Ethio Life and General Insurance S.C, Ethiopia, to Drive Digital Transformation with Beyontec Suite – Business Wire
Ethio Life and General Insurance S.C, Ethiopia, to Drive Digital Transformation with Beyontec Suite Business Wire
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Support businesses to achieve digital transformation, HCM City urged – EIN News
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VIETNAM, March 28 –
Thủ Đức City Smart Operation Centre in HCM City. Photo sggp.org.vn
HCM CITY — The nation’s biggest city and economic hub will need to provide focused support for businesses to achieve digital transformation, experts say.
Such support will be crucial to develop a digital economy, they add.
Speaking at a seminar last Friday, Lâm Đình Thắng, director of the city Department of Information and Communications, said the city would enhance interaction between governmental agencies and enterprises to help them speed up digital transformation and build a digital economy.
The city will continue to develop policy mechanisms and legal frameworks to support businesses as they try to recover production, he said.
It is making several moves to become a fintech hub and complete its digital transformation support centre.
It will also strive to speed up digital transformation at government organisations and promote e-government to improve the efficiency and quality of public services, he added.
The city plans to establish at least two technology innovation centres by 2025 to help businesses.
The centres will help improve supply chains, technology transfers and innovations, and promote an innovation ecosystem for start-ups.
HCM City has great potential to develop the digital economy as it has the highest number of smartphone and internet users in the country, he said.
Experts recommended the city build databases and link all those that are relevant to reforming governance. The databases should contain information about enterprises, land and other aspects.
Phạm Bình An, deputy director of the HCM City Institute for Development Studies, said the city should facilitate digital business and e-commerce activities, and strengthen links between e-commerce firms and manufacturers.
The city aims to become a digital government and smart city by the end of this year.
It has set a target of having the digital economy making up 15 per cent of its gross regional domestic product (GRDP) this year, 25 per cent by 2025 and 40 per cent by 2030.
It gives digitisation priority to 10 sectors – healthcare, education, transport, finance – banking, tourism, agriculture, logistics, environment, energy and human resources.
HCM City ranks fifth out of 63 provinces and cities in the index for information technology application and development.
The digital economy last year accounted for around 15 per cent of the city’s gross domestic product, or VNĐ191.8 trillion (US$8.27 billion), according to a study conducted by the Institute for Development Studies.
The study was based on data from Google, Temasek and Bain & Company and the Department of Information and Communications on hardware and software production, digital content and IT services. — VNS
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Which ERP systems are most popular with their users in 2021? – Cloud Tech
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These and many other insights are from SoftwareReview’s latest customer rankings published recently in their Enterprise Data Quadrant Report, Enterprise Resource Planning, April 2021. The report is based entirely on attitudinal data captured from verified owners of each ERP system reviewed. 1,179 customer reviews were completed, evaluating 22 vendors. SoftwareReviews is a division of the world-class IT research and consulting firm Info-Tech Research Group. Their business model is based on providing research to enterprise buyers on subscription, alleviating the need to be dependent on vendor revenue, which helps them stay impartial in their many customer satisfaction studies. Key insights from the study include the following:
SoftwareReview found that these six ERP systems have the highest Net Emotional Footprint scores across all ERP vendors included in the study. The Net Emotional Footprint measures high-level user sentiment. It aggregates emotional response ratings across 25 questions, creating an indicator of overall user feeling toward the vendor and product. The following quadrant charts the results of the survey:
How effective an ERP system is at adapting to support new business and revenue models while providing greater cost visibility is the essence of how they deliver business value. The category average for this attribute is 75%. Of the 22 vendors profiled, 12 have scores at the average level or above, indicating many ERP vendors are focusing on these areas to improve the business case of adopting their systems.
Implementing a new ERP system can be a costly and time-consuming process as it involves extensive training, change management, and integration. Ease of Implementation received a category score of 75% across the 22 vendors, indicating ERP vendors are doubling down investments to improve this area. Just 11 of the 22 ERP vendors scored above the category average.
Photo by Giorgio Trovato on Unsplash
Want to find out more about topics like this from industry thought leaders? The Cloud Transformation Congress, taking place on 13 July 2021, is a virtual event and conference focusing on how to enable digital transformation with the power of cloud.
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Which ERP systems are most popular with their users in 2021? – Cloud Tech Read More »
Automated Inventory Management
What Is Automated Inventory Management?
A computerized stock administration framework permits retailers and wholesalers to deal with their stock continuously. The frameworks improve on work processes and save time. By arranging your retail robotization with pre-constructed conditions, you’ll be allowed to continue ahead with other fundamental undertakings protected in the information that stock is dealt with.
Retail working frameworks like YanosERP takes things significantly further. They utilize strong robotization motors to assist you with enhancing your whole stock and dispersion process. You can computerize everything from outsourcing to rainchecks, incomplete satisfaction, request invoicing, client labeling, stock counts, and that’s just the beginning.
Those far reaching frameworks likewise offer extra highlights, for example, robotized stock control, PO age, and announcing. You’ll have the option to deal with your whole backend from one basic and instinctive connection point.
So move over, Excel. By picking a robotized control framework, or better still an undeniable retail working framework, you’ll set your image up for expanded productivity and work process effectiveness.
How Does an Automated Inventory Management System Work?
Computerized stock administration is the manner by which most present day retailers (both web based business and in any case) track and coordinate stock, supplies, and deals. A computerized framework permits retailers to oversee stock continuously, and settle on business-basic choices in an ideal design.
For instance, assuming that one of your items is running almost out of stock and arriving at the foreordained reorder point, then, at that point, your stock administration programming will naturally tell you (or even reorder for you).
Stock computerization ought to likewise work related to other retail the executives instruments like your request the board or retail location (POS) programming. In the event that you will accomplish constant precision in stock administration, all things considered, you should be on top of all deals through all channels.
That is the reason picking a bound together retail working framework like YanosERP , which includes robotized stock administration, is the decision of shrewd retailers.
YanosERP accompanies incorporated iOS POS programming planned explicitly for multichannel retailers, so you’ll have the option to interface all your available and online retail channels under one rooftop also outsider channels like Amazon and eBay.
You’ll know precisely which things are overselling or underselling, how every item is performing, and how much benefit you’re making. Then, at that point, you can join all of this data with your interest guaging, risk the executives, income figures, and projected overall revenues for better, more precise preparation.
Why Invest in an Automated Inventory Management System?
1. Save tons of time
Consider that large number of hours spent physically refreshing your stock on Excel bookkeeping sheets. With a mechanized framework, all your stock counts will be refreshed naturally and with accuracy across the entirety of your channels. Each time a thing is sold, returned or accepted, your robotization motor will enlist the activity and update the framework without manual guidance passing on you with time to zero in on the main thing.
2. Gain real-time visibility
Retail working frameworks like YanosERP assist you with following your stock levels progressively. You’ll have the option to follow how much stock you have accessible in your warehouse(s), a stock that should be picked for current orders and stock on request from your providers.
Besides, with this increased degree of precision, you’ll at no point dishearten clients with stock-outs or unfulfilled orders in the future.
3. Quit miscalculating stock-levels
Stock errors are the worst thing about each retailer’s life. Fortunately, a mechanized stock administration arrangement makes this specific errand such a great deal more straightforward. Stock investigation screen your client information to conjecture your ideal stock levels and complete stock renewal as and when fundamental.
Stock errors are the worst thing about each retailer’s life. Fortunately, a mechanized stock administration arrangement makes this specific errand such a great deal more straightforward. Stock investigation screen your client information to conjecture your ideal stock levels and complete stock renewal as and when fundamental.
4. Enjoy enhanced accuracy
Manual entry is a breeding ground for human errors. The arrangement? Eliminate any requirement for manual inventory data entry through and through. When you automate your stock administration processes, the actual product will manage information passage by adding, deleting, forecasting, and renewing stock in real-time.
5. Scale-up with ease
At last, robotization can carry with it extraordinary versatility and open doors for development. Robotized stock administration programming saves time, is more precise, and can manage huge number of exchanges every day without hazard of blunder.
A retail working framework like YanosERP is significantly more adaptable. Upheld by a hearty robotization motor, YanosERP gives you the opportunity to add more deals channels to your portfolio while never agonizing over if you have the labor force to carry out and oversee expanded backend activities.
How to Choose an Automated Inventory Management System
Automatic reordering
Restocking is one of the most critical backend tasks for any multichannel retailer. This guarantees that your items are generally accessible for clients to purchase. Avoiding stock-outs is fundamental (particularly for your most famous things). Automated reordering technology makes this very simple. Search for a retail activities apparatus that offers stock warnings, custom standard levels, and merchant relations. Like that, you’ll rest simple realizing that you generally have the perfect volume of stock on the racks.
Automated stock transfer
Programmed stock transfers are another useful element. Particularly assuming your stock is spread across numerous various areas or stockrooms you’ll have to guarantee that merchants can track down your stock in the right area to satisfy request. Search for a stock administration framework that offers robotized move controls for ideal adaptability.
Inventory alerts and notifications
As a multichannel retailer, perhaps the most essential component to pay special attention to is all-important e-commerce integrations. The method for overseeing stock actually is to bind together your stock administration process with the right information. Ensure your picked stock administration apparatus works with incorporations with other e-commerce management instruments like POS or CRM frameworks.
E-Commerce integration
As a multichannel retailer, one of the most vital features to look out for is all-important e-commerce integrations. The way to manage inventory effectively is to unify your inventory management process with the right data. Make sure your chosen inventory management tool facilitates integrations with other e-commerce management tools such as POS or CRM systems.
Automated order management
Via mechanizing your request dispatch processes, you’ll have the option to investigate any distribution center failure at the source. Dispatch computerization assists retailers and wholesalers with arranging bundles as indicated by where they should be conveyed with highlights like standardized tag filtering, mark printing, and conveyance channel advancement.
Streamlined store reporting
To wrap things up, don’t think twice about detailing abilities. This will assist you with settling on better business choices across your whole inventory network the board interaction. Your robotized stock administration device ought to assist you with following… well… pretty much everything. Settle on certain your product of decision is creating continuous information and offers constant stock following.
Automated Inventory Management Read More »
Top 12 Best Open Source CRM Software [2021] – It's FOSS
In this article, we list some of the best open source CRM software available for small and medium-sized businesses.
CRM stands for Customer Relationship Management. CRM software enables the companies to interact with their potential and existing customers, understand and manage their requirements. This improves the relationship of an organization with customers, and a happy customer brings profitability to the business.
So, no matter how big your team is (small business or a big firm), CRM software always comes in handy when you want to keep things organized in your business.
You may avoid CRM software for a couple of employees when you start a business. However, to streamline the process and make the work efficient and fast — you will eventually need CRM software.
But, what about the level of control (or security) in CRM software? Do you want transparent CRM software which you can take control of?
Well, that is when an open-source CRM software comes into play. You can host it yourself, and you can customize it as per your requirements. You may also opt for the hosted version, where you don’t have to manage it yourself.
In this article, we talk about some of the best open-source CRM tools I have come across.
Let me clarify something. CRM is intended for businesses and when there is software created for business organizations, the developers would also like to make money. This is why almost all the free and open-source software also have their paid ‘enterprise versions’ available.
While you can download the open-source version and host it on your Linux-based server, the ‘enterprise versions’ are hosted by the developers themselves so that you don’t have to manage it.
Some enterprise versions also provide premium features that are not available for the open-source versions. Ticket support is also a feature available only for enterprise versions. Hence, I have also tried to highlight their ‘premium features’ in the list.
Note: The list below is in no particular order of ranking.
Key Highlights:
SuiteCRM was originally inspired (and forked) from SugarCRM’s open-source version. Well, that is no longer available. So, SuiteCRM is the open-source alternative for organizations that utilized SugarCRM earlier.
In addition to all the essential features a CRM has to offer, SuiteCRM offers some great affordable managed hosting deals for organizations. With an impressive pricing plan (on server-basis with unlimited users), SuiteCRM takes aim at Salesforce — which is promising.
Key Highlights:
Odoo is yet another popular open-source CRM solution. However, in contrast to SuitCRM, you will observe the pricing plan per user. So, if you are just starting out with a lot of users – you might find it a bit pricey.
The third-party integrations can be done easily, and you can find the pricing for each app/integration when purchasing a subscription. You can either opt for the open-source community edition or purchase the enterprise edition.
Key Highlights:
Vtiger offers a cloud version and an open-source version. Of course, if you opt for the open-source version, you get to host it yourself and manage it all by yourself or hire a team.
After observing the pricing plan, the managed cloud version obviously looks promising. – with separate pricing plans for sales, marketing, and help desk. However, if you have the required technical expertise, the open-source version is good enough as well. Also, it was interesting to see a regional pricing plan for India because they have an office here.
Key Highlights:
ConcourseSuite is a simple CRM that offers open-source version as well. The community edition (or the open-source version) is outdated—which you can still utilize as a basic CRM.
In case you want the latest version (which is the enhanced version of the community edition), you will have to opt for a 5-user trial or purchase the enterprise/cloud version. I couldn’t find a clear pricing plan but its pricing page did mention $10,000 for unlimited users. So, you will probably find out about it after trying out the trial.
Key Highlights:
EspoCRM is new to the scene and it is an impressive CRM software. You can download it for free and host it yourself or opt for the cloud solution where they do it for you.
They offer detailed documentation—in case you want to try it yourself. Furthermore, if you want to go with the cloud solution—you can always switch to on-premise anytime you want. I guess that makes it a bit more appealing.
Key Highlights:
Axelor is normally a complete suite of ERP, CRM, and BPM. Here, we talk about the CRM which is an incredible open source CRM available out there.
In addition to the web app, it also offers mobiles apps for Android and iOS. So, no matter you host it yourself or purchase a subscription for managed hosting – Axelor CRM is a great choice to keep up across multiple platforms.
Key Highlights:
Crust CRM is one of the best enterprise-level Slack/Salesforce alternatives. Well, the primary aim of Crust CRM is to provide you with a unified platform.
Crust CRM offers a community edition “Corteza” which is open-source in nature with all the latest features that you get with Crust CRM. It has been recently launched – so you can expect it to be compatible with many services. You need to go through the technical documentation to set it up.
Key Highlights:
X2CRM is yet another convincing open source solution. The open source package includes all the modules (Sales, Marketing, and Support).
However, do note that the open source package isn’t actively maintained anymore – so if you want the latest and greatest features, you will have to purchase it. You can let them manage everything (hosted solution) or you get to manage everything and opt for their support and optimization services (on-premise).
Key Highlights:
CiviCRM is an interesting open source CRM suggested by one of our readers. Unlike some others, it does not offer a separate enterprise edition with premium features.
No matter whether you host it yourself, or utilize one of the CiviCRM’s hosting providers, you will get the same features. To learn more about it, you can follow their official user guide.
Key Highlights:
YetiForce takes its inspiration from Vtiger CRM and a couple more open source projects. It is completely free and available for download at Sourceforge.
You can also install it directly via Softaculous. If you are not going to host it yourself, you can opt for the affordable hosting plans which supports unlimited users.
Key Highlights:
Apache OFBiz may not be the most popular CRM solution but it is a decent open-source suite of business applications. Unlike others, it does not offer any hosting options – you will have to take care of that (or hire someone to do it).
It also includes ERP with integrated E-commerce solution. If you are looking for a single solution for multiple abilities – this could be one of the best open source CRM software to consider.
Key Highlights:
Krayin CRM is one of the newer options compared to the others. It has been developed by the same company behind Bagisto, one of the best open-source e-commerce platforms.
It offers a simple, easy-to-use, and modern user experience. Unlike some others, it is completely free without any optional premium options. You can still expect to find all the essential features that you’d need for an enterprise.
The official documentation available gives you the necessary information to get started.
If you prefer to host the CRM system on your server and manage it by yourself, it can be an interesting choice.
I had made the list of best open source CMS earlier. You may read that to get some ideas about which open source technology to use for creating your business website.
Coming back to CRM, if you would ever consider trying out an open source CRM, these are the best ones I would recommend.
Top 12 Best Open Source CRM Software [2021] – It's FOSS Read More »
A new golden age: inside Ethiopian mining – Mining Technology
Driven by gold and supported by Canada, Ethiopian mining is a sector full of potential for prospective investors.
By JP Casey
With considerable gold reserves and a rapidly-developing governance structure in place, Ethiopia could be one of the most attractive investment destinations for the global mining industry, especially for foreign firms looking for a stake in the gold sector. According to the Extractive Industries Transparency Initiative (EITI), Ethiopia boasts around 200 tons of gold, and with a further 360 million tons of coal and 69 million tons of iron, there is every reason to be optimistic about the country’s mineral future.
This is not to say, of course, that Ethiopian mining is not already a productive enterprise. According to the latest EITI report on Ethiopian mining, between 2018 and 2019 gold production hit 3.18 tons, generating a value of around ETB6.3bn ($126.3m), and operating as the driving force behind a mining industry whose products were valued at close to $150m by the end of the period.
Yet that same EITI report noted that gold mining accounted for 93% of the value generated by Ethiopian mining, highlighting a dramatically imbalanced sector heavily reliant on a single commodity. Alongside challenges often seen around the world, including the role of artisanal mining and the awkward balance between foreign investment and local empowerment, there is no shortage of challenges ahead of Ethiopia realizing its lofty mining potential.
The majority of Ethiopian mining potential is tied to its gold industry, with an established history of production providing a stable base for new investments in the commodity. The continued expansion and exploration of Akobo Minerals, a mining company headquartered in Sweden, is a testament to this potential, as it looks to develop mining operations at the Segele and Joru gold deposits.
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“Exploration drilling activity at Segele, which hit some bonanza grades in 2020, has so far shown outstanding high-grade gold results, achieving an inferred mineral resource of 78 kilotons at 20.9g/t gold, equal to 52.410 oz of gold,” explains Akobo CEO Jørgen Evjen. “Further drilling has intersected excellent mineralization below this area, while we also expect more to be found when we explore deeper still.”
Evjen also notes that the two projects offer different types of benefits, with the Segele deposit boasting a much higher grade of gold, while the total ore reserves of the Joru deposit are believed to be larger, high-potential deposits that can be approached in different manners.
“Following positive initial findings based on trenching and RC drilling results, we have been concentrating our Joru efforts on the central – and, so far known, highest-grade part of the mineralization, with a program of core drilling,” Evjen continues. “We hope to be able to establish a resource base of more than one million ounces of gold in Joru.”
Deposits such as these are made even more attractive by the relatively supportive nature of Ethiopian mining law. The royalty rate for various commodities sits between 2% and 7%, with precious minerals such as gold at the higher end of the spectrum, a balanced range that aims to both encourage new mining investment and provide a source of income for governments on both the local and national scale.
Evjen notes that Akobo’s success has come down to a combination of “hard work, happenstance, and timing”, but that a supportive regulatory framework has been essential in realizing this potential.
“In addition to seeing encouraging gold deposits in the area, the right management and local personnel were available; a positive business environment was being developed by the Ethiopian government; annually renewed licenses for the area were forthcoming, and funding became available to quickly build on initial work over the previous decade,” he explains.
“Add in the desire by all parties to take a measured risk on building a professional exploration operation and all the elements were in place to begin extensive exploration work in 2010.”
Of course, this power dynamic, where a company based in a wealthy foreign country invests in local mineral deposits, occurs frequently in the mining industry, especially in regions such as Africa. Such a dynamic brings a range of challenges for both company and the community, and Evjen is keenly aware of the need to deliver benefits for local workers, not just for his own company.
“As a Western company with operations in a developing country, we recognize the responsibility we have as a good corporate citizen,” he says. “That is why we put corporate social responsibility (CSR) and environmental, social, and governance (ESG) – incorporating our good business manners and actions – at the heart of our business.
“For companies wishing to operate in Ethiopia, CSR and ESG should be guiding principles and measures that both enhance the business and provide tangible advantages to the societies in which we operate. The business benefits and the substantial social differences we can make with such practices will be a positive for both us and the local community.”
These considerations are all the more important when taking into account Ethiopia’s already well-established artisanal mining sector. Mining is not a concept that has been imported wholesale from overseas companies, with small-scale operations existing beyond local and national regulation for some time. Ensuring that artisanal miners can maintain a stake in their projects while being able to benefit from regulatory oversight and support, remains a priority for stakeholders of all levels.
The importance of artisanal mining is reflected in the latest EIRI report, which found that the volume of gold produced by small-scale operations jumped from 0.82 million grams between 2017 and 2018 to 3.18 million grams between 2018 and 2019.
This has increased the value of the artisanal mining sector by almost 10 times over this period, and the National Bank of Ethiopia offers a 5% premium to small-scale miners when selling gold to the bank, helping to further incentivize artisanal mining.
“Speaking for ourselves, we have worked hard to establish strong relationships with national and regional governments and use local workforce to leverage their historic competence,” Evjen explains, noting that small-scale miners do not pose a direct challenge to companies such as his, but can benefit from a shared investment in mining practice and process. “This has been fundamental to our success since 2010 and the accelerated growth over the last two-to-three years.
“As well as building local knowledge and relationships, as long as foreign companies recognise their responsibility to the country’s nascent mining industry, to improve and develop activities such as health and safety and environmentalism, we believe the opportunities in the coming decade and beyond are limitless. And we look forward to welcoming other operators to the country.”
Yet obstacles remain for Ethiopian mining, on both small and large scales. Perhaps the greatest challenge facing the sector is its over-reliance on the gold industry, which has led to problems for the entire mining supply chain as the value of gold exports has fallen in recent years.
The EITI reports that the percentage of Ethiopia’s total export value accounted for by gold has fallen dramatically from 7% between 2016 and 2017 to just 1% between 2018 and 2019, and with no sign of interest waning in gold, actors across the sector will need to find a way to ensure the profitability of mining.
This also creates an issue for employment, too, with 30.1% of the country’s miners employed in mining, by far the largest workforce by commodity, and second only to cement manufacturing. Indeed, 34.9% of the country’s miners work in all non-gold commodities, creating a significantly imbalanced sector where there are almost as many gold miners as any other kind of miner.
The EITI also encountered administrative sluggishness in their collection of data, describing “considerable delays” and an absence of reported figures from some of the miners active in the country.
While these concerns will not single-handedly make or break the country’s mining industry, improving the quality and speed of reporting and record-keeping will be essential as Ethiopia looks to transition its mining industry away from a myriad of small-scale gold-mining operations and towards a more robust sector that can attract international investment.
Yet, as Evjen points out, making sweeping changes to Ethiopian mining, either on the scale of individual projects or the sector as a whole, could ultimately do more harm than good.
“The greatest challenge we face is to get the speed of development right,” he explains. “To begin with, we want to keep things small-scale, using our mining revenues to develop resources, rather than overburden the business with large amounts of debt to finance operations.
“Our latest move from exploration to mining has not been a great leap as we have taken on the right personnel and equipment as it has been needed; plus the excellent results from our exploration prove that mining will not be as great a risk as might have been thought.”
There is also a geopolitical tension in Ethiopian mining. The sector has benefitted from Canada’s Supporting Ministry of Mines in Ethiopia (SUMM) project, a multi-year, $15m Canadian Government scheme to reform Ethiopian mining to make it a more attractive investment destination.
While the SUMM project has delivered tangible benefits, such as the discovery of new mineral deposits and assisting in the creation of government policies, Canada’s investment in Ethiopia has caused it to look the other way as civil war engulfs Ethiopia’s Tigray region.
While this is not an indictment of Ethiopian mining in particular, the inaction of the Canadian Government highlights the complexities that can arise when multiple national governments converge to make laws covering a particular mineral resource. As Ethiopia looks to develop its mining industry further, and the sector grows to encompass more international firms, tensions such as these will need to be resolved to avoid conflicts in the future, and realise the potential that Evjen still considers significant.
“Ethiopian mining – alongside a positive business environment, in general – are making the country a great opportunity for overseas investment,” he says. “Large-scale mining is a sector where the government has a stated desire to transform the Ethiopian mining sector into a competitive, proactive, and attractive sector for international investments.”
Mine Maintenance Management Software
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A new golden age: inside Ethiopian mining – Mining Technology Read More »
When is managerial accounting appropriate? – Investopedia
Managerial accounting is the type of accounting that provides financial information to managers and decision-makers within a company or organization. Managerial accounting, such as weekly or daily budgeting, is used to help managers make decisions that increase the organization’s operational effectiveness and efficiency.
Managerial accounting is different from financial accounting in that financial accounting is centered on providing quarterly or yearly financial information to investors, shareholders, creditors, and others outside the organization. Conversely, managerial accounting is used internally to make efficiency improvements within the company.
There are a number of common scenarios in which managerial accounting is appropriate. The first applies to those situations in which a company competes in a fast-paced and highly-competitive business environment.
Managerial accounting often involves several aspects of the company's financial results, including revenue, sales, operating expenses, and cost controls. A company's executive management team needs to plan and forecast at an enterprise-wide level. Below are three high-level areas that managerial accounting is often employed to enhance the internal financial metrics of a company.
Managerial accounting involves forecasting and planning to project the financial direction of the company in the coming months and years. These plans often involve projections for revenue but also costs as well. Typically, this high-level planning involves creating a capital budget, which details the costs of any investments to be done in the future. The budget might outline the costs and projections for new equipment purchases and acquisitions.
Managerial accounting is used to perform cost-benefit analysis for new projects and provide ongoing reports for existing projects. These projects might involve significant outlays of cash or capital as well as new debt to finance them. As a result, managerial accounting is critical to ensuring that these projects are delivered within budget and in a timely manner while also being profitable.
Measuring and tracking performance using managerial accounting can help executive management make decisions in real-time. Measuring performance against the forecasts and budgets helps to avoid costly overruns and allows a company to remain competitive.
The high-level plans, forecasts, and budgets need to be continuously tracked, monitored, and, if necessary, changed to meet the changing landscape. Below are a few of the types of analysis involved in managerial accounting to achieve a company's high-level objectives.
Cost accounting is often a subset of managerial accounting. Cost accounting measures the various costs involved in running a company, including fixed costs, such as the purchase of equipment and operating costs, which are the costs of running the daily operations. Also, variable costs, which fluctuate with production levels such as inventory, and overhead costs, such as rent for the corporate office, are all part of cost accounting.
Revenue is the total income that a company earns from the sale of goods or services. Revenue represents the gross amount of income since it’s the figure before expenses are deducted. Sales forecasts and the resulting revenue projections are often part of managerial accounting.
Cash flow is the net cash position for a company as a result of cash inflows and outflows for the period. Cash flow analysis is a part of managerial accounting since companies need sufficient cash to meet their bills.
A company that exhibits positive cash flow means that liquid assets exceed debt payments and short-term financial obligations. Positive cash flow enables a company to pay down debt, reinvest in its future, pay dividends or buyback stock, as well as add to retain earnings, which is a type of savings account for accumulated profits to be used in the future.
Managerial accounting can be used in short-term and long-term decisions involving the financial health of a company. Managerial accounting helps managers make operational decisions–intended to help increase the company's operational efficiency–which also helps in making long-term investment decisions. Forecasting, monitoring, and tracking performance is a critical aspect of managerial accounting to ensure actual results meet the budgets and forecasts outlined at the onset.
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Government & Policy
Actively scan device characteristics for identification. Use precise geolocation data. Store and/or access information on a device. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners (vendors)
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MRP vs. ERP: Understanding the difference – TechTarget
Understanding the difference between ERP and material requirements planning is important to getting the most out…
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of these systems.
Today’s ERP evolved from yesterday’s MRP systems, which were focused on calculating material requirements and grew from there to incorporate more of the manufacturing enterprise. Remnants of MRP still form the backbone of most ERP systems, but the two are very different and operate in connected yet nonetheless distinct realms.
As its name suggests, MRP is focused on planning, scheduling, ordering and tracking the raw materials and components needed for the manufacturing process. In contrast, ERP encompasses a much wider range of business functions, such as accounting, financial management, human resources, customer relationship management and inventory management.
ERP is an integrated software suite that manages the majority of company information, while MRP is one application, or module, in that suite. Nearly every ERP system includes a basic MRP module.
Of the two, ERP is the more dominant system on the software market today.
The key to understanding the difference between ERP and MRP is to trace the evolution of the software category to which both belong from its inception more than half a century ago.
Early mainframe computers were used only for straightforward calculations and simple storage, retrieval and sorting of data. The breakthrough for the manufacturing industry came with the development of a way to recognize relationships between raw materials, parts, assemblies and products — the bill of materials that is the basis of material requirements planning.
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MRP is a calculation of what parts and materials are needed to make a subassembly or product, as well as when those components are needed based on the due date for the final product. MRP considers inventory balances and availability, production and purchasing lead times and current order status, as well as forecasts and customer orders that drive the master production schedule.
Building on this framework, software developers created inventory management, production control, customer order management and purchasing applications integrated into a comprehensive software suite that also included accounting applications, resource and production planning and scheduling. While the first generation of these systems were known simply as MRP, eventually the name was changed to manufacturing resource planning or MRP II.
Although MRP II and ERP were originally designed for manufacturing companies, these systems contain significant functionality that supports many different kinds of businesses, from distribution and retail to services, hospitals, insurance companies and more (see the chart). Software developers added functions such as point-of-sale, service billing, document management, business intelligence and workflow, to appeal to these broader markets. ERP is now available for every kind of business, not just manufacturing.
MRP II continued to grow year after year as the integrated applications matured and expanded and others were added. These improvements — along with adaptations to take advantage of computing advances like relational databases, natural language query and optimization technologies — were not reflected in the market’s perception of MRP II, which was seen as old and outdated.
Thus, a new acronym was invented: ERP, for enterprise resource planning. Today, the term MRP II has virtually disappeared and all such systems are called ERP. However, the term MRP is sometimes used incorrectly to refer to inexpensive, less capable manufacturing software suites marketed to small companies.
Many modern ERP systems today are developed as cloud-based applications and nearly all offer cloud deployment as an option. Cloud ERP is considered to be the most flexible, easiest to implement and most scalable type of ERP.
ERP systems generally consist of modular applications that each address a specific business process. For example, in addition to the core modules that support basic records, such as product items, bills of materials and resources, a manufacturer’s ERP will have modules for the following:
Most systems have additional modules that make the system more complete. These include human capital management (HCM) and support for business functions that not every company needs, such as field service management, deep quality management capabilities, as well as advanced and finite scheduling. The ability to mix and match these optional modules provides a way to tailor the system to fit specific industries like food and beverage, industrial equipment, electronics, consumer goods or process manufacturing.
The modular design also makes a “standard” ERP system more adaptable to the needs of nonmanufacturing companies. An accounting or consulting firm, for example, would not need material planning, production scheduling or inventory management but would need schedule (calendar) management, document management, service billing, HCM and general accounting.
Although MRP II and ERP were developed to support the information management needs of manufacturers and distributors, more recently, ERP has become the general name for any integrated business management application suite. You can now find ERP systems for retail, service businesses, wholesale distribution, utilities, hospitals and just about any other kind of business you can think of.
These ERPs usually contain the same or similar functionality for the basic processes that all businesses share, such as customer order management, billing and collection, financial management and accounting, payroll and HR. In addition, they support specific needs of the business, like shop floor control, dispatching personnel and vehicles, scheduling appointments or tracking service use.
Keeping in mind that MRP is a specific function or module within an ERP suite, MRP is the backbone of the system and the thing that brings the entire manufacturing business together in a coordinated effort toward the overall goal of delivering quality products to customers on time. MRP, in conjunction with master scheduling, turns the demand plan (forecast and orders) into specific tasks for production, procurement, resource management and the rest of the enterprise. The rest of the system then tracks and manages the execution of those tasks.
As such, MRP directly contributes to:
The main purpose of ERP is to:
Because the software basically models the operation of the enterprise, it can offer additional insight into the cause and effect of relationships between activities and decisions across functional areas of the business, enabling more effective and efficient operations.
It has been said that information is power, and in today’s business world, managing and exploiting information is critical. ERP encompasses the entire enterprise, bringing the various functions together to coordinate their activities and decisions and keep them focused on achieving the ultimate purpose of the enterprise, which is to generate a profit by delivering the goods and services customers expect in the most economical way.
The real question is not, what are the benefits of ERP? Rather, it’s how can a modern company ever expect to operate effectively without control over its information and the decision-support functions provided by ERP?
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GIZ and Orange launch Digital Centre in Ethiopia – Intelligent CIO
Intelligent CIO Africa
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The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Orange and the Ministry of Innovation and Technology, the Ethiopian Investment Commission and the Industrial Parks Development Corporation have launched the Addis Ababa Orange Digital Centre, an ecosystem that is entirely dedicated to digital skills and innovation. The launch took place in the presence of HE Dr Abraham Belay, Minister of Innovation and Technology, HE Lelise Neme, Commissioner of the Ethiopian Investment Commission, HE Sandokan Debebe, CEO, Industrial Parks Development Corporation, Alioune Ndiaye, CEO, Orange Middle East and Africa (MEA), Peter Palesch, GIZ Country Director, HE Stephan Auer, German Ambassador to Ethiopia and HE Rémi Maréchaux, French Ambassador to Ethiopia.
Following launches in Tunisia and Senegal, Ethiopia will be home to the third Orange Digital Centre in MEA. Occupying a space of 500 square metres, it is the first centre in East Africa that will operate as a strategic network, allowing experiences and expertise to be shared between countries and offering a simple and inclusive approach to strengthen the employability of young people, to encourage innovative entrepreneurship and to promote the local digital ecosystem.
The purpose of Orange Digital Centres is to bring together several strategic programmes under the same roof: a coding school, a ‘FabLab Solidaire’, a start-up accelerator ‘Orange Fab’ and Orange Ventures Africa, the group’s investment fund. All of the programmes provided are free-of charge, open to all and include digital training for young people, 90% of which are practical training, start-up acceleration, guidance for project bearers and investment.
Orange and GIZ are working together in a development partnership of the develoPPP.de programme, which GIZ implements on behalf of the German Federal Ministry for Economic Co-operation and Development (BMZ). The project is supported by BMZ’s Special Initiative on Training and Job Creation, which also operates under the brand Invest for Jobs. The know-how of Orange in training and supporting young people in the field of digital skills and innovation will be complemented by GIZ’s extensive experience and local expertise in addressing the challenges inherent in the employability and entrepreneurship of young Ethiopians. Together with the Ethiopian partners, the GIZ and Orange hope to achieve their shared vision of greater youth employability –- including more women and girls in ICT jobs –- while supporting the country’s sustainable growth and Digital Transformation.
“Building the ‘Digital and Innovation Ecosystem’ is a multi-stakeholders agenda that requires holistic policy envisioning, vibrant enabling system and innovative and efficient collaboration among stakeholders like this responsible move of Orange and parties involved: I must acknowledge and encourage, indeed it is an initiative worth investing on,” said Dr Belay.
Neme explained that: “Ethiopia has a young, dynamic and trainable workforce, as well as supportive policies to enable the launching of a project as Orange Digital Centre. We therefore welcomed this initiative with great enthusiasm and have been supporting it since day one. Young Ethiopians will have the opportunity to develop world-class technological skills here. Young people, innovation and technology are key to shaping the future of Ethiopia.”
Debebe added that: “We are excited about the launching of an Orange Digital Centre at the IPDC’s ICT park. We are working hard in order to create world class ICT industries in Ethiopia”
“I am very proud to launch with all our partners the third Orange Digital Centre in Addis-Ababa, which will be part of a network of 32 Orange Digital Centres based across two continents: Africa/Middle East and Europe. With the support of GIZ, Orange supports East Africa’s digital ecosystem by providing young Ethiopians with all its technological know-how to create more job opportunities,” said Ndiaye. “This program will be complemented by two ODC Clubs that will be deployed swiftly in different regions to reach out to even more young people. I would like to remind you that we are planning to launch other Orange Digital Centres by the end of the year in Africa and the Middle-East.”
Ambassador Auer said “The Orange Digital Centre contributes to Ethiopia’s Digital Transformation while creating local employment prospects for young people. It shows Germany’s and the EU´s commitment to promote inclusive and human-centred digitisation worldwide.”
Intelligent CIO Africa is a technology intelligence platform aimed at the enterprise IT sector to provide targeted updates and research driven data. As part of Lynchpin Media, this digital medium gives unparalleled advice to the regional community.
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5 free and open source SCM software tools – Opensource.com
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This article was originally posted on January 14, 2016, and last updated March 2, 2018.
If you manage a business that deals with physical goods, supply chain management is an important part of your business process. Whether you’re running a tiny Etsy store with just a few customers, or a Fortune 500 manufacturer or retailer with thousands of products and millions of customers worldwide, it’s important to have a close understanding of your inventory and the parts and raw materials you need to make your products.
Keeping track of physical items, suppliers, customers, and all the many moving parts associated with each can greatly benefit from, and in some cases be totally dependent on, specialized software to help manage these workflows. In this article, we’ll take a look at some free and open source software options for supply chain management and some of the features of each.
Supply chain management goes a little further than just inventory management. It can help you keep track of the flow of goods to reduce costs and plan for scenarios in which the supply chain could change. It can help you keep track of compliance issues, whether these fall under the umbrella of legal requirements, quality minimums, or social and environmental responsibility. It can help you plan the minimum supply to keep on hand and enable you to make smart decisions about order quantities and delivery times.
Because of its nature, a lot of supply chain management software is bundled with similar software, such as customer relationship management (CRM) and enterprise resource planning (ERP) tools. So, when making a decision about which tool is best for your organization, you may wish to consider integration with other tools as a part of your decision-making criteria.
Apache OFBiz is a suite of related tools for helping you manage a variety of business processes. While it can manage a variety of related issues like catalogs, e-commerce sites, accounting, and point of sale, its primary supply chain functions focus on warehouse management, fulfillment, order, and manufacturing management. It is very customizable, but the flip side of that is that it requires a good deal of careful planning to set up and integrate with your existing processes. That’s one reason it is probably the best fit for a midsize to large operation. The project’s functionality is built across three layers: presentation, business, and data, making it a scalable solution, but again, a complex one.
The source code of Apache OFBiz can be found in the project’s repository. Apache OFBiz is written in Java and is licensed under an Apache 2.0 license.
If this looks interesting, you might also want to check out opentaps, which is built on top of OFBiz. Opentaps enhances OFBiz’s user interface and adds core ERP and CRM features, including warehouse management, purchasing, and planning. It’s licensed under AGPL 3.0, with a commercial license available for organizations that don’t want to be bound by the open source license.
OpenBoxes is a supply chain management and inventory control project, primarily and originally designed for keeping track of pharmaceuticals in a healthcare environment, but it can be modified to track any type of stock and the flows associated with it. It has tools for demand forecasting based on historical order quantities, tracking stock, supporting multiple facilities, expiration date tracking, kiosk support, and many other features that make it ideal for healthcare situations, but could also be useful for other industries.
Available under an Eclipse Public License, OpenBoxes is written primarily in Groovy and its source code can be browsed on GitHub.
Like OpenBoxes, OpenLMIS is a supply chain management tool for the healthcare sector, but it was specifically designed for use in low-resource areas in Africa to ensure medications and medical supplies get to patients in need. Its API-driven approach enables users to customize and extend OpenLMIS while maintaining a connection to the common codebase. It was developed with funding from the Rockefeller Foundation, and other contributors include the UN, USAID, and the Bill & Melinda Gates Foundation.
OpenLMIS is written in Java and JavaScript with AngularJS. It is available under an AGPL 3.0 license, and its source code is accessible on GitHub.
You might recognize Odoo from our previous top ERP projects article. In fact, a full ERP may be a good fit for you, depending on your needs. Odoo’s supply chain management tools mostly revolve around inventory and purchase management, as well as connectivity with e-commerce and point of sale, but it can also connect to other tools like frePPLe for open source production planning.
Odoo is available both as a software-as-a-service solution and an open source community edition. The open source edition is released under LGPL version 3, and the source is available on GitHub. Odoo is primarily written in Python.
Billing itself as “supply chain management software for growing businesses,” xTuple focuses on businesses that have outgrown their conventional small business ERP and CRM solutions. Its open source version, called Postbooks, adds some inventory, distribution, purchasing, and vendor reporting features to its core accounting, CRM, and ERP capabilities, and a commercial version expands the features for manufacturers and distributors.
xTuple is available under the Common Public Attribution License (CPAL), and the project welcomes developers to fork it to create other business software for inventory-based manufacturers. Its web app core is written in JavaScript, and its source code can be found on GitHub.
There are, of course, other open source tools that can help with supply chain management. Know of a good one that we left off? Let us know in the comments below.
Check out North American-based http://xtuple.com/
Frepple is an incredible planning and forecasting solution – using it to replace Logility for forecasting and demand planning at a multi-billion $ company. Worked with Frepple to enhance the core DRP process – great people to work with – founder Johan De Taeye is an amazing talent. Not just about saving money on overpriced Logility annual maintenance- the solution, which we integrated with their Openbravo ERP, eliminates manual spreadsheet-based steps in the inventory planning and procurement processes.
Thanks alot for starting your comparison of Open Source Supply Chain Tools. I would like to suggest the following ones too. The first one is ADempiere ERP https://github.com/adempiere/adempiere – a Community driven Open Source ERP Software which has sophisticated SCM functionalities (Warehouse Management, Distribution, Product Planning, Manufacturing, Costing, Accounting). The second one is metasfresh https://github.com/metasfresh/metasfresh – a Distribution of ADempiere which extends the already exitisting SCM functionalities with Handling Unit Management, Tracking an Retraceability, Picking and Transportation Management. Both projects can be found on GitHub.
OpenLMIS is an open source supply chain and logistics management tool for use predominantly in low-resource environments by national ministries of health. That said, the platform is content agnostic and could be extended to other sectors besides health commodities.
Open source SCM tool is nice choice. But I am fully interested in latest trends – cloud technology. So I choose the Apptivo, this supply chain tool has inventory, orders, suppliers, purchase orders application. I doing all process in a single platform and helps to cut down software cost.
hi,
how to get odoo supply chain management.is their any separate module for supply chain management.Pls let me know, one week onwards am searching for SCM module.
Have a look at ERPNext too! It’s a 100% Open Source system supporting multiple major industries and can be used easily for supply chain management. A user can track the movement of goods across multiple warehouses. It also supports serialized and batched inventory.
As there is no blog related to open source HR management software. Here is the list of 5 Open Source HR Software.
# teamdeck
# Hr.my
# Zenefits
# iceHRM
# OrangeHRM
https://goo.gl/rNeYD2
Hey,
You have missed django-CRM is an open source package in Django. Demo also available. https://github.com/MicroPyramid/Django-CRM
I have used two of these tools in our business and actually integrated OpenBoxes with this project management software https://finclock.com/. The system now helps us make faster moves and eliminate duplication.
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