional shares are appealing, in addition to the lower point of entry.
Gold
Gold can serve as a hedge against inflation, and some describe it as an alternative currency, especially in places where the value of the native currency is declining.
Gold is a physical asset that largely tends to hold its value.
If you want to invest in gold to protect against inflation, you have three primary options. You can buy the physical asset, meaning you buy actual gold. You can buy shares of an ETF or mutual fund that follows the price of gold, or you can trade in the commodities market. Trading futures and options in the commodities market is usually left best to highly experienced investors.
While gold is an option, it’s not a perfect inflation hedge. For example, when inflation goes up, central banks will usually raise interest rates. If you have gold, it doesn’t pay a yield, so it’s not going to have as much value as an asset that does, especially when rates are higher.
Commodities
Commodities are a category including things like grain, electricity, oil, beef, orange juice, and natural gas. Commodities also include foreign currencies and financial instruments.
Commodities are an indicator of future inflation, so as their price goes up, so does the price of the products it’s used to produce.
You can invest in commodities through an ETF.
They’re very volatile and highly dependent on supply and demand, so it’s best suited to more sophisticated investors.
Real Estate Investment Trusts (REITs)
A REIT is a company that owns and also operates real estate-producing income. When inflation rises, property prices and rental rates tend to go up. When you invest in a REIT, it’s a pool of real estate. As an investor, you’re paid dividends.
REITs can be good to include in your portfolio, particularly during inflationary periods, but they can come with some downsides. For example, when interest rates go up, Treasury securities become more appealing, taking funds out of REITs. REITs also have to pay property taxes, which can be as much as 25% of operating expenses.
Real Estate
Finally, investing in real estate can, in some cases, be a hedge against inflation. You can earn income by renting out a property because, as we’ve touched on, when inflation goes up, typically so do property values. That means if you’re a landlord, you may be able to charge more for rent.
You can keep up with rising inflation.
Of course, this isn’t a guarantee, and real estate isn’t liquid. Plus, if you buy a property, it’s going to require maintenance, and the costs can add up fast.
The best thing you can do when it comes to investing during inflation is to think about your goals and the direction you’d like to take and make sure you have a good mix making up your portfolio.
The Annual Investment Meeting will make history once again from 29 to 31 March 2022 at the Dubai Exhibition Center, EXPO 2020, Dubai, in a new edition that aspires to empower the recovery of global economic growth.
“AIM’s forthcoming edition, AIM 2022, will focus mainly on endorsing and boosting investments towards sustainability and innovation through the conference’s 6 pillars: FOREIGN DIRECT INVESTMENT FDI, SMALL AND MEDIUM ENTERPRISES SMEs, FOREIGN PORTFOLIO INVESTMENT FPI, STARTUPS, FUTURE CITIES, and the 50 PROJECTS INITIATIVE, said Mr. Dawood Al Shezawi, President of the Annual Investment Meeting.
The FDI Pillar will enable participants to discover new investment opportunities in the global market, thereby, increasing FDI, while promoting economic growth.
The SMEs Pillar will recognize enterprises’ contributions to the global economy and empower them – emphasizing the need to create conducive environments that empower UAE’s entrepreneurs, allowing them to possess the necessary competency to achieve growth and progress.
The Foreign Portfolio Investors FPI Pillar will enable investors to diversify their portfolios, establish contacts with local organizations, and gain access to investment flows.
The Startups Pillar will help investors find new investment opportunities while helping entrepreneurs acquire venture capital and seed funding for their startups.
The Future Cities Pillar will rally up the governments and investors’ support to maximize the potential of innovation, technologies, and smart city solutions, while also recognizing smart city solutions providers from across the globe for their outstanding projects that are aligned to achieve increased operational efficiency & productivity, sustainability, and economic growth.
The 50 Projects Initiatives Pillar focuses on supporting the UAE’s ‘Projects of the 50’ initiative that covers numerous key sectors including Economy, Entrepreneurship, Advanced Skills, Digital Economy, Space, and Advanced Technologies. The 50 projects represent a series of long-term development and economic initiatives designed to accelerate the UAE’s development and establish the nation as a hub for talent and investment.
The AIM 2022 comprises a broad array of features and activities that give real value to all participants and stakeholders of the conference, including AIM Pre-conference Workshop & Seminar, AIM 2022 Conference, AIM 2022 Exhibition, AIM 2022 Innovation Showcase, Startup Hackathon, Startup Live Pitching Sessions, Site Visits, B2B, G2B, & G2G Meetings, Exclusive Breakfast, High-level Networking Lunch, Gala Dinner, AIM Global 2022 Investment Awards, AIM 2022 Startup Pitch Competition, and AIM 2022 Future City Awards, among other features.
With the Annual Investment Meeting’s 6 Pillars providing value to all the event’s participants, therefore, attending AIM is imperative for all stakeholders of the global investment landscape.
The careers that were high-paying and stable in years past are not always the ones that are stable and high-paying now. Then, in 2022, if you are finding it difficult to differentiate between the best and worst career options to withstand the fluctuations of today’s economy, here is a list of some of the best careers that you should pursue if you want to make a choice about your career that keeps the economy in mind.
1. Teachers
Until the invention of robots that can impart knowledge to others, teachers will always be needed worldwide, whether you decide to train within your country or opt to teach a foreign language abroad. Teachers do not always get a high salary. However, there is a clear career progression that they can follow to become top of their faculty and even to become the leader of the school that they teach in. Then, if you want to help the next generation to learn and to be inspired, you should consider investing in an MA Education from an online university or college. This Master’s degree can help you to improve your teaching skills and to prepare you for leadership positions, opening up roles to you that can offer you a competitive salary and the ability to change the academic lives of the children in your care. One great factor of an online degree, too, is that you can study for this at home at the same time as getting the experience that you need in teaching.
2. Healthcare Professionals
As well as teachers, other roles that are always required and that are hardy against economic change are those in healthcare. However, people will usually pay more for their healthcare than they would for their education. There are many options that you can choose from in terms of a healthcare career, from becoming a family nurse to becoming a surgeon or anesthetist. These professions can allow you to help those in need and to find meaning in your job while being able to receive some of the highest salaries in the country, especially if you take on a specialist role that requires years of training, such as that of a pediatrician. Those in healthcare are also paid a lot because there is a shortage of healthcare professionals in the USA and across the world. This means that your skills will be in demand and that there will be a wealth of different opportunities open to you in the field.
3. Tech Jobs
With the advent of technology, along came a host of new jobs to help develop and manage this tech, and these jobs look as if they are here to stay, with new technologies being created all the time. It can be difficult to find and get these jobs, though. Not only this, but it often takes a lot of training and skill to excel at these tech jobs, many of which people have not had time to learn yet. This means that if you do have the right skills, you can scoop up a giant paycheck. However, it is important to realize that by the time you have learned the right skills or gone to college or university, tech might have moved on, and the skills that you have only just got qualified in might be old news and unnecessary now. Then, it is important that, if you want a tech job, you can predict the future of tech and the direction that it is heading in, and continue to learn constantly even if you believe that you have all of the skills that you need to progress.
4. Financial Worker
One sector that is always high paid and can bring you a great assortment of job prospects is the finance. The finance sector is filled with excellent career choices, such as that of a financial analyst or an accountant, and it is often in demand as many business people, and other individuals struggle to manage the financial side of their businesses and lives. Not only this, but if you excel in the finance sector, you might even consider opening up your own business or becoming self-employed. For instance, you could become a financial advisor or an accountant, working completely for yourself and taking on the clients that you want to. However, if you do this, you must take into consideration that you will have a lot of business expenses, and you may get a smaller salary at first as you have to build up your reputation, client base, and marketing schemes from scratch.
5. Law
When you are thinking about the best career choice to opt for in today’s economy, you might also consider whether a career in law is the right option for you. Lawyers are in great demand and often open up their own practices, which can help them to make a large salary. However, it takes many years to become a lawyer, and you must be incredibly dedicated to your field to excel in this sector. Being a lawyer comes with a certain level of prestige, though, and you are likely to be able to find endless work through networking events, social media, and advertising your services on your own website. You will often have to choose an area to specialize in, though, and this can be anything from criminal law to corporate or family law, depending on your interests and the option that you think that you would find success in.
Deciding which career to opt for in today’s economy can be difficult. This is especially difficult as it is ever-changing, which can make it even harder to find a career option that can give you the salary and the stability that you need to be content with your decision both now and in the future. However, from jobs in tech to healthcare professionals, there are always careers in which you can excel in and find progression in once you have gained the right skills and qualifications for them.
Having reached almost every country across the globe, the social and economic side-effects of the COVID-19 pandemic took root in national economies and businesses of all sizes, as seismic change, tumbling stock markets and rising unemployment necessitated a greater need for rapid response solutions across the globe.
Data from the period between October 2020 and January 2021 (against pre-pandemic levels) showed that a quarter of companies saw sales drop by 50%, although despite the initial impact, many firms managed to retain workers (around 65%) through reducing wages, hours or by granting leave, resulting in only 11% of companies laying off workers (Worldbank).
Opening Up
Partway through 2020, the Asia Foundation asked owners of MSMEs as to how they were able to navigate the pandemic while staying afloat. At the time, over half of all MSMEs in Thailand, Lao
PDR, Malaysia, and Timor-Leste had either shut down completely or were closed to customers, with Malaysian MSMEs being hit hardest (with just 5% of businesses running as “normal”).
With Malaysian COVID-19 cases still fluctuating, the country is now open for business, albeit tentatively. With disruption to travel still prevalent across the globe and a notable absence of overseas guests, Malaysia’s normally-flourishing hospitality industry has slowed considerably.
Staying Afloat
Other business types have fared better: at the outset of the pandemic, micro, small and medium-sized enterprises (MSMEs) across South East Asia were relatively quick to respond. Representing between 97% and 99% of all firms and between 60% and 80% of total employment, smaller businesses were able to demonstrate a greater degree of resilience, flexibility and responsiveness, due in part to their size.
However, despite relative success in reducing public health risk throughout 2020, lockdowns had a major impact on households and small businesses alike. Many MSMES reported revenue losses of over 50% by comparison to levels prior to Covid. As with other brick and mortar outlets, low customer traffic led to closures (some permanently). Those which remained open received significantly reduced footfall, with additional limitations due to reduced pay and changes in working conditions.
Moving Forward
In response to the economic crisis, Southeast Asian governments responded by producing a series of programmes to support those most affected by the widespread disruption, including schemes offering financial support (primarily to small businesses). However, as the Asia Foundation reports, in hindsight these could have been optimized to be more effective.
KPMG outlines four stages on the path to recovery for businesses worldwide: the ability to react quickly, resilience, recovery plans and the capacity to adapt to a changing “new reality.” In addition to government support offering tax-relief holidays and subsidies, lessons learned during previous waves can potentially be used to develop more effective future programmes.
Steps Towards Recovery
From a business perspective, there are three key ways to approach the current crisis. Firstly, a collaborative approach offers benefits to both parties,helping to increase both the reach and impact of two businesses working alongside each other.
Secondly, organizational agility is now viewed as essential to all businesses. Through formulating contingency plans and by preparing to deal with unknowns, businesses are better equipped to steel themselves against further closures. Finally, digitalization can be an effective way to create additional flexibility, though it is not by any means a complete solution in and of itself.
If you are considering a career shift towards a role in the business sector, studying an MBA Online in your chosen business specialty field can help guide you towards the job you want.
Businesses deal with huge volumes of data daily, and maintaining the quality of this data is critical for making the best business decisions and propelling the company forward.
Quality data must be translated into a digital medium with the help of a data entry system to manage and preserve it effectively. It aids in the reshaping and refinement of datasets that can be utilized for analytics to extract useful information. Data science applications and delivering value to clients both benefit from accurate data.
Data-science-driven decision-making (DDDM) is a method of gathering information based on quantifiable objectives, analyzing patterns and facts from these findings, and implementing methods and approaches that benefit the company in various ways.
Primarily, data-driven decision-making (DDDM) includes achieving key business goals depending on verified, analyzed facts rather than your intuition. Having said that, the data must be accurate and relevant to your objectives to derive true value. Collecting, retrieving, structuring, and evaluating insights for improved data-driven decision-making in business used to be a massive task prior to the advent of DDDM. Though now, because of the advancement of business intelligence tools, users without significant technical skills may be able to analyze and extract insights from their data that aid in data decision-making.
How Data Science Can Help Leaders and Managers
Confident Decisions
Once you start gathering and evaluating data, you discover that it is easier to make confident decisions about practically any business situation, whether you are planning to launch or discontinue a product, modify your marketing strategy, or expand into a new market.
Become Proactive
It is natural for a data-driven decision-making process to be reflexive when first implemented. The data offers a narrative to which you and your company must respond. It is possible to exploit data more proactively with enough practice and the correct types and volumes of data.
Cost-cutting
There are various reasons why a company can decide to invest in a significant data effort and make its processes more data-driven. It is already being utilized to decrease expenses and boost productivity in the workplace.
In the most fundamental sense, data analysis is an attempt to find a structure throughout or a connection between numerous data pieces. These patterns and correlations can provide observations and conclusions.
Every Decision Should Be Data Based
When faced with any decision, whether commercial or personal, try to avoid depending on gut feeling or previous experience. Make an effort to adopt an analytical attitude instead.
Visualize Data Significance
Data visualization is an integral part of the data analysis methodology. A table of numbers is meaningless. However, you will be able to easily read trends and come out with conclusions about the data if you create compelling visualizations through graphs.
Therefore, it is clear that you can drive your company to new and thrilling heights by adequately utilizing data and measuring your progress to make informed decisions.
When you’re a student, money can feel like it doesn’t go a long way and is incredibly hard to come by. Managing your money well while studying isn’t always easy, and many students struggle to keep on top of their finances. Whether you’re thinking about studying or you’re partway through your degree, there are several things that can help you to manage your money effectively.
Decide Whether a Student Loan is Right for You
Deciding whether a student loan is right for you can help you to prioritise what you spend your money on. Many students in the UK are eligible for a student loan, which can help to pay for tuition fees as well as accommodation and other student necessities. Some students may also be eligible for certain bursaries, which do not need to be repaid. Taking out student loans if you are eligible can take away some of the stress of studying and help you to cover some of the major costs associated with going to university. Furthermore, you can also ask your university whether it offers bursaries for low-income students, you can apply for government loans or you can look for the best private loans based on your income level.
Look Out For Student Discounts
Many activities, from transport to dining out and shopping, often come with student discounts. This can help you to save a substantial amount of money over the course of your studies, particularly if you regularly travel home or eat out with friends and other students.
You will often need to show a student ID card in order to be eligible for a student discount. Make sure you are able to collect a card from your university to enable you to prove your student status and make the most of offers and deals. If you’re studying online, contact the university to ask how you can obtain your student ID card.
Study From Home
Studying from home can save you a lot of money in a variety of ways. For example, you could save money on commuting to and from university every day, or reduce the amount of money you might spend on food and drinks outside of the home. You can consider studying online for a degree, which can reduce tuition fees while giving you the flexibility to study from home. Studying an online MBA programme at Aston University, for example, can enable you to attain the degree you want while enjoying the perks of studying from home. It is an increasingly popular choice with first-time students, as well as postgraduate students and mature students returning to education after several years.
Avoid Getting Into Debt
Debt will mean that you have to make monthly payments to pay it off, creating additional costs that can start to interfere with your studies and put you under financial stress. If you already have debt before you begin studying, try to pay off some of the debt beforehand. If this isn’t possible, consider contacting a debt helpline to find out how you might be able to put your debt on hold while studying. You may be able to reduce payments or commit to paying off the debt after you graduate.
Avoid getting into debt while studying, and if you need money for an emergency, ask trusted friends and family or look for credit cards that are offered specifically for students. Student credit cards will often have a lower credit limit, which means you can’t get into huge amounts of debt. Many banks also offer a lower interest rate for student credit cards, helping you to keep monthly costs lower.
Find a Housemate
Living on your own while studying can be financially impossible and cause stress and anxiety when trying to manage your finances. If you’re moving away to study or your income is being reduced while you’re studying, find a housemate who can split the rent and household bills with you. Many students choose this option as it enables them to save a huge amount of money each month. Finding another student can also reduce other household bills such as council tax.
Track Your Spending
Keeping track of your spending can help you to understand more about your spending habits and see where you can make savings. It can help you to monitor your spending if you’re making large purchases, or help you to see where smaller purchases really start to add up over a few weeks. You can keep track of your spending either by using an online platform or app, or by keeping a note of it using a pen and paper.
Sign Up For Student Deals
Some websites and companies offer deals especially for students. You can sign up to receive notifications and alerts when new deals become available, which can help you to stay up-to-date with all the latest savings on the market. You may be able to save money on subscription services and streaming services, shopping for books and clothes, and buying new electrical devices. Look online and ask friends for their top tips on how to save money and make the most of student deals.
Don’t Buy More Than You Need
When it comes to clothing, kitchenware, food and more, many people have a tendency to buy more than they need. This can create a surplus in your home, and it can also mean that you’re spending money on things you don’t necessarily need. Rather than buying a large quantity of food each week, assess how much you really need to buy. Don’t buy enough food to cook every day of the week if you plan to dine out for two or three days. By being honest and accurate about what you do need, you can help to manage your funds better while studying and save money in the process.
Being a student can take a lot of money away from you and make it feel impossible to ever save any money. But certain habits can help you to manage your money and keep on top of your finances in a better way.
