Audio Transcript Auto-generated
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Mhm
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Hi guys, my name is Michelle and I'm your host for today.
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So together with luke as the moderator,
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we'll be discussing about how post covid systems
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alteration and advancement are affecting business cycles.
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Now there are four business cycles that we'll be discussing today,
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which is the revenue cycle, expenditure cycle,
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human resource cycle and the finance cycle.
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Now as an introduction,
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businesses have been forced to adjust their
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business practices as a result of Covid.
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Now the question is here,
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should businesses preserve or alter the system that was developed during Covid.
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Now that they are in a post pandemic environment.
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Now in figure one,
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it shows that industries that further develop their technologies 10 to
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be further in success by points than those who are not.
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So for example, within the retail industries,
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Those who are selling online are 16 points more successful than those who are not.
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Okay,
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now luke will hear talk more about the revenue cycle itself.
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Okay, so now we're gonna talk about revenue cycle first.
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Under revenue cycle, system modification.
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Keeping seen in these activities such
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as regenerating cashflow and revenue collection.
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And under this chart here, according to IBM research,
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we can see that um cash flow is the one of
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the top priority that 86% of the executives agree on that,
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which they should work on post pandemic.
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Now it was recommended by kong that all these three
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management should be focused on while regenerating cash flow.
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So that includes product development, supply chain and customer relationship.
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And again, according, according to IBM research,
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we can see that um some of the top performers will use technology
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in these four capabilities and they include
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customer engagement and supply chain and operation
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and within product development activity.
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Companies are encouraged to invest in digital programs such as cloud
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computing that coordinates product design activity
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to speed up business processes.
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For example,
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such as company like G seven that use cloud computing to analyze big data
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that allows logistic firm to operate to
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monitor their vehicle operation in real time.
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And also according to conquer new business partnerships are more dynamic,
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can produce more dynamic products.
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So for example, X. A.
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Life and Uber work together to promote a new way to ensure for their Uber driver.
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So they're allowed to have their customized insurance
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product and pay as you go for the driver
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and now we're gonna talk about supply chain
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and within supply chain system. Um
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companies are encouraged to use that an
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analytic to extend beyond physical supply chain,
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meaning they should focus more beyond um just simply delivery
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products so they should look how to add customer experiences
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into the supply chain management. For example, john Deere,
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they use a new system called nova sphere to
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track to collect data from the customer and then the
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data will send to the company through satellite system
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to allow john Deere to provide better supply chain and
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visibility to the supply chain which more on
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that later and emphasis on improved agility and
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visibility is again back to john Deere's um
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nervous fear example the nervousness fear system use a
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lot of internet of things which is IOT
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and machine learning to improve supply chain visibility which
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allow customers and internal employees to see the
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whole supply chain management from beginning to end.
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And according to the graph here, you can see that in stage five
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delivery, you can see
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a complete messenger,
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okay now we're gonna talk about revenue cycle
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so under revenue cycle you can see the
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modification of system and activities such as regenerating cashflow
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and revenue collection as we know the pandemic
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has severely impacted business cash flow and profit.
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Therefore,
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according to IBM research this chart here showed that among
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all the priorities executive ship focused on post pandemic,
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86% of them agree that cash flow will be their top priority.
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First we're going to look at the activity of castro regeneration according to
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calm 33 activities can help businesses
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regenerate cash flow through product development,
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supply chain and customer relationship.
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And once again referred to the chart here from
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IBM we can see that they have also identified both
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supply chain and customer engagement as area companies are planning
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to focus on its technological modification after the pandemic.
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Within a productive elopement management and companies are
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Um should focus are encouraged to focus on digital platform to
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coordinate product designed to speed up business process after the pandemic.
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Due to a new way of working.
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For example companies like G7 create a new product by using
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cloud computing and big data analytic from for the logistic firms.
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This allowed the logistic firm to monitor its vehicle operation in real time
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and increase supply chain visibility more on that in a bit.
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And according to IBM Research post pandemic.
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Many companies also will cooperate with other firms for product
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development that allow creation of a more dynamic dynamic product.
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For example, X.
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A Life and Uber come up with a new insurance programs that allow a driver to have
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more flexibility with their insurance products such as
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customized and PS you go insurance for the driver
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and now we're gonna talk about supply chain
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within supply chain management,
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referring to this graph here Pwc that show the company's value chain ecosystem.
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We can see that in stage five of
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delivery installation where the supply chain comes in.
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Companies are encouraged to think beyond physical supply chain that meaning um
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simply more than distillery of their products and services and
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should also add customer experience into their supply chains.
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Is that is the core of business ecosystem by
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using also by using data analytic and incorporating distributors.
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Oh shoot sorry.
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Mhm.
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For example
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um farming equipment manufacturer john Deere uses a new system nervous fear
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that collect data from each piece of their equipment on the farm
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and send data to the company through satellite system which allowed john
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Deere to monitor equipment operation and location and provide better service.
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This new system also uses multiple internet of things,
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which is IOT and machine learning to
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improve supply chain business visibility that allow both
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customer and internal employee to see the
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entire supply chain from beginning to end.
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Mhm
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Okay.
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Since the pandemic had pushed most business
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operations online customer engagement is no different.
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So we're going to talk about customer relationship next.
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So under the customer relationship,
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companies are encouraged to migrate its operation to
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an online distribution channels by just better service.
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Its customers as the graph here shows that from Mackenzie shows traditional way
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of sales have decreased 55% and digital interaction has gone up 69%.
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Online customer relation is the inevitable.
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For example,
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having industrial manufacturing companies Julyan
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have now migrated customer service on
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a new system that integrates all customer service function for example,
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um They have introduced a training camp that allows customers to repair its own
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equipment on themselves without having to send
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a technician over for repair and maintenance
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company like CSC also helped develop a new system for
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medical industry to migrate their online pharmacy to serve the
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patients better without them having to come into the public
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and get exposed to a greater risk for health.
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In addition,
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mhm.
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In addition, most companies with call centers also have migrated cloud based
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also migrated call center to the cloud based.
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They use systems such as 59 with his customers.
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This new system allow customer interaction
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in all forms of communication from email
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to text messages and allow call agents to work anywhere in the world.
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As you can see from the chart here.
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The effectiveness in serving more customers from adopting new
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sales model has gone up 75% compared to pre covid
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in the second activity.
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Next.
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Excellent.
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Mhm.
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In the second activity of revenue collection.
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Within revenue cycle, companies are encouraged to
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transition their accounts receive a process for more automation.
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A Our staff should focus more on risk management after pandemic.
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Instead of wasting time on collecting calls for the revenue systems
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such as easy collect help companies to send out reminders and
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engage with its customers to promote revenue collection and relieve the
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staff to focus more on important task during the pandemic.
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Critical currency has become popular among its users
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to its security and therefore after the pandemic,
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the cashier culture will remain.
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And companies should look into widen its
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payment collection options to allow customers to
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pay by Cryptocurrency and company can use systems such as bit pay and flex up
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which allow companies to accept christmas
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Cryptocurrency as payment while staying compliant.
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Crystal Cryptocurrency regulation.
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And now I'm going to pass on to Michelle to talk about expenditure.
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Alright, thank you so much loot for the revenue side.
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All right, thank you so much loot for the insights
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within the review.
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All right, thank you so much for
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now I'll be moving on to the expenditure cycle
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now within the expenditure cycle itself, there are operations that we can,
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you know, modify and also.
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All right, thank you so much luke. Now, I will be moving on to the expenditure cycles
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now within the expenditure cycles there are operations with that.
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Mm hmm.
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Okay.
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Hey, what's going on?
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Okay,
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thank you so much luke. Now, I'll be moving on to the expenditure cycle.
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Now within the indo expenditure cycle itself,
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I'll be discussing about three different operations
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in which will affect the systems,
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which we can alter
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which the systems within.
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I you know what the jesus was.
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We?
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All right, thank you so much luke. Now, I'll be moving on to the expenditure cycle.
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Now, in terms of now, within the expenditure cycle,
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I'll be discussing about how systems can affect three different
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operations and how it can be altered in advance.
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Now, according to IBM cost management is the top priority for executives,
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which stands at 87%.
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Now. First I'll
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what?
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Okay,
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Okay. Um percent. And then you're gonna cut 1% percent.
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You're gonna cut later in person.
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Okay.
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Firstly, I'll be discussing about the inventor cycle, you know,
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the first operation will be within the inventory cycle, inventory control.
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Do you want to start over