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How The Role Of Business Software Is Still Developing

Business software, including accounting, project management, and invoicing software, is dramatically reshaping processes across diverse industries.

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Business software, including accounting, project management, and invoicing software, is dramatically reshaping processes across diverse industries. Especially amid the recent rise in remote working, the software has an ever-more important role in making businesses flexible and robust to changing circumstances. However, many exciting developments continue to bolster the usefulness and prospects of business software.

Being at the forefront of these developments will help your business to have a competitive advantage over later adopters. By following emerging trends, you can better understand how business software can be applied and deployed in your organization.

Let’s look a little more closely at how business software’s role is still developing and what the future of business software will look like.

1. Automation’s New Frontier

New challenges presented by the economic uncertainty of the coronavirus pandemic are pushing employers towards greater automation. Business software utilizes some of the latest tools offered by advances in automation and artificial intelligence.

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This provides business owners with several benefits and opportunities for cutting costs. For example, chatbots are increasingly adept at fielding customer service questions. A few years ago, these chatbots were not so sophisticated and did not successfully field complex customer concerns.

However, they rely on a much broader dataset and can address incoming customer service requests with greater accuracy. This has dramatic implications for customer service departments everywhere in terms of potential cost savings and boosts productivity.

2. The Power Of Voice

Voice recognition technology is also opening up opportunities for business software. Like automation and artificial intelligence, this technology has made dramatic strides forward in terms of accuracy and user-friendliness.

By using voice-activated tools, workers will be able to multitask or complete single tasks more efficiently. It will soon be possible to conduct searches, write documents, and complete other essential business tasks through voice alone.

3. Remote Work As The New Normal

Even before the coronavirus pandemic, remote working was on the rise in many businesses. With office spaces subject to social distancing measures, remote working will be the new normal for more workers. While some companies will still rely on commercial real estate, there will be an ever-expanding market for software that aims to make remote working more productive and collaborative.

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We have already observed an explosion of interest in video conferencing and real-time collaborative tools in the past few months. As workers require more secure and more flexible means to make remote work as efficient as in-office work, there will continue to be more innovation.

4. More Big Data Business Insights

A business software will continue to get better at using big data to generate insights and provide better customer service. Cloud technology allows businesses to store and access data in real-time to provide data-driven analysis at any time.

Customer data, such as purchase history or past engagement with a given company, can create personalized marketing campaigns. Cloud technology can also synchronize inventory management across store locations, providing retailers with real-time information about their product stock. Supply chain management will become increasingly streamlined.

5. Getting On Board With The Future Of Business Software

Technological developments continue to push the limits of what business software can be used for these days. The future cannot be predicted with certainty. However, the changing nature of work and new circumstances inevitably spurred on by the current pandemic will create unique business software applications’ individual needs. And following these business software trends will help you catch onto emerging technologies and gain a competitive edge.

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Blockchain

Can Tokenization of Asset Bring More Investment From the Masses

Tokenization of assets isn’t a new phenomenon, but unlike the waves in the past STOs, this time, it might tip the balance in favour of decentralized finance.

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In a new article, Coindesk has predicted that the Cryptocurrency’s DeFi sector is set to see a resurgence of Security Token Offerings (STOs) and has predicted “a sixfold increase in the total dollars raised using such funding methods over the next four years.”

Tokenization of assets isn’t a new phenomenon, but unlike the waves in the past STOs, this time, it might tip the balance in favour of decentralized finance. The article further predicted that “more private companies will bypass traditional initial public offerings (IPO) and instead use blockchain technology to digitize the capital-raising process.”

Although traditional capital markets and venture capital firms have ceded some prime money-making to DeFi, doing away with conventional IPOs might be a significant first step to democratizing venture financing.

Past the debacle of early blockchain ICOs, where the process by which a company ICOs was easy, but the lack of related regulations within the US and abroad around ICOs had led to many fraudulent crowd sales, illegal airdrops, and outright scams. This, in turn, had tarnished the reputation of blockchain-based projects. However, tokenizing assets and either fiat-backed or cryptocurrency backed by gold and silver have dramatically increased confidence in the crypto-asset markets.

The tokenization of assets that represents a real tradable asset, in reality, is quite similar to the process of securitization. An STO, with increasing frequency, is also used to describe a share in a company, ownership of a piece of real estate, or participation in an investment fund. These security tokens are also tradeable on secondary markets.

The new token economy offers to open up the investment world making it more transparent, efficient, and fair. The simplicity of tokenization will also help in reducing the friction surrounding the creation, purchase, and sale of securities.

In addition, it will bring several advantages for both buyers and sellers that will include:

1. Increased Liquidity of the Market:

The tokenization of illiquid assets in private hands, specifically art, real estate, and the likes, will significantly boost the market’s liquidity. Not only will it make it possible to liquidate the illiquid assets partially, but the ability to trade the security tokens in the secondary markets will also increase the trading activity bringing with it a broader base of traders and investors.

The “liquidity premium” alone makes it worthwhile to tokenize illiquid assets capturing more excellent value for the underlying assets.

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2. Making Transactions Faster and Cheaper:

The intelligent contracts attached with the tokens and their automated execution upon the meeting of coded terms in the smart contract will mean automation and lack of administration of much cheaper transactions. The buying and selling of the security tokens will require lesser intermediaries, faster deal execution and lower transactional fees.

3. Increased Transparency:

Since a security token is also essentially a smart contract, it can be embedded with the owner’s responsibility and rights. The fact that records on a blockchain are immutable searches, provenance and trading history would be a cinch. The entire chain of ownership rights, responsibility, and origin of the security token will be entirely transparent.

4. Greater Accessibility:

Most importantly, tokenization could open up the investment world to a large audience. The high liquidity, market movement, lower investment amounts, and shorter periods required to hold the token can make the token economy to the average investor. Like the ticket divides an illiquid asset, the tokens themselves are readily divisible into smaller and smaller fractions enabling even a small investor to participate in the token economy.

With automated workflows and cheaper and cheaper processing costs, and token administration, the minimum investment amounts will fall further. This will also increase liquidity allowing investors to hold the investments for shorter periods before cashing in. The trading is made even more robust due to secondary markets that operate 24/7.

5. Easier Asset Conversion:

With the DeFi market making the conversion of crypto assets into fiat currency more readily available, the same will become true for security tokens. By providing greater liquidity to an average investor that often shies away from investment into illiquid assets due to fear of the lengthy process of conversion of an illiquid asset into a liquid one.

If anything, the strong emergence and success of the DeFi market have shown us that making finance decentralized, transparent, and easily accessible will bring in more investors, not less, and lead to the market’s democratization.

In conclusion, the advent of a token economy will lead to a more transparent, liquid, accessible, and just financial and investment system that will serve more and more people via financial products and investment opportunities for all.

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