Terms Beginning With 'p'

Payroll

Payroll is usually the list of a company's employees that receive compensation.

What is Business-to-Business? Business-to-Business (B2B) is a kind of transaction between businesses. It refers to the business transaction between two businesses as against between business and individuals. Most of the transactions in the wholesale market are examples of the B2B market.  As the transactions are between two businesses, the transactions values are relatively large compared to transactions with customers. The companies engaged in this type of commerce mostly include business supply firms.  A B2B business can include B2B marketing firms, SaaS products, enterprise management services, software solutions, manufacturing equipment suppliers, industrial goods suppliers, payroll processors etc.  So, if an enterprise is selling products and services to other enterprises it is B2B transaction, such as accounting software, billing software, coffee machine. Some of the examples of B2B companies are WeWork, Dropbox, ResMed, CleanAir, SalesForce, Buffer, ServiceNow, Slack.    B2B and internet  Business-to-Business products and services have also transitioned over to internet and cloud. Software-as-a-Service businesses are increasingly popular now, and the B2B market has a significant presence over the internet.  Online service delivery has become a new normal driven by accessibility to high-speed data, technology and infrastructure. With mobile penetration at highest level it has ever been, the use of the internet in commerce has grown leaps and bounds. Web development is a great example of B2B players enabling e-commerce market to grow. They develop a website and mobile phone applications of businesses to take the business online and grow customer base, drive user experience and satisfaction.  How B2B is different from B2C? B2B business models require different marketing, sales channels, terms and conditions. The target market of B2B companies is not a consumer but another company. The interaction with a customer is direct, and customer touchpoints greater than B2C businesses.  B2B business interacts with customers, understanding business processes and needs of the customer are very important to drive sales. They are required to build trust and relationship with the customer and develop tailored solutions.  The marketing campaigns of B2B business are extensively planned to target the specific needs of other businesses, and dedicated sales function, account management and relationship functions are established to cater to evolving demands.  Although methods of marketing can be similar to B2C business, branding and customer interaction are completely different.  B2C companies engage in driving consumer’s desire to use the product or service, while B2B companies pitch top decision-makers of the customer organisation to deliver products and services that deliver a return on investment (ROI) for the customer.  While B2C companies have to improve brand awareness, networking, social reach, consumer experience and journey.  B2B companies require knowledge and well-trained sales professionals that are capable of understanding business need in a dynamic business environment. The essence of B2B marketing is to reflect ways to drive bottom-line numbers of customers.  B2B companies take considerable time to complete a sale, which may take weeks and months, while purchases in the B2C market are instant and only take minutes to hours. Moreover, the decision-making process in purchasing a product or service is longer in the B2B market.  Even a B2C business engages in B2B activities, for instance a tyre manufacturer will directly sell to regular retail customers- part of B2C business, at the same time tyre companies engage with OEMs to develop tires for their vehicles, and the development starts much earlier than the vehicle is actually rolled out to the general public. Some examples of B2B companies Alibaba Although Alibaba has multiple businesses under its belt now, it operates a sizeable B2B marketplace for suppliers, small-medium enterprise, buyers, importers, exporters. This B2B marketplace also expands across the world, connecting buyers and seller internationally. Now the company is a significant player in the digital world of the second-largest economy.  Kellysearch Kellysearch is among the largest B2B marketplace in the Americas and Europe. It connects sellers and buyers of products across the world and has been a popular procurement marketplace for global buyers. Kellysearch provides a marketplace for telecommunications, jewellery, manufacturing, energy, electronics, design, aviation, healthcare, transport, tourism and much more.   ThomasNet  Specifically, an industrial B2B market, it connects US suppliers to buyers from across the world through an advanced online B2B platform. ThomasNet has a broad range of industrial goods and services, including raw material, equipment, machinery, supplies, chemicals, mechanical parts.  IndiaMart IndiaMart is a large player in the Indian B2B marketplace providers. It is spread across the world and connects B2B companies across nations. IndiaMart is similar to what Alibaba is to Chinese sellers and hosts several suppliers from India.  FashionTIY FashionTIY specialises in consumers goods such as apparel, cosmetics, jewellery, bags, wedding, home products etc. It connects small & medium scale wholesalers, retailers and provides end-to-end procurement services. Its services include packaging, delivery, inspection, real-time tracking of goods. AutoGlobalTrade AutoGlobalTrade is a B2B marketplace operating across nations based in Switzerland. It specialises in the automobile trading and connects B2B players. AutoGlobalTrade majorly operates in Asia, Europe and the Americas and is a leading trader of Ford, GMC, Lincoln, Chevrolet. It leverages a multilingual sales team to connect suppliers and buyers across nations.  ServiceNow Inc.  ServiceNow Inc. is a US-based company that develops workflow enterprise systems for companies. Its cloud-based offering designates ServiceNow as a Platform-as-a-Service (PaaS) player catering to large multinational corporations from across the world. It generally provides services such as helpdesk management, incident management, problem troubleshooting, IT service management.  FedEx  FedEx is a logistics company, handling significant supply chains across most of part of the world serving B2B market players as well as B2C market. It is known for its overnight delivery service, and consignment can be tracked on a real-time basis. FedEx also offers freight, logistics, custom, cross border, air & ocean cargo services.  SAP SE SAP SE is a German enterprise software solutions company catering to business across the world. It develops software to manage business operations. It serves various industries, including consumer industries, financial services, public services, discrete industry, service industry. SAP’s financial accounting software was the first commercial product, which is very popular across the world. 

What is Business Process Outsourcing? Business Process Outsourcing (BPO) is a procedure of using a third-party service provider company to deliver operations and responsibilities which otherwise can be done in-house. Typically, in the organisations "non-primary" activities and services are outsourced on a contract basis. Data gathering, Payroll, customer relations such functions are outsourced, which allows the companies to focus on the core areas of business. Outsourcing can be foreign or domestic contracting. Types of Outsourcing Onshore – outsourcing within the same country but different city or location Nearshoring – the country where services are outsourced is located nearby to the contracting country Offshoring – Contracting country outsources its functions in a distant country The services which are outsourced are primarily operational business functions. Also known as subcontracting, outsourcing was once commonly used in the manufacturing industry, slowly the technology companies started to outsource the manpower from other countries, and now BPO services are used in various businesses. BPO vendors provide both back office and front office operation support. The third-party service provider is employed on a contract or project basis to carry out the business functions in a company. Outsourcing has several benefits; hence many companies in the world opt for it. Rather than employing a whole team, companies hire one professional who manages the outsourced vendors. It not just reduces operational cost but also allows a global footprint for the company. While BPO has been efficient for many, there are also drawbacks of overdependence on the vendor and security issues, but with technology in place, these issues are no more hindrance. Image Source: © Kalkine Group   Good Read: All You Need To Know About Online Outsourcing Marketplace Freelancer.com   What are the common benefits of Business process outsourcing (BPO)? Lower cost: One of the biggest benefits BPO provides to the business is cost control, and this is one of the most acknowledged objectives why organisations outsource services. The third-party services are usually cheaper than having the entire system in-house, such as setting up IT equipment, hiring employees. Most of the time, BPO services are outsourced to the countries offering less currency rate and lower international tax. Many Business Process Outsourcing (BPO) firms are located in developing nations. Developing countries allows businesses to take advantage of low-cost labour markets.   Focus on essential business functions: Many technology companies outsource their IT staff from other countries, or even the cybersecurity companies hire specialists from other countries. It is a widespread practice. While setting up a startup, the focus is on core processes, and the non-core functions are outsourced to BPO firms. For instance, if a seed-stage technology startup is striving to get the hold of the market, it will not be bothered with building a customer support system in-house. While having a customer service function is essential, in-house isn't the best place. The startup instead could hire a Business Process Outsourcing (BPO) firm specialised in customer service. The startup will receive the efficient end result in a cost-reduced manner. Businesses can save time and energy for the functions, which are their main business activities that make the brand stand out.   Improve speed and efficiency: Another important benefit BPO firms provide is that because they are specialised and experienced in the services they provide; it indeed saves time and efforts of your core team members. When the employees can focus on the core functions effectively, it will improve the overall service delivery. BPO firms also keep improving their own delivery quality to keep up with the competition in the market. They encourage best practices and use the latest technology to provide services. Naturally, the end result is better compared to the in-house setup.   Expanding global footprint: If the organisation decides to enter overseas markets such as the French market, the company in the US or Australia will not have the required resources to provide customer service in the French language. Even if they do, it will not be at a reduced cost of the level BPO can provide. In such scenarios, the companies send their representative to set up a regional office in the country. Many companies find it better to hire a local partner company with the local workforce and give them the project on a contract basis. As the native workforce is aware of the local market and has a stronghold on language, it helps them produce better results. The local partner company can help you expand your company's footprints on the international stage at a faster pace and low budget. Also Read: Onevue Signed Five-Year Outsourced Managed Fund Administration Deal With AUWCM   What are the disadvantages of Business process outsourcing (BPO)? Though outsourcing produces many benefits and the Business Process Outsourcing (BPO) firms, have been a reliable support system for various organisations but if the BPO vendor is not up to the mark, the company may be facing significant risk. You don't want to compromise on the valuable data or become highly dependable on the local partner for operations. Overdependence on the BPO firm: It is more difficult to cut ties with a company than firing an unproductive employee. When the work is outsourced to a BPO company for a very long time, they become an integral part of the operations. They know the company in and out. If the BPO firm is underperforming, it's a vast process to fire them and hire another firm. Therefore, organisations get accustomed to their work processes, and it impacts on the quality of the services. Hidden expenses: The vendor selection process isn't simplistic; It requires time and efforts to search and initiate the procedures to get them on board. The miscellaneous costs, additional consultation fees, legal fees etc. are some of the add on costs which may appear in the last stage of the process. Security risk: Though the Business Process Outsourcing (BPO) companies are under the legal contract, but depending upon the nature of the outsourcing work, the security risk such as sensitive data leak is always possible. These companies not just hold the classified company data but also customer data. Customer data is one of the most expensive assets in today's time.

A tax calculated as a percentage of the salaries paid by a company is known as payroll tax. Payroll taxes may either be of types including deductions from an employee's wages or taxes paid by the employer based on the employee's wages.

What do we mean by Robotic Process Automation or RPA? Robotic Process Automation is a technology that enables people and businesses to automate the task the way humans used to do across several applications. The main objective of RPA is to shift the process execution from human being to bots. Through this process, it is easy to automate the highly repetitive task by skilled workers. What are the benefits of RPA? RPA helps save time as well as money by automating the repetitive task. With the help of RPA, those skilled workers who were involved in these repetitive jobs can be used in other high-value jobs. Some of the benefits of RPA include: Accelerate time to value: Through RPA, it is possible to create, test and implement new automation schemes in just a few hours instead of days or months. Lessening of human error: As things get automated, the chances of human error gets eliminated. RPA virtually removes copy and paste mistakes from entering the same data into several systems. Improves throughput: As tasks are automated, RPA provides high value to the customers. Less Technical obstacles: In RPA, programming skill is not required to configure bots. Even non-technical staff can use the drag and drop process designer or any related tools to set up bots. It is also possible to record your steps to automate the process using the feature “process recorder”. Meet regulatory compliance requirement: RPA follow the instruction with which they are configured. They also provide audit trail history for each step it takes. Can work tirelessly: As bots are automated, they can run the operations 24 X 7. It can work autonomously and does not require staff to re-activate them.     ©Kalkine Group 2021 What are the processes which are suitable to RPA? Being versatile and scalable, Robotic Process Automation has a wide range of applications across the enterprise in several industries. Some of the areas where RPA suits the most includes tasks that are: Constant and routine work. High volume of data. Areas where the chance of human error is high Manual data entry Some of the cases where RPA can bring value to the core business are: Payroll Employee status change Account payable Account receivable Invoice processing Creation of report Software installation CRM data updates Data migration Vendor onboarding. What are the steps to implement RPA? RPA implementation process involves four steps. These are: Planning Phase: In the planning phase, there is a need to find processes which should be automated. In this step, we need to follow a checklist which would support in identifying the correct technique. Whether the process is manual and is repetitive. Is there any rule in the process? Whether the input data is in electronic layout and is readable? During the automation process, will the current system work or not? Once we get the answers to these questions, the next step on the planning phase involves: Set a project team and decide the timeline to implement the process and the methodology to proceed. Agree on the solution design to perform RPA processes. Find a logging method that should be applied to discover problems with running bots. The plan should be outlined clearly to improve RPA implementation. Development Phase: Once the planning phase completes, in the development phase, we start developing the automation workflows. Testing Phase: In the testing phase, RPA testing cycles run for in-scope automation where any error is identified. In case of any defect, the required correction is made. Support and Maintenance Phase: Once testing is complete and RPA went live, support and maintenance provide constant support and helps in instant defect resolution. Application of RPA industry-wise Healthcare: In the healthcare industry, RPA is used for patient registration and billing. Human Resources (HR): In the HR industry, RPA can be used for New employee entering procedures, payroll method, hiring selected candidates. Insurance: In the Insurance Industry, the application of RPA is seen in claim processing and clearance, premium information. Manufacturing and Retail industry: In this industry, RPA’s application can be seen in the calculation of sales and bills of material. Telecom: In the telecom industry, RPA is used for service order management and quality reporting. Travelling: In the travelling and logistic segment, RPA can be beneficial for ticket booking, passenger details and accounting. Banking and Financial services: RPA can be applied in card activation, any claim for fraudulent activities etc. Government: In the government sector, RPA is used to make any changes to the address and renewal of the license.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK