Long-term business success means keeping pace with a continually evolving world. Between new products, new competitors, fluctuating markets, changing customer demands, global crises, and more, expecting the unexpected is the new normal.

Technology is critical to maintaining business stability and agility in any situation – but like everything else, digital transformation is a journey of many moments of opportunity.

It’s very tempting to look at digital transformation projects as having a clear start and finish. Not only does it provide a sense of control, but success is often measured when a project is perceived as ‘complete,’ the budget is no longer allocated, and the project team is disbanded. It appeals to our innate sense of tidiness. Not to mention, it’s really satisfying to check off that ‘to-do’ box.

But that’s rarely the typical, or even best, strategy. Digital transformation projects, particularly large-scale ones, often start with just a few steps and then evolve as the journey continues. You gain knowledge, better tools become available, additional budget gets allocated, and more opportunities – or challenges – present themselves.

These individual moments all combine to create your busines’ journey. There is no ‘finish point,’ but instead, you continue to shape and improve the systems that drive your desired outcomes.

That can mean managing the cost of expense reports, optimising the hybrid work experience, or improving your travel and expense processes.

Finance automation a starting point

Often, the big question facing businesses contemplating digital transformation is, “Where do I start?”

For many businesses, the answer lies in finance automation.

Also Read: How AI and automation can shape the future of farms

Recent market disruptions and changing work environments and lifestyles have almost certainly prompted a change in how you interact with customers. Perhaps you are connecting with them remotely, finding new distribution channels, or allowing them to pay in new, more convenient ways.

Whatever the case, you have most likely already taken your first steps toward digital transformation. But if your employees are still using paper and e-mail-based processes for travel and expense management and vendor invoicing, then you are missing a critical moment of opportunity to take control over business spending, improve cash flow, and prepare for the future.

The first step in your digital finance transformation should be to evaluate where you are today.

Figure out where paper and e-mail are still being used to track and manage spend and spend-related communication. Also, examine your ERP system to determine whether the functionality you have is delivering the near-real-time spend insight and streamlined payment processes you need.

Finally, take a look at where and how your employees work to see if your systems are giving them the flexibility to stay productive, whether at home or in the office.

Timely business benefits for a slowing economy

Once you have all these processes mapped out, it’s time to determine what’s working and what’s not. Travel and expenses are a great place to start.

Ask your people about your expense reporting process – how long does it take, how often are there errors, and how much time do managers and accounts payable (AP) staff spend to chase down missing submissions and approvals? How long does it take people to get reimbursed?

Next, examine your vendor invoicing for the same issues of simplicity, speed, and accuracy, and ask yourself whether lost invoices, late payments, and missed discounts are impacting vendor relationships and your bottom line.

Finally, check in with your finance teams to see if they have the spending visibility that they need to prevent wasteful spending, improve cash flow, and align spending strategy with your business goals.

In addition to considering spending processes, you will want to examine spending policy. This includes measuring out-of-policy spending as well as your employees’ familiarity with the spend policy.

You need a spending policy that covers the full spectrum of your spending activity while also delivering the desired business impact of reduced errors, greater cost savings, stronger security, and increased compliance. Spend policy should be easy to find, understand, and apply – and should ideally be built right into your spend management processes.

Now that you know which problems need to be solved, it’s time to rally your people and get them on board with implementing a solution.

Your stakeholder list should include leaders, managers, and people on the ground from accounts payable, procurement, HR, finance, IT, and any other department that deals with spending processes regularly.

Also Read: Why blockchain is instrumental for the future of trade finance

By bringing all these people together, you will be able to ensure a clear understanding of how digitalising your spending management can improve process efficiency, visibility, cost control, cash flow, security and compliance, and employee satisfaction. Not only will this help demonstrate the need for change, but it will also ease the transition to your new automated system.

For those who are still on the fence or feeling nervous about change, remind them that digital, cloud-based spend management can save finance and accounting employees many hours per week while also giving them the freedom to do their job from anywhere and an opportunity to divert time saved into more strategic tasks.

For the conservative budget hawks, be sure to present a cost-benefit analysis that considers all the money you will save by reducing errors, curbing out-of-policy spending, and increasing remittance discounts – not to mention the savings that can be uncovered through greater spend visibility.

As for IT, make sure they know that any digitalisation plan includes partnering with a reputable vendor that can provide the support they need for a smooth rollout and operations going forward.

With the right digital transformation strategy and automation technology, firms can fret less about the uncertain economic climate, as they will become more agile and productive at a lower cost.

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Bitcoin is the pioneer and most notable cryptocurrency, and it remains the dominant player in the market. However, there are many other cryptocurrencies, known as Altcoins, that have been developed in the years since Bitcoin’s inception.

These Altcoins may offer various advantages over Bitcoin, such as faster transaction speeds, lower fees, or different mining algorithms. Some of these are designed to improve the features of Bitcoin, while others are created as experiments or for specific purposes.

What exactly are Altcoins, and how is it different from Bitcoin? Let’s dive deeper and compare the two, and find out which could be more beneficial.

What is Bitcoin?

No need for introduction – Bitcoin is the grandfather of cryptocurrencies and is a decentralised digital currency that uses cryptography for security and is not controlled by any government or financial institution. It was implemented in 2009 by an anonymous individual or group of individuals known as Satoshi Nakamoto.

Also Read: What investors need to know about Bitcoin halving

Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or web application. Transactions are verified by network nodes through cryptography and recorded in a publicly distributed ledger called a blockchain.

Bitcoins are created as a reward for a process known as mining, in which computers solve complex mathematical problems to verify and record transactions on the blockchain. They can also be bought and sold on exchanges with fiat currencies or other cryptocurrencies.

What are Altcoins?

Altcoins, or alternative cryptocurrencies, are digital currencies that are alternatives to Bitcoin. They were created after the success of Bitcoin and are often based on the same basic principles as Bitcoin.

Like Bitcoin, Altcoins use cryptography for security and are decentralised, meaning that they are not controlled by any government or financial institution. Many Altcoins are based on the same open-source code as Bitcoin, but they may have different features and capabilities.

There are many different Altcoins available, each with its own set of features and characteristics. Some examples of Altcoins include Litecoin, Ethereum, and Dogecoin. The choice between Bitcoin and an Altcoin will depend on an individual’s specific needs and priorities.

How are they different?

One key difference between Bitcoin and Altcoins is the level of decentralisation. Because Bitcoin has been around for much longer and has a larger user base, it is generally considered to be more decentralised than many Altcoins. This is because the network is supported by a larger number of nodes, making it less vulnerable to control by any single entity.

In addition, Bitcoin belongs to no specific team or protocol. This greatly reduces counterparty risk for investors as Altcoins do have a higher propensity of rug pulls and disastrous tokenomics.

Another important difference is the level of adoption and acceptance. Bitcoin has achieved a level of mainstream acceptance that many Altcoins have not, and it is accepted as a form of payment by a wide range of merchants and organisations. Some Altcoins, on the other hand, are accepted by fewer merchants and may be less liquid, making them more difficult to use as a means of exchange.

Also Read: Bitcoin and Ethereum simplified for a five-year-old

There are differences in the technical features and capabilities of different cryptocurrencies. Some Altcoins offer features that are not present in Bitcoin, such as anonymity or the ability to process a higher volume of transactions per second.

Weighing out the pros and cons

Altcoins may offer various advantages over Bitcoin, such as faster transaction speeds, lower fees, or different mining algorithms. However, they may also come with trade-offs, such as reduced security or liquidity.

Bitcoin has a strong track record when it comes to security. It has never been hacked, and the underlying blockchain technology is considered to be very secure. This makes it a safe choice for those who are concerned about the security of their funds.

Being the most well-known cryptocurrency, achieving a level of mainstream recognition that many Altcoins have not, Bitcoin appears more appealing to most people, as they may feel more comfortable using a cryptocurrency that is widely recognised and accepted.

Although Bitcoin has been subject to volatile price fluctuations, it has also been adopted by a growing number of merchants and individuals as a form of trusted payment. Its decentralised nature and the fact that it is not subject to government or financial institution control make it an attractive option for some users.

Ultimately, the decision of whether to invest in Bitcoin or Altcoins depends on the professional investor’s financial goals and risk tolerance. It is important to carefully research and evaluate any cryptocurrencies before investing to avoid any potential scams. If you are looking to diversify your portfolio, it is important to work with a licenced fund manager with crypto experience if you need help determining when to invest.

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On November 15th, 2022, history was made when the global human population reached eight billion people for the first time. It had taken only 12 years for the population to grow from seven billion to eight billion, proving that there is still a massive amount of population growth.

These populations are not evenly distributed throughout the world. The overwhelming majority of people live on the Asian continent, with China and India hosting similarly large populations of roughly 1.5 billion people each. The United States is a distant third in the ranking of countries by population, at 338 million people. Indonesia, Nigeria, and Brazil are highly populated as well.

Growth rate

The world’s population is currently increasing at 0.83 per cent per year. However, this is a global average; some countries have a dramatically higher population growth rate than others.

Nigeria has a very high growth rate, at 2.4 per cent every year. Pakistan, Bangladesh, and Mexico are the runners-up. Russia and China have no net increase in population growth, despite having already large established populations.

There are a variety of reasons that can cause these variations in population growth, such as economic, legal, or political factors. For example, China’s One Child Policy has severely limited population growth within the country.

The fertility rate is usually a good indicator of where a population’s growth rate stands. It is the average number of children that will be born to a woman in her lifetime. Nigeria has an unsurprisingly high fertility rate, standing at an average of 5.14 children born to each Nigerian woman. Pakistan, Indonesia, and India are runner-ups for fertility rates.

Countries such as Brazil, Russia, and China have a fertility rate below the replacement rate. This means that two parents are not reproducing enough to completely replace themselves in future generations. This usually indicates a decreasing population in the future.

A look at life expectancy

Fertility rate and life expectancy usually have an inverse relationship. A country with a higher life expectancy usually doesn’t have a high fertility rate; in fact, the population will not be growing as rapidly because they are further along in the industrialisation process.

Also Read: Singapore’s ageing population: Tech and new scientific discoveries may calm the silver tsunami

The global average life expectancy has risen drastically from only 29 years old in 1800 to 73 years old in the present day. Countries with the highest life expectancy include Japan, Spain, and Switzerland, whose citizens enjoy full lives well into their 80s. South Sudan, Somalia, and Sierra Leone only have life expectancy for citizens into their mid-40s.

These countries have fertility rates that are much higher than countries in which the citizens live longer. Usually, average life expectancy is affected by infant mortality rates, so mothers will give birth to more children in these countries. 

The growing world population has had a wide range of effects on business. The population will continue to age as global life expectancy lengthens. Therefore, there will be a greater need for industries that cater towards the elderly population. There can be a growing demand for assisted living facilities, pharmaceuticals, and hospitals.

There might also be a labour shortage caused by the ageing population, which in turn could cause a shrinkage in global GDP. GDP will likely shift towards sub-Saharan Africa to reflect the growing labour forces in these countries. Larger populations in countries can lead to multinational corporations as well. 

The road to nine billion

This next milestone is looming close. It is predicted that it will only take 15 years to add an additional billion to our population. Some of the trends that are predicted for the near future is that Africa will become the fastest-growing continent.

It is predicted to double by 2050, while Asian population rates will slow. Europe’s population will continue to slow, with a 15 per cent population decline by 2050. This decline is mostly caused by ageing populations and much lower birth rates. Global migration will also be a dominant force, representing 3.3 per cent of all people. This is understandable, given the much more globalised world we live in today.

In conclusion

It is predicted that the global population will cap out at 10.4 billion by 2080. After that, growth rates will fall significantly, and humans will have to adapt to shifting age demographics.

There are a lot of people on the planet, and resources must be shared equitably to make sure that there is a bright future for the human race and the natural world.

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Zilingo spins off tech, product, IP units to Swiss startup Buyogo
The fashion e-commerce firm is nearing a debt settlement; This comes days after Zilingo appointed EY as provisional liquidator to wind up the firm; Buyogo is a SaaS startup focused on digital e-commerce solutions for SMEs.

Ex-Deliveroo execs’ food-ordering firm Gobble shutters
Its co-founder Domenico Tan shared on LinkedIn that Gobble’s B2C model “wasn’t sustainable” for it to have survived long; The executive also shared that even with Gobble’s high sales volume, margins were still too low.

Two Singaporean PEs join hands to launch US$700M tech fund
The CSP Fund II, formed by Capital Square and Basil Technology Partners, will focus on SaaS, AI, data analytics and digital sub-sectors; The fund raised capital from HarbourVest Partners, TPG NewQuest, and Committed Advisors.

Japan’s MUFG Bank amplifies SEA focus, bullish on ID fintech
The bank has internally committed US$500M or more for equity investments to Asia, including India and SEA; In March 2022, MUFG launched a US$300M Ganesha fund to invest in middle- to late-stage Indian startups.

Indonesian e-commerce enabler Desty raises US$4.35M
The investors include East Ventures, Z Venture Capital, and BAce Capital; Desty helps sellers, creators, and influencers promote and sell their products online.

Google parent Alphabet to axe 12,000 jobs
The cuts account for about 6% of Alphabet’s total workforce; According to CE Sundar Pichai, the retrenchment will cut across product areas, functions, levels and regions.

Spotify set to slash jobs this week
While the exact number of those laid off was undisclosed, the music-streaming giant has nearly 9,800 employees, as reported in its third-quarter earnings; In 2022, Spotify let go of 38 employees from its Gimlet Media and Parcast podcast studios.

Genesis crypto-lending units file for bankruptcy protection
The filing includes the parent company Genesis Global Holdco and two of its lending business subsidiaries; Genesis has over US$150M in cash, which it plans to use to support its ongoing operations and restructuring process.

SoftBank-backed Swiggy to shed 380 employees
The Indian food delivery startup cited the current macroeconomic slowdown and overhiring for the restructuring; Contrary to Swiggy’s projections, the growth rate for food delivery has slowed down.

SG probes Gorilla Mobile over temporary suspension of services
The Infocomm Media Development Authority said under Gorilla’s licensing terms, the company has to secure approval from the government body before ceasing services.

How corporate innovation in Vietnam is fledging the B2B startup ecosystem
Zone Startups is contributing to Vietnam’s push to leverage its well-known software outsourcing industry into a fledging B2B startup ecosystem.

Giving a boost to business through finance automation
The first step in your digital finance transformation should be to evaluate where you are at present and proceed with implementing a solution.

Bitcoin vs Altcoins: Which is the better investment?
This article dives deeper and compares Bitcoins and Altcoins and to find out which could be more beneficial.

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