Credit : TNPStraitsTime
When you scale up your operation (sales or productivity), do you have to proportionately scale up your cost?
Most of us do grocery shopping at our nearest grocery store. Have you noticed that there are more self checkout kiosks for shoppers to “self help” making your own payment and packing your own groceries with plastic bags provided.
Traditionally you see a one-on-one cashier to each shopper’s cashiering system, but now it is almost like 6 checkout points to one sales assistant to help with unusual situations.
From a technical viewpoint, they are allowing their stakeholders to update the system with the purchases (or sales) into their system, and giving up the full control of inputs of data. Is there a risk of data accuracy or integrity?A staff member is there to mitigate any errors or omissions, whether intentional or unintentional to a certain extent. The benefits far outweigh the cost of such a way of workflow.
The operation is using technology to split up the work to their stakeholders with calculated costs vs the tangible and intangible benefits.
Do you envisage that your Realtimme cloud system can allow your stakeholders (supplier and customers, sub-proprietors in MCST plan) to access or at least update your system, and you, monitor and accept or approve the entries entered by them? For your suppliers, they can “submit their invoices”.
It will automatically be “posted” to a holding area and you will approve it by eye-balling the content, with one click, as versus you have to enter many fields and information. For your accounts receivable, your stakeholders will select what invoice to pay (if you are Singtel users, you select the bills) and submit your payment online and it will flow to your accounts receivables to update the aging status. Your role now is to monitor the data traffic coming in from your stakeholders, and reducing your data input, except now is to do month end entries, bank reconciliation, reversals, adjustments.
Yes, we are coming up with the above to allow you to scale up your operation without additional cost incurred.
Check out our announcement for what’s new and news for the above features that is coming your way
Writer : Choo Hong Peng,
Chartered Accountant, Singapore
Email : email@example.com