Staying ahead of the curve is essential for professionals seeking career growth and specialization in accounting. Certifications play a pivotal role in providing individuals with the necessary skills and knowledge to navigate the complexities of the financial world. As 2024 approaches, here’s a comprehensive guide to eight accounting certifications that stand out as invaluable assets for aspiring and seasoned accountants alike.
Certified Public Accountant (CPA)
Undoubtedly one of the most recognized and respected certifications in the accounting realm, the CPA designation is a hallmark of expertise and integrity. Covering areas such as auditing, financial accounting, and taxation, the CPA credential opens doors to a myriad of career opportunities, from public accounting firms to corporate finance roles. Earning the CPA not only signifies technical prowess but also a commitment to continuous learning, as CPAs are required to stay updated with the latest regulations and standards, ensuring their knowledge remains cutting-edge.
Accredited Petroleum Accountant® (APA®) Certification Program
In the energy sector, specialized knowledge is crucial for accountants dealing with petroleum-related financial matters. The Accredited Petroleum Accountant® (APA®) certification program stands as a beacon for those looking to excel in this niche. Covering topics such as revenue recognition, joint interest accounting, and reserves estimation, the APA® designation is tailored for professionals navigating the intricacies of the petroleum industry.
By acquiring the APA® certification, accountants gain a competitive edge, positioning themselves as experts capable of addressing the unique challenges inherent in energy accounting and contributing significantly to the financial success of companies operating in the petroleum sector. Learn more here about The APA® program that not only imparts technical skills but also fosters a deep understanding of the economic and regulatory factors shaping the energy industry, making graduates highly sought after for their specialized expertise.
Certified Management Accountant (CMA)
For individuals aspiring to climb the corporate hierarchy and play a pivotal role in making strategic financial choices, opting for the CMA certification proves to be a strategic decision. Centered around management accounting and financial management, CMAs possess the expertise to analyze data, enhance business performance, and contribute significantly to organizational success. The CMA designation not only enhances financial acumen but also positions individuals as indispensable assets capable of steering companies through complex financial landscapes with confidence and competence. CMAs often become instrumental in strategic planning, helping organizations achieve their goals by providing valuable financial insights.
Certified Internal Auditor (CIA)
Internal auditing plays a vital role within organizations, ensuring both compliance and the smooth functioning of operations. The CIA certification validates professionals’ ability to conduct internal audits effectively, manage risks, and provide valuable insights for informed decision-making. In an era of increasing scrutiny, the CIA designation enhances credibility and trust in the internal audit process. With the CIA certification, individuals not only become adept auditors but also key contributors to organizational resilience, safeguarding against risks that could compromise integrity and financial well-being. CIA-certified professionals often play a crucial role in identifying process inefficiencies, streamlining operations, and enhancing overall organizational effectiveness.
Certified Information Systems Auditor (CISA)
As technology continues to transform the business landscape, accounting professionals need to adjust and evolve. The CISA certification addresses the intersection of accounting and information systems, equipping individuals to navigate the complexities of cybersecurity, risk management, and information technology auditing. In an era where data integrity is paramount, the CISA credential is a valuable asset. CISA-certified professionals are at the forefront of protecting organizations from digital threats, ensuring that financial information remains secure and systems operate seamlessly in the ever-evolving digital environment. The increasing prevalence of cyber threats makes CISA-certified individuals indispensable for organizations looking to fortify their financial data against potential breaches and attacks.
Certified Fraud Examiner (CFE)
In a time when businesses face substantial threats from financial crimes and fraud, the relevance of the Certified Fraud Examiner (CFE) certification has grown significantly. This designation equips professionals with the skills to detect, prevent, and investigate fraudulent activities. CFEs are well-versed in areas such as forensic accounting, fraud prevention, and regulatory compliance. By obtaining the CFE certification, individuals not only enhance their ability to safeguard organizations from financial malfeasance but also position themselves as experts capable of navigating the complex landscape of white-collar crime.
Chartered Global Management Accountant (CGMA)
The Chartered Global Management Accountant (CGMA) designation is tailored for professionals seeking to combine financial expertise with strategic business acumen. Offered by the AICPA in collaboration with CIMA, CGMA holders are equipped to drive sustainable business success by integrating financial and non-financial information. This certification focuses on management accounting principles, risk management, and business strategy. CGMAs play a vital role in shaping organizational strategy, offering a holistic view that extends beyond traditional financial metrics. The CGMA certification is ideal for professionals aspiring to bridge the gap between finance and overall business performance.
Enrolled Agent (EA)
For those interested in taxation and representing clients before the Internal Revenue Service (IRS), the Enrolled Agent (EA) certification is a notable choice. EAs possess comprehensive knowledge of tax regulations and demonstrate their expertise by passing a rigorous examination. With the authority to represent clients in tax matters, EAs play a crucial role in tax planning, compliance, and dispute resolution. This certification is particularly beneficial for individuals seeking a specialized role in tax consultancy or those aspiring to establish their own tax practice. EAs are well-versed in the ever-changing tax landscape, making them valuable assets for individuals and businesses navigating complex tax environments.
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FinTech companies are putting a new twist on financial concepts. The innovations are endless, from peer-to-peer payments to automated portfolio managers and trading platforms.
Finance digital transformation involves leveraging cutting-edge technologies for better operational efficiency and enhanced strategic decision-making. Streamlined processes lead to cost savings over time, while real-time data insights help leaders to make informed choices.
Streamlined Processes
Fintech innovations have transformed the financial sector, fostering inclusivity, enhancing operational efficiency, and facilitating personalized customer experiences. The advent of digital banking, encompassing features like robo-advisors and mobile payment systems, has significantly benefited both consumers and businesses.
Streamlining business processes is a critical component of any enterprise. Efficient workflows help you maintain consistent work quality, reduce waste, and maximize profits. This can be done by adequately dissecting existing processes and identifying redundancies and loopholes. It can also be done by leveraging BPM software tools to automate them.
It is important to note that a process workflow differs from a procedure. While a method can be an entire set of steps, a workflow is the specific task sequence that achieves the desired output. Streamlining business processes is easy and beneficial for employees because it allows them to work smarter, not harder. Aside from improving employee morale, streamlined business processes are critical for maintaining a competitive edge.
Increased Efficiency
A company can increase efficiency by decreasing waste and increasing the helpful output produced with the same resources. This can be done in various ways, including automating processes, restructuring how tasks are completed, and minimizing the amount of time employees spend on non-productive activities.
For example, a manufacturing company can cut costs by reducing employee headcount. However, suppose the business continues to rely on a single vendor for raw materials, and production grinds to a halt when the supplier runs out of supplies. In that case, the company still needs to be more efficient.
Financial technology companies can also help improve efficiency by introducing new tools and products to the market. A prominent illustration is a mobile banking application, which enables users to view and manage their bank accounts on a tablet or smartphone. These apps can even provide bill pay, deposits, and loans. They are essential to financial inclusion initiatives because they help people everywhere get imperative banking services and improve their financial knowledge.
Better Customer Experience
Finance teams are also increasingly concerned about maximizing customer experience (CX). With increased competition, more complex security regulations, and higher customer expectations, it’s never been more critical to get CX right.
Using emerging technologies to automate and streamline processes, increase efficiency, reduce errors, and offer easier-to-use data and reporting can positively impact CX. Offering self-serve options such as frequently updated FAQs, chatbots, and 24/7 support is one way to elevate the customer experience.
Unfortunately, when the term “finance transformation” is used – usually by vendors when discussing their technology – it can be misleading. Implementing a new budget planning system doesn’t constitute finance transformation, but a complete overhaul of process and culture does. Without both, a finance digital transformation will only be half-successful. This is why it’s essential to include buffer zones for unforeseen obstacles and keep everyone in the loop throughout the process. This makes it easier to ensure that everyone is aware of the possible advantages and effects of the change.
Data-Driven Decisions
Financial institutions that make decisions based on data-driven insights are more likely to stay competitive and improve their products and services. To be data-driven, however, institutions need to collect and analyze information from various sources. Fortunately, today’s advancing technology can help to streamline the process.
By using knowledge management (KM) tools, financial companies can better understand customer behavior and market trends. Moreover, they can use this data to optimize internal processes and reduce costs.
Successful finance transformation requires commitment, dedication, and expertise from a team. This includes a leader with experience in the industry and a solid track record of driving business value. It also involves a communication-first approach to ensure employees feel heard and have the training and resources they need to succeed. Lastly, it means setting goals that align with the company’s long-term strategy. This can help to overcome resistance to change and support an effective and sustainable finance transformation.
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Video is transforming business-to-business (B2B) and business-to-customer (B2C) communications. The critical technologies making this possible are lowering latency and enabling remote access to video content.
The DSLR compression gives videographers great-looking footage, but this can be limited in post-production workflows where chroma key or heavy color grading is required. An I/O device provides a solution.
Video Phones
Video phones, also called videoconferencing devices, allow two people to communicate by video and audio. They reduce travel costs, enable remote work and learning, and make meetings more personal.
They resemble traditional desk phones with an integrated camera, high-resolution screen, and web conferencing software. Some include a file-transfer capability, a whiteboard for sharing ideas, and a chat service between users.
Dedicated videophones were not popular when first introduced, but they remain attractive to businesses with larger budgets or needing high-quality audio and video. They are more expensive than laptops with integrated webcams, but the video quality is much better.
Mobile video viewing has become an essential trend for brands to consider when targeting Gen Z and millennial consumers. Smartphones are the primary device for viewing digital video content, and the number of smartphone video viewers is growing yearly. Choosing the correct video codec and optimizing the device like Neat will increase your success with these audiences.
Social Media Videos
Social media video platforms and apps allow users to create/upload, share, and watch videos. This will enable businesses to engage, educate, and connect with a large audience.
These platforms also encourage brands to produce short, snackable video content. These videos are designed specifically for these platforms and are meant to capture attention, share a message, and get viewers to act in a very brief period.
Additionally, 85% of Facebook videos are watched without sound, stressing the importance of visuals in communicating a message. This is a great way to reach consumers on mobile devices where audio may not be feasible.
Videos also provide a more personalized, authentic experience for consumers to interact with brands. This can lead to higher website traffic, engagement, and conversions. This makes social media video one of the most effective marketing tools for 2023.
Connected TVs
Connected TVs (CTV) are TV sets with internet connectivity that allow users to access online content and streaming services. They have larger screens than traditional TVs and can also be used to play video games. The growth of CTVs is driven by increasing global internet usage and rising demand for personalized content.
Consumers are also opting for streaming applications over expensive cable and satellite subscriptions. These platforms can be free or cost a monthly fee and offer ad-supported or premium programming. The popularity of these apps has led to cord-cutting, a trend where households cancel or do not sign up for cable and satellite subscriptions.
Major global players have a strong presence in the connected TV market. They provide smart TVs with built-in streaming capabilities, leveraging their brand recognition and distribution networks. Local players in each region also have a significant presence in the connected TV market, providing solutions that cater to specific customer needs and preferences.
Virtual Reality
Virtual reality is a three-dimensional computer simulation that shuts out users’ physical surroundings to create a realistic experience. It’s often used to play games, but it’s also used by businesses to support sales, facilitate training, and communicate remotely. It’s also a powerful tool for healthcare and even the military to simulate confrontations and combat.
VR headsets can range from inexpensive shell devices that cover smartphones to immersive, wraparound displays with stereoscopic screens and haptic technology that lets users feel virtual images. These systems are often paired with binaural and spatial audio, enhancing the immersive experience.
The proliferation of video devices is fueled by ever-expanding connectivity, infrastructure virtualization, and technological innovation. Whether conducting business meetings via Zoom, navigating parking lots with backup cameras, or sweating through a workout in a connected fitness device, video has become an integral part of our digital lives. As 5G becomes a reality, it will deliver the speed and low latency needed to power next-generation video technologies like AR/VR.
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Difficult conversations aren’t the same for all people. They affect us differently because they trigger stories we carry about who we are, what’s right and wrong, and what’s good and bad. Some of these stories are dominant, and we’re aware of them. Yet other stories are hidden and may surface unexpectedly in the course of a conversation.
A challenging conversation might involve giving a poor performance review, speaking with someone who has strong ideologies different from our own, or discussing current events or politics. Depending on what stories these conversations trigger, we might cringe, confront the conversations head-on to end them quickly, or avoid having them altogether.
Is there anything we can do to make these conversations better?
Foster Psychological Safety
Psychological safety allows us to feel safe to speak up about ideas, concerns, or mistakes because we don’t fear punishment or retribution. When we have psychological safety, we’re more willing to engage in difficult conversations because we’re assured we won’t be personally criticized or retaliated against.
In the workplace, leaders play a pivotal role in establishing a culture that’s safe, respectful, transparent, and inclusive—and communicating that violations of these principles won’t be tolerated. Clearly explain these expectations and how they’ll be supported. When things go wrong, set up a joint exploration to assess what happened and use it as a learning opportunity.
Practice Managing Your Emotions
During difficult conversations, we can gauge and control our own emotions, but we can also manage our reactions to other people’s emotions.
Our minds and bodies are connected, and one function our brains have is to manage how much energy is budgeted toward emotional expression. If we anticipate a difficult conversation, our brains get ready to expend more energy than we’d need for a casual, enjoyable one. Just think about how exhausted you feel after a challenging encounter.
When these types of conversations repeat or sustain over time, we can end up exhausted, which may manifest in irritability or illness. To avoid this, practice anticipating difficult conversations and how you can manage your emotional response to them.
Level Up Your Communication Skills
Being an effective communicator improves any conversation. This includes active listening, asking good questions, and being able to express what you need from the other person.
During difficult conversations, we need to hear what the other person is saying and, in some cases, what they’re not overtly stating. Repeat and reflect back what you’ve heard; this lets the person know you’re present and listening. Ask open-ended questions that call for further exploration or probing questions that prompt a deeper level of explanation.
It’s equally important to state what you need and want from the conversation. Defer to the other person first to hear what he or she has to say; this will create a space for the other person to be more open to your needs. This way, both parties are being as transparent as possible and informing each other, which dispels assumptions.
Have an Exit Strategy
If a conversation gets too heated or beyond the point of feeling psychologically, emotionally, or physically safe, then it’s time to stop. You can simply say, “I think it’s a good idea for us to take a break and regroup at a later date.”
When you reengage, revisit the conversation’s conditions or have someone present as a mediator or facilitator to act as a safeguard.
If conditions weren’t (or can’t be) set or you aren’t feeling safe enough to engage, then you need to be able to express that you won’t participate. Too often, we’re caught off guard or feel awkward and uncomfortable about not following through. However, if the conversation’s conditions aren’t right for you, you’re feeling unprepared, or the other party is too emotional, don’t move forward. You can say, “I’m sorry, but I’m not prepared to participate in this conversation at this time.”
From Challenging to Rewarding Conversations
We live in a complex world, and we each have stories we carry that come from our lifetime experiences. It takes a certain kind of open and welcoming mindset to be willing to learn more about others—and to go through potentially uncomfortable conversations to get there. It can be very rewarding to push past barriers that prevent us from learning more about one another and our encounters. However, it’s important to prepare well, and that includes setting up the conditions that allow for fruitful conversations.
About the Author
Beth Fisher-Yoshida, Ph.D., CCS, is a global expert and educator in negotiation and communication. She’s the program director of Columbia University’s Master of Science in Negotiation and Conflict Resolution, a negotiation consultant for the United Nations, and the CEO of the consulting agency Fisher Yoshida International. Her new book, New Story, New Power: A Woman’s Guide to Negotiation, helps women of all ages make successful negotiations a reality. Learn more at bethfisheryoshida.com.
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Are you looking to venture into real estate in Texas? You will first need to get your real estate license. This is a prerequisite so you can be regarded as a competent and reliable professional by your client. The good news is that you can take either your real estate course online or in a classroom setup.
You may want to consider pursuing your Texas real estate license online. This can be a flexible way to join the thriving real estate industry. But, to succeed in an online real estate school in Texas, you must have focus, effective strategies, and dedication. In this article, we look at some crucial tips that can help you navigate and excel in your Texas real estate license online studies.
Choose the Best Real Estate School
It is vital to choose the right Texas real estate school as this will determine your success in the course and lay a good foundation for your career. You need to choose an accredited institution that offers properly approved real estate courses in Texas. This means that it is crucial that you ensure that the curriculum the institution offers matches the requirements of the Texas Real Estate Commission (TREC). You don’t want to pursue your real estate course in an unaccredited institution that will not meet the requirements.
When people are confident about your education and training, you have better chances of success. Luckily, you don’t have to look so far because you can check outRealEstateU, which is arguably the best online real estate school in Texas.
Create a Structured Study Plan
When studying for your Texas real estate license online, you need to come up with a well-organized schedule for your studies. One of the biggest mistakes many licensees taking real estate classes online in Texas make is lacking the discipline of having well-defined study schedules and sticking to them. You need to define specific time slots for your studies each day and ensure you take breaks and have review sessions. One of the most effective strategies is to apportion your coursework into manageable portions and set deadlines for completing them so you stay on track.
Make the Most of Interactive Study Materials
One of the best things about most of the Texas real estate schools is that they provide a range of study materials. These materials include quizzes, videos, interactive modules, and e-books and help you have better chances of success as you learn Texas real estate online.
It would help to engage with all of these materials actively as each helps you in a certain way. For example, while quizzes help to reinforce learning, videos can help to elaborate better on complex topics. It would be best to take advantage of the various resources available so you enhance your comprehension.
Engage With Your Instructors and Peers
If you want to stand a better chance of success, you must use the discussion forums or group chats that your online real estate school in Texas provides. When you discuss and interact with other licensees taking real estate courses, you get a better grasp of the concepts by getting diverse perspectives about them. Also, seeking clarification from your tutors or instructors is crucial as their guidance and expertise will help to clear any doubts you have and give you valuable insights.
Seek Practical Opportunities
As you learn Texas real estate online, you need to look for practical opportunities to apply your theoretical knowledge. You can consider internship positions, mock scenarios and even shadowing experienced real estate professionals.
Conclusion
To excel in your Texas real estate online program, ensure you choose the right school, create a study schedule, leverage the various study materials, engage with your instructors and peers, and look for opportunities to get practical experience.
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8 Certifications Worth Pursuing in 2024
/in Professional Development/by StrategyDrivenStaying ahead of the curve is essential for professionals seeking career growth and specialization in accounting. Certifications play a pivotal role in providing individuals with the necessary skills and knowledge to navigate the complexities of the financial world. As 2024 approaches, here’s a comprehensive guide to eight accounting certifications that stand out as invaluable assets for aspiring and seasoned accountants alike.
Certified Public Accountant (CPA)
Undoubtedly one of the most recognized and respected certifications in the accounting realm, the CPA designation is a hallmark of expertise and integrity. Covering areas such as auditing, financial accounting, and taxation, the CPA credential opens doors to a myriad of career opportunities, from public accounting firms to corporate finance roles. Earning the CPA not only signifies technical prowess but also a commitment to continuous learning, as CPAs are required to stay updated with the latest regulations and standards, ensuring their knowledge remains cutting-edge.
Accredited Petroleum Accountant® (APA®) Certification Program
In the energy sector, specialized knowledge is crucial for accountants dealing with petroleum-related financial matters. The Accredited Petroleum Accountant® (APA®) certification program stands as a beacon for those looking to excel in this niche. Covering topics such as revenue recognition, joint interest accounting, and reserves estimation, the APA® designation is tailored for professionals navigating the intricacies of the petroleum industry.
By acquiring the APA® certification, accountants gain a competitive edge, positioning themselves as experts capable of addressing the unique challenges inherent in energy accounting and contributing significantly to the financial success of companies operating in the petroleum sector. Learn more here about The APA® program that not only imparts technical skills but also fosters a deep understanding of the economic and regulatory factors shaping the energy industry, making graduates highly sought after for their specialized expertise.
Certified Management Accountant (CMA)
For individuals aspiring to climb the corporate hierarchy and play a pivotal role in making strategic financial choices, opting for the CMA certification proves to be a strategic decision. Centered around management accounting and financial management, CMAs possess the expertise to analyze data, enhance business performance, and contribute significantly to organizational success. The CMA designation not only enhances financial acumen but also positions individuals as indispensable assets capable of steering companies through complex financial landscapes with confidence and competence. CMAs often become instrumental in strategic planning, helping organizations achieve their goals by providing valuable financial insights.
Certified Internal Auditor (CIA)
Internal auditing plays a vital role within organizations, ensuring both compliance and the smooth functioning of operations. The CIA certification validates professionals’ ability to conduct internal audits effectively, manage risks, and provide valuable insights for informed decision-making. In an era of increasing scrutiny, the CIA designation enhances credibility and trust in the internal audit process. With the CIA certification, individuals not only become adept auditors but also key contributors to organizational resilience, safeguarding against risks that could compromise integrity and financial well-being. CIA-certified professionals often play a crucial role in identifying process inefficiencies, streamlining operations, and enhancing overall organizational effectiveness.
Certified Information Systems Auditor (CISA)
As technology continues to transform the business landscape, accounting professionals need to adjust and evolve. The CISA certification addresses the intersection of accounting and information systems, equipping individuals to navigate the complexities of cybersecurity, risk management, and information technology auditing. In an era where data integrity is paramount, the CISA credential is a valuable asset. CISA-certified professionals are at the forefront of protecting organizations from digital threats, ensuring that financial information remains secure and systems operate seamlessly in the ever-evolving digital environment. The increasing prevalence of cyber threats makes CISA-certified individuals indispensable for organizations looking to fortify their financial data against potential breaches and attacks.
Certified Fraud Examiner (CFE)
In a time when businesses face substantial threats from financial crimes and fraud, the relevance of the Certified Fraud Examiner (CFE) certification has grown significantly. This designation equips professionals with the skills to detect, prevent, and investigate fraudulent activities. CFEs are well-versed in areas such as forensic accounting, fraud prevention, and regulatory compliance. By obtaining the CFE certification, individuals not only enhance their ability to safeguard organizations from financial malfeasance but also position themselves as experts capable of navigating the complex landscape of white-collar crime.
Chartered Global Management Accountant (CGMA)
The Chartered Global Management Accountant (CGMA) designation is tailored for professionals seeking to combine financial expertise with strategic business acumen. Offered by the AICPA in collaboration with CIMA, CGMA holders are equipped to drive sustainable business success by integrating financial and non-financial information. This certification focuses on management accounting principles, risk management, and business strategy. CGMAs play a vital role in shaping organizational strategy, offering a holistic view that extends beyond traditional financial metrics. The CGMA certification is ideal for professionals aspiring to bridge the gap between finance and overall business performance.
Enrolled Agent (EA)
For those interested in taxation and representing clients before the Internal Revenue Service (IRS), the Enrolled Agent (EA) certification is a notable choice. EAs possess comprehensive knowledge of tax regulations and demonstrate their expertise by passing a rigorous examination. With the authority to represent clients in tax matters, EAs play a crucial role in tax planning, compliance, and dispute resolution. This certification is particularly beneficial for individuals seeking a specialized role in tax consultancy or those aspiring to establish their own tax practice. EAs are well-versed in the ever-changing tax landscape, making them valuable assets for individuals and businesses navigating complex tax environments.
Transforming Finance: The Role of a Financial Technology Company in the Digital Age
/in Managing Your Finances/by StrategyDrivenFinTech companies are putting a new twist on financial concepts. The innovations are endless, from peer-to-peer payments to automated portfolio managers and trading platforms.
Finance digital transformation involves leveraging cutting-edge technologies for better operational efficiency and enhanced strategic decision-making. Streamlined processes lead to cost savings over time, while real-time data insights help leaders to make informed choices.
Streamlined Processes
Fintech innovations have transformed the financial sector, fostering inclusivity, enhancing operational efficiency, and facilitating personalized customer experiences. The advent of digital banking, encompassing features like robo-advisors and mobile payment systems, has significantly benefited both consumers and businesses.
Streamlining business processes is a critical component of any enterprise. Efficient workflows help you maintain consistent work quality, reduce waste, and maximize profits. This can be done by adequately dissecting existing processes and identifying redundancies and loopholes. It can also be done by leveraging BPM software tools to automate them.
It is important to note that a process workflow differs from a procedure. While a method can be an entire set of steps, a workflow is the specific task sequence that achieves the desired output. Streamlining business processes is easy and beneficial for employees because it allows them to work smarter, not harder. Aside from improving employee morale, streamlined business processes are critical for maintaining a competitive edge.
Increased Efficiency
A company can increase efficiency by decreasing waste and increasing the helpful output produced with the same resources. This can be done in various ways, including automating processes, restructuring how tasks are completed, and minimizing the amount of time employees spend on non-productive activities.
For example, a manufacturing company can cut costs by reducing employee headcount. However, suppose the business continues to rely on a single vendor for raw materials, and production grinds to a halt when the supplier runs out of supplies. In that case, the company still needs to be more efficient.
Financial technology companies can also help improve efficiency by introducing new tools and products to the market. A prominent illustration is a mobile banking application, which enables users to view and manage their bank accounts on a tablet or smartphone. These apps can even provide bill pay, deposits, and loans. They are essential to financial inclusion initiatives because they help people everywhere get imperative banking services and improve their financial knowledge.
Better Customer Experience
Finance teams are also increasingly concerned about maximizing customer experience (CX). With increased competition, more complex security regulations, and higher customer expectations, it’s never been more critical to get CX right.
Using emerging technologies to automate and streamline processes, increase efficiency, reduce errors, and offer easier-to-use data and reporting can positively impact CX. Offering self-serve options such as frequently updated FAQs, chatbots, and 24/7 support is one way to elevate the customer experience.
Unfortunately, when the term “finance transformation” is used – usually by vendors when discussing their technology – it can be misleading. Implementing a new budget planning system doesn’t constitute finance transformation, but a complete overhaul of process and culture does. Without both, a finance digital transformation will only be half-successful. This is why it’s essential to include buffer zones for unforeseen obstacles and keep everyone in the loop throughout the process. This makes it easier to ensure that everyone is aware of the possible advantages and effects of the change.
Data-Driven Decisions
Financial institutions that make decisions based on data-driven insights are more likely to stay competitive and improve their products and services. To be data-driven, however, institutions need to collect and analyze information from various sources. Fortunately, today’s advancing technology can help to streamline the process.
By using knowledge management (KM) tools, financial companies can better understand customer behavior and market trends. Moreover, they can use this data to optimize internal processes and reduce costs.
Successful finance transformation requires commitment, dedication, and expertise from a team. This includes a leader with experience in the industry and a solid track record of driving business value. It also involves a communication-first approach to ensure employees feel heard and have the training and resources they need to succeed. Lastly, it means setting goals that align with the company’s long-term strategy. This can help to overcome resistance to change and support an effective and sustainable finance transformation.
Resources:
https://www.forbes.com/sites/forbesbusinesscouncil/2023/10/10/how-fintech-is-transforming-the-finance-world/?sh=2494735c50b7
https://current.com
https://www.sciencedirect.com/science/article/pii/S2666954422000084
Why Are Video Devices Becoming More Popular?
/in Online Marketing and Website Development/by StrategyDrivenVideo is transforming business-to-business (B2B) and business-to-customer (B2C) communications. The critical technologies making this possible are lowering latency and enabling remote access to video content.
The DSLR compression gives videographers great-looking footage, but this can be limited in post-production workflows where chroma key or heavy color grading is required. An I/O device provides a solution.
Video Phones
Video phones, also called videoconferencing devices, allow two people to communicate by video and audio. They reduce travel costs, enable remote work and learning, and make meetings more personal.
They resemble traditional desk phones with an integrated camera, high-resolution screen, and web conferencing software. Some include a file-transfer capability, a whiteboard for sharing ideas, and a chat service between users.
Dedicated videophones were not popular when first introduced, but they remain attractive to businesses with larger budgets or needing high-quality audio and video. They are more expensive than laptops with integrated webcams, but the video quality is much better.
Mobile video viewing has become an essential trend for brands to consider when targeting Gen Z and millennial consumers. Smartphones are the primary device for viewing digital video content, and the number of smartphone video viewers is growing yearly. Choosing the correct video codec and optimizing the device like Neat will increase your success with these audiences.
Social Media Videos
Social media video platforms and apps allow users to create/upload, share, and watch videos. This will enable businesses to engage, educate, and connect with a large audience.
These platforms also encourage brands to produce short, snackable video content. These videos are designed specifically for these platforms and are meant to capture attention, share a message, and get viewers to act in a very brief period.
Additionally, 85% of Facebook videos are watched without sound, stressing the importance of visuals in communicating a message. This is a great way to reach consumers on mobile devices where audio may not be feasible.
Videos also provide a more personalized, authentic experience for consumers to interact with brands. This can lead to higher website traffic, engagement, and conversions. This makes social media video one of the most effective marketing tools for 2023.
Connected TVs
Connected TVs (CTV) are TV sets with internet connectivity that allow users to access online content and streaming services. They have larger screens than traditional TVs and can also be used to play video games. The growth of CTVs is driven by increasing global internet usage and rising demand for personalized content.
Consumers are also opting for streaming applications over expensive cable and satellite subscriptions. These platforms can be free or cost a monthly fee and offer ad-supported or premium programming. The popularity of these apps has led to cord-cutting, a trend where households cancel or do not sign up for cable and satellite subscriptions.
Major global players have a strong presence in the connected TV market. They provide smart TVs with built-in streaming capabilities, leveraging their brand recognition and distribution networks. Local players in each region also have a significant presence in the connected TV market, providing solutions that cater to specific customer needs and preferences.
Virtual Reality
Virtual reality is a three-dimensional computer simulation that shuts out users’ physical surroundings to create a realistic experience. It’s often used to play games, but it’s also used by businesses to support sales, facilitate training, and communicate remotely. It’s also a powerful tool for healthcare and even the military to simulate confrontations and combat.
VR headsets can range from inexpensive shell devices that cover smartphones to immersive, wraparound displays with stereoscopic screens and haptic technology that lets users feel virtual images. These systems are often paired with binaural and spatial audio, enhancing the immersive experience.
The proliferation of video devices is fueled by ever-expanding connectivity, infrastructure virtualization, and technological innovation. Whether conducting business meetings via Zoom, navigating parking lots with backup cameras, or sweating through a workout in a connected fitness device, video has become an integral part of our digital lives. As 5G becomes a reality, it will deliver the speed and low latency needed to power next-generation video technologies like AR/VR.
Transforming Tension: 4 Ways to Navigate Difficult Conversations
/in Practices for Professionals/by Beth Fisher-Yoshida, Ph.DDifficult conversations aren’t the same for all people. They affect us differently because they trigger stories we carry about who we are, what’s right and wrong, and what’s good and bad. Some of these stories are dominant, and we’re aware of them. Yet other stories are hidden and may surface unexpectedly in the course of a conversation.
A challenging conversation might involve giving a poor performance review, speaking with someone who has strong ideologies different from our own, or discussing current events or politics. Depending on what stories these conversations trigger, we might cringe, confront the conversations head-on to end them quickly, or avoid having them altogether.
Is there anything we can do to make these conversations better?
Foster Psychological Safety
Psychological safety allows us to feel safe to speak up about ideas, concerns, or mistakes because we don’t fear punishment or retribution. When we have psychological safety, we’re more willing to engage in difficult conversations because we’re assured we won’t be personally criticized or retaliated against.
In the workplace, leaders play a pivotal role in establishing a culture that’s safe, respectful, transparent, and inclusive—and communicating that violations of these principles won’t be tolerated. Clearly explain these expectations and how they’ll be supported. When things go wrong, set up a joint exploration to assess what happened and use it as a learning opportunity.
Practice Managing Your Emotions
During difficult conversations, we can gauge and control our own emotions, but we can also manage our reactions to other people’s emotions.
Our minds and bodies are connected, and one function our brains have is to manage how much energy is budgeted toward emotional expression. If we anticipate a difficult conversation, our brains get ready to expend more energy than we’d need for a casual, enjoyable one. Just think about how exhausted you feel after a challenging encounter.
When these types of conversations repeat or sustain over time, we can end up exhausted, which may manifest in irritability or illness. To avoid this, practice anticipating difficult conversations and how you can manage your emotional response to them.
Level Up Your Communication Skills
Being an effective communicator improves any conversation. This includes active listening, asking good questions, and being able to express what you need from the other person.
During difficult conversations, we need to hear what the other person is saying and, in some cases, what they’re not overtly stating. Repeat and reflect back what you’ve heard; this lets the person know you’re present and listening. Ask open-ended questions that call for further exploration or probing questions that prompt a deeper level of explanation.
It’s equally important to state what you need and want from the conversation. Defer to the other person first to hear what he or she has to say; this will create a space for the other person to be more open to your needs. This way, both parties are being as transparent as possible and informing each other, which dispels assumptions.
Have an Exit Strategy
If a conversation gets too heated or beyond the point of feeling psychologically, emotionally, or physically safe, then it’s time to stop. You can simply say, “I think it’s a good idea for us to take a break and regroup at a later date.”
When you reengage, revisit the conversation’s conditions or have someone present as a mediator or facilitator to act as a safeguard.
If conditions weren’t (or can’t be) set or you aren’t feeling safe enough to engage, then you need to be able to express that you won’t participate. Too often, we’re caught off guard or feel awkward and uncomfortable about not following through. However, if the conversation’s conditions aren’t right for you, you’re feeling unprepared, or the other party is too emotional, don’t move forward. You can say, “I’m sorry, but I’m not prepared to participate in this conversation at this time.”
From Challenging to Rewarding Conversations
We live in a complex world, and we each have stories we carry that come from our lifetime experiences. It takes a certain kind of open and welcoming mindset to be willing to learn more about others—and to go through potentially uncomfortable conversations to get there. It can be very rewarding to push past barriers that prevent us from learning more about one another and our encounters. However, it’s important to prepare well, and that includes setting up the conditions that allow for fruitful conversations.
About the Author
Beth Fisher-Yoshida, Ph.D., CCS, is a global expert and educator in negotiation and communication. She’s the program director of Columbia University’s Master of Science in Negotiation and Conflict Resolution, a negotiation consultant for the United Nations, and the CEO of the consulting agency Fisher Yoshida International. Her new book, New Story, New Power: A Woman’s Guide to Negotiation, helps women of all ages make successful negotiations a reality. Learn more at bethfisheryoshida.com.
Insider Tips for Mastering Your Texas Real Estate License Online Program
/in Professional Development/by StrategyDrivenAre you looking to venture into real estate in Texas? You will first need to get your real estate license. This is a prerequisite so you can be regarded as a competent and reliable professional by your client. The good news is that you can take either your real estate course online or in a classroom setup.
You may want to consider pursuing your Texas real estate license online. This can be a flexible way to join the thriving real estate industry. But, to succeed in an online real estate school in Texas, you must have focus, effective strategies, and dedication. In this article, we look at some crucial tips that can help you navigate and excel in your Texas real estate license online studies.
Choose the Best Real Estate School
It is vital to choose the right Texas real estate school as this will determine your success in the course and lay a good foundation for your career. You need to choose an accredited institution that offers properly approved real estate courses in Texas. This means that it is crucial that you ensure that the curriculum the institution offers matches the requirements of the Texas Real Estate Commission (TREC). You don’t want to pursue your real estate course in an unaccredited institution that will not meet the requirements.
When people are confident about your education and training, you have better chances of success. Luckily, you don’t have to look so far because you can check out RealEstateU, which is arguably the best online real estate school in Texas.
Create a Structured Study Plan
When studying for your Texas real estate license online, you need to come up with a well-organized schedule for your studies. One of the biggest mistakes many licensees taking real estate classes online in Texas make is lacking the discipline of having well-defined study schedules and sticking to them. You need to define specific time slots for your studies each day and ensure you take breaks and have review sessions. One of the most effective strategies is to apportion your coursework into manageable portions and set deadlines for completing them so you stay on track.
Make the Most of Interactive Study Materials
One of the best things about most of the Texas real estate schools is that they provide a range of study materials. These materials include quizzes, videos, interactive modules, and e-books and help you have better chances of success as you learn Texas real estate online.
It would help to engage with all of these materials actively as each helps you in a certain way. For example, while quizzes help to reinforce learning, videos can help to elaborate better on complex topics. It would be best to take advantage of the various resources available so you enhance your comprehension.
Engage With Your Instructors and Peers
If you want to stand a better chance of success, you must use the discussion forums or group chats that your online real estate school in Texas provides. When you discuss and interact with other licensees taking real estate courses, you get a better grasp of the concepts by getting diverse perspectives about them. Also, seeking clarification from your tutors or instructors is crucial as their guidance and expertise will help to clear any doubts you have and give you valuable insights.
Seek Practical Opportunities
As you learn Texas real estate online, you need to look for practical opportunities to apply your theoretical knowledge. You can consider internship positions, mock scenarios and even shadowing experienced real estate professionals.
Conclusion
To excel in your Texas real estate online program, ensure you choose the right school, create a study schedule, leverage the various study materials, engage with your instructors and peers, and look for opportunities to get practical experience.