In any business entity, every resource has to be managed. May that be time, employees, financials, debts or even the space. To manage cash inflow and outflow of businesses, there was a time where cash books were maintained and long log books were regularly updated by accountants incurring a lot of commitment. But still, there were high chances that things could go wrong. There could be mistakes in calculations, and there was also this risk of these records being lost or destroyed. With the emerging of new technologies, all old mechanisms were replaced by modern mechanisms, and this article will be highlighting some of the factors that were greatly impacted.

Customer service

Customer service in the old times was a dull job. It was all about being nicely dressed and having a big smile on the face in a front desk. Customer complaint handling was also a part of this job role and what simply happened there was taking down the complaint that is coming over the phone for the sake of getting it. This was then replaced by the customer complaint software.

Creditor- debtor management

For any company, the managements of credits and debts is highly important for it to sustain. Too much dependency on loans and other credit sources can mark a huge risk on any business organization and this is exactly why this management is critical. Earlier the accountant and financial analysts maintained records on log books and did this analysis and had their consulting on the businesses. But, now it is all digitalized, and we have different credit management software and also the debt management ones. In a timely manner, through these new mechanisms, reports can be generated and a proper monitoring also could be done.

Vendor management

Keeping track of vendors was initially done manually, and then Excel took over it. But, now going further beyond with technology, we have supplier management software. In these mechanisms, there is zero probability that the contract dates can be missed. There are other management software as well that have been introduced, and all they do is facilitating easiness and effectiveness of the daily operations in business organizations. The overall benefits of such technological mechanisms can be summarized as below: Reduction of all possible errors Increasing of the efficiency and productivity at a drastic paceMinimization of the risk where the data can be lost or destroyedIntegration of one specific operation with other business operations with one central systemImproved access to all needed files with less time