Cutting IT costs when you start a business

Starting a business has, arguably, never been easier. In fact, you’ll find thousands of articles that are based around bootstrapping a startup business – the trouble is, almost all of those articles miss out one crucial element: IT.

Whichever way you approach it, IT is going to cost you money. For many companies, IT represents their biggest outlay, both in the time before they open their doors – to the on-going operational expenditure they make year on year.

So, how do you work around the need for big-money outlays on tech? You’re never going to mitigate the cost altogether – but there are a handful of ways you can slice that spend down to a more manageable level.

Find external IT support

A lot of the cost that’s involved with IT is down to the staff that you’ll need to support the network that’s going to keep your business running. In fact, small businesses that keep their IT support in-house generally report that 70% of the money they spend on IT goes on the people that actually put the network together – or answer the phone when something’s not working.

The truth is, supporting a business IT network is a lot of work. In fact, it’s likely to be too much work for just one person. Even if a talented individual can get you up and running, supporting your network is often a round-the-clock job – making it downright impossible for one, two, or sometimes even three people to keep on top of.

Not only do you need a number of people to support your IT, they very obviously need to know what they’re doing – which leads us to an interesting problem. Taking on IT staff can sometimes limit the breadth of their experience going forward; they become very good at administering your system, but less able to stay on top of the developments in the wider world.

So, what do you do if you want to sidestep some of these issues? Increasingly, companies are turning to managed service providers to set up and administer their IT. It’s not just your devices and business network that you can find support with either; some of the larger and more well-equipped services will even help you to develop and run your own applications for tasks and services that are unique to your business.

The beauty of working with an MSP is the sheer size of the service they are capable of providing. Chances are, they will have a significant size team – so cover is always there for you, and, the fact that they work with a broad range of clients means they’re always at the cutting edge of their field.

Make no mistake, the cost of creating and maintaining your own effective IT team is likely to be enormous – but a managed service provider will slice that cost right down. You’ll sign a service level agreement that outlines exactly what they’ll deliver – and, in exchange, you’ll hand over a monthly sum to keep them onside. That cost? It’ll vary on a huge range of factors – but you’re likely to be around one-sixth of the cost you’d expect if you wanted to recruit, train, and keep your own team.

Work with open-source software

Take a quick glance over a list of the most wealthy tech companies in the world and it’ll come as no surprise to find software houses like Oracle, Cisco, SAP, Salesforce and occupying some of the top spots. Providing software for organisations is enormous business, in fact, it’s like providing the air that businesses breath – without it, they simply couldn’t function.

Or could they?

The truth is, they probably could – it’s just that premium software creates a huge self-propagating marketplace. For instance. Microsoft create Office, which becomes a cornerstone part of how most businesses run. Moving away from Office becomes increasingly difficult – then, as costs change, many businesses simply do not have the time of resources needed to find and implement an alternative.

But don’t misunderstand – there are alternatives, and many of them do an equally good job – at a tiny fraction of the cost (and, often, for free).

Open-source software isn’t just a way of tracking down free applications – it’s a completely different approach to software and IT – one that suggests software should be free, with just changes and personalisation costing businesses money. If the idea of shedding those software costs sounds good, it’s worth exploring a resource like SourceForge, and explore the low-cost and free application alternatives that are out there.

Embrace ‘as-a-service’

Until recently, buying IT infrastructure meant purchasing devices that made it possible to run the services you need. Require an email exchange? No problem; buy the server and have it configured by a network engineer at your site. In fact, the same was true for a huge raft of tech – including software, storage, and a sprawling list that you simply could not operate without.

This represented a difficult pill to swallow, especially for small businesses with limited budgets. Big infrastructure like this cost thousands – but, without it, you had no network.

Now, thanks to enormous leaps forward in the practicality of cloud-computing, this is simply no longer the case. Virtual services power even some of the biggest businesses. Next time you watch Netflix, you’ll be streaming your boxset from an Amazon Web Services server somewhere. Expect Samsung to have their own infrastructure? Again, you’ll find that a lot of their data comes to you via AWS.

Now, virtually everything is available ‘as-a-service’ – that’s to say, not owned by your business as such; instead, just accessed through your internet connections and paid for on a ‘rental’ basis. While this kind of access is normal for software, it’s becoming increasingly popular for both bulky infrastructure and development platforms too.

So, next time you find an eye-watering price tag attached to a device, platform or service, look into the possibility of accessing that resource remotely. Afterall, that also means you’re passing the smooth running of that service to someone else – one less thing for your new managed service provider to worry about.

How can you start a career without experience?

After college graduation, many job seekers get discouraged based on the reality they encounter in the labor market. People who want to change career paths often fall victim, too.

Most firms want to employ experienced personnel in entry-level jobs. One wonders if a graduate will ever gain the much touted pre-entry experience. You need the experience to get a job, and you need a job to gain experience.

There are quite several ways that you can kick start the career of your dreams despite the experience restriction employers impose.

Try your luck

There have been cases where employers resort to employing promising inexperienced graduates, especially when experienced people do not apply for entry level jobs. This chance still exist today. The key to convincing employers is how creatively you craft your CV. You don’t flaunt your inexperience. Instead, you make a strong case for skills sets you possess that are relevant to the job. When called for an interview, don’t panic. Stay calm and answer politely when you are challenged over experience. You may end up being one of the lucky ones to get hired.

Start volunteering

Working for free can give you lots of opportunities to gain the experience you desire. This is an easier alternative to the internship. Working for a couple of months in a firm or industry that aligns with the type of job you crave can also provide valuable contacts. The reputation you build with these contacts over time may help you qualify for recommendation to an employer.

Volunteering will give you real life experiences that would inspire you and also build your CV. With your experience, you will be more confident during job interviews.

Opt for internship

Securing an internship is a better alternative to volunteering as you get paid as an intern. You get most of the benefits of volunteering, plus your employer may decide to offer you a full-time job.

Apprenticing under the tutelage of notable persons in your field is also another means of getting an excellent experience. Affiliations with notable persons in the job can catapult you faster towards reaching your career goals. Sometimes, an apprentice may be employed by the tutor.

Connect with people already working in your preferred career

A job hunt or career path is not meant to be taken in isolation. Keep in touch with family members and friends who are working or have people working in your field of choice. Set up your Linkedin profile, so you are more visible to potential employers. Use your social media account to market yourself to potential employers. You can also upload your CV on Jobsora.com so potential employers can consider you for an interview. Jobsora is a job search engine where you can target local vacancies in your area of interest. You will find vacancies from almost every country in the world. Take advantage of their services, even without paying a dime.

Brand your CV creatively

As you gain tangible experiences, whether through volunteering or other means, let them reflect in your CV. You need to create your CV in such a way that downplays your relative inexperience but extols your strengths.

Employers are getting bored with traditional CV formats as they tell little about job seekers. Employers hardly find the information they need in CVs. Take advantage of new and creative online CV templates to woo employers with your competencies.

Attend seminars and workshops

Be sure to attend seminars and workshops that are related to your career path. You get to discover current trends to distinguish you from other job-seekers. You can also meet with potential employers and get to relate with them in a friendlier environment.

Take short professional courses

Employers value professional certificates. They value the EXTRA skills acquired as a result of taking professional courses. Take advantage of expanding your contacts while availing yourself for professional courses.

Have the will to start small and grow big

When you are just starting a career, it is better to be realistic. Start with what your level of experience can afford and work your way up from there.

With creative approaches to your job search, diligence, and hard work, you can position yourself on a higher plane of career opportunities and fulfillment.

Half of business owners regret attitude towards cashflow

Nearly half of business owners fear they’ve held back their business by having a naive attitude towards cashflow during their company’s infancy.

Almost two-thirds of those who identified cashflow naivety as their largest regret suggested that they overspent before gaining any profit, ultimately leaving them in larger debt than they could manage.

Those in the business services, such as sales or marketing regretted their attitude to cashflow, with 65 per cent in these sectors claiming it almost ended their business venture, training providers were second most regretful and manufacturing third.

Industries in London feel they regret their cashflow decision with almost half of business owners feeling they made mistakes, which was fractionally higher than the national average of 47%.

The study gathered data from business owners to identify what UK SME’s view to be their biggest financial mistakes.

Gaining enough funding was also a major regret with two in five business owners claiming they made the wrong decision in starting a business with the budget they had.

Recruiters felt they made the worst choice with 62 per cent stating they didn’t take advantage of better funding options; this was followed by the manufacturing and retail industries.

Those in the arts felt the most comfortable with their start up budget as only 1 in 5 claimed they had any regrets regarding funding.

More than a quarter of business owners claimed they “didn’t know they could receive loans and grants” and simply used their own money to help support their start up.

Those in the legal sector had the least knowledge on funding options available to them, this was followed by owners in transport and logistics and healthcare.

Although the details of grants and loans can vary depending on business location, over one in four of the surveyed business owners in London admitted they had never researched options available to them.

Shockingly, more than a quarter of UK business owners regret not creating a financial plan or forecast during their start up.

Compared to the national average, less business owners in London regretted their financial planning with only 22% fearing they’re hampering their businesses due to a lack of forecasting.

Lack of funding for marketing during a start-up was also highlighted as a major regret for UK business owners, with more than a quarter claiming they didn’t budget for this expense.

The biggest culprits that didn’t have marketing budgets include business owners in transport and logistics, recruitment and manufacturing.

More than a third of businesses registered in London failed to put any budget towards marketing.

Surprisingly, 13% of UK business owners don’t regret any of the financial decision they made during their start-up.

Andy Dodd, Managing Director at Hitachi Capital Invoice Finance, who conducted the research, said, “It’s fascinating to find out just how many businesses have lacked financial planning such as not forecasting or budgeting for key start-up essentials such as marketing costs.

“We are really passionate about helping people start their own businesses and try and support wherever we can, I hope this survey allows new business owners to look at their own financial planning and re-consider those critical spends they need to plan for.”

How to start investing in forex: A beginner’s guide

You may have heard severally people saying that forex is highly volatile and is a risky investment to get into.

Although, the statement is partly, forex, can only get crazy and very risky if you have not developed some virtues like self-control and very high discipline.

There are people who are making millions of dollars using this type of investment and if you cultivate the discipline needed you can join the club. However, as a newbie, there are some tips to keep in mind if you want to be a forex expert. Here are some of the important tips in the forex world:

1. Understand what is forex

Do you know what really this investment mean? Well, most newbies are just attracted to forex because of the great history they hear successful people giving. However, if you don’t have a thorough knowledge of exactly what forex is you will end up making huge losses and eventually losing your capital.

In simple terms, we can say that forex is the act of exchanging currencies. Basically, you will be dealing with USD, Euros, CAD, JPY, and other popular currencies. The reason why people say that this investment is risky is because of the volatility of currencies.

In understanding forex, you will need to know the factors that will affect your investment and when not to trade with a certain currency. Of course, you can make moneywhen you know the parameters that govern the forex world. Factors like political instability, trade wars, UN meetings, wars, elections, and others can easily affect the forex market. You have to be updated always with the global news and the anticipation of many traders.

2. Understand the terms used here

This will make your life easier when trading. Some of the words you will have over and over again include quote currency, base currency, ask price, bid price, pip, and spread. Bid price refers to the price that your broker is willing to buy the money you are holding. Base currency refers to the currency that you are holding most in US dollars, Euros, Japanese Yen, and others.

Quote Currency refers to the currency that you will purchase. Ask price refers to the price your broker will ask for in exchange to the currency you are holding. Spread is that difference between the bid and ask prices. This is where the broker gets his commission. Pip refers to the percentage in point which is the smallest measurable value of your money.

You can then get informed by reading forex materials. There are various books and online videos that can help you become better in forex as a beginner.

3. Choose a broker

Here you have to be careful about the kind of the broker you choose. There are thousands of brokerage firms out there that will hunt you to win your trust, as usual, there are genuine ones and illegitimate ones that will advertise themselves as the best but in the real sense, they will make your investment go to the drain.

You need a brokerage firm to help you make accurate trades and get some financial services. It is always advisable to conduct thorough research on a certain broker before entrusting them with your trade. Go for a reputable broker who will help you make better profits in your bid price. It is crucial you go for a broker with multiple outlets in their customer services.

4. Have an understanding of the global economy

Forex involves currencies of different countries across the globe. Your profits will be based on your accurate prediction of the global economic movement. You have to understand how to check at the value of your base currency and the quote currency and how to convert them without making a loss. Do some research on the political climate, GDPs, and other factors of the countries in which you want to purchase their currency. This will give you a lead and a direction to follow.

5. Now you can make your trade

This will not be difficult if you have chosen the right broker and you have decided which currency you are going to buy. There are many trading platforms based on the type of broker you have chosen.

Conclusion

Forex has its risks and benefits which you need to understand even before making your first trade. You need to keep reading about the world economy and the emerging forex news to know the direction you are going to follow in your trading.

Embracing AI: Where to start on your path to digital transformation

The term ‘Artificial Intelligence’(AI) evokes mixed reactions – from fear of the unknown to excitement about the possibilities this new technology has to offer.

Whatever your views on AI, the sooner you and your business start to embrace it, the sooner you will see where the positives lie and how to use it to improve business efficiency and drive innovation.It’s relevant for SMEs just as much as larger enterprises.

Amyn Jaffer, Head of Intelligent Automation, Ultima explains that many companies are, understandably, unsure of where to start when it comes to introducing AI. You may also be among those wondering what exactly AI means and how it could make a positive difference to your business.

AI can be defined as an area of computer science that emphasises the creation of intelligent machines that work and react like humans. It’s a very broad term for a wide range of technologies and capabilities which can have a profound impact on organisations in any vertical. This broad scope often makes it hard to establish which aspects of AI are likely to suit any particular business or scenario, but starting with one of its simpler forms is the best approach.

The benefits of process automation

Intelligent Automation (IA) is the use of Robotic process automation (RPA) software with artificial intelligence and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform them. These tasks can include queries, calculations and maintenance of records and transactions.

As well as being relatively simple to implement, using software robots is both affordable and effective, making it an ideal place for any SME to startits path to digital transformation. And the potential benefits are impressive.

Take, for example, an HR department.Here, Intelligent Automation can be used for processing applications and absence management, as well as ensuring that each company department has the same information about each employee without the typical challenges of multiple system records.With these tasks managed in an automated manner, the HR team is free to focus on the more strategic aspects of their roles.

As another example, Intelligent Automation can be used to simplify the process of reporting on credit for thousands of customers. In one case, a retailer reduced reporting time by 91%, creating savings of more than £100k, by using a ‘virtual worker’ to produce credit reports.

Any large-scale activities or groups of repetitive tasks that draw on or feed information into multiple systems are also candidates for intelligent automation. In practice, this could mean using cognitive services such as text and sentiment analysis to process and respond to natural language text within formats such as emails, documents and live webchats. The aim is to extract data from these sources without the need for human intervention.

Contact centres are simplifying the service agent process by using Natural Language Processing (NLP) to extract key information from emails and messaging chats, allowing their agents to focus on providing the best experience for their customers. Similarly, speech recognition software can be used to answer the phone and respond automatically to customers as software robots are capable of analysing calls and finding the right information to help the caller. The robots gather the required information in milliseconds, making the service more efficient so that real people can deal with more challenging customer services issues.

Cognitive services can also be used to improve business efficiency through visual recognition. One company is using this technology to tag information in photographs – a task that would take hundreds of man-hours to do, but just seconds with cognitive services.

The next level: intelligent data analytics

With these processes in place, companies can move towards introducing more sophisticated AIto mine their data and start to ask questions of that data that will deliver unique business insights. By automatically collecting and sifting through vast amounts of data and then training robots to make sense of the data by asking the data pertinent questions, you can start to solve the problems that have been keeping you up at night. For example, analysing your customer data to establish insights into how different things affect your customers’ purchasing decisions can give real business benefits and drive innovations in how you supply and market your goods.

Ultimately, we’re all likely to have a ‘virtual worker’ by our sides helping us to do our jobs, cutting out mundane, repetitive tasks and freeing us up to be more creative and focus on business goals and innovation. To reach this stage the right foundations need to be in place,and the adoption of Intelligent Automation is the best place to start.

Not only is it simple to implement in many processes throughout most SMEs, software robots also provide positive, short-term ROI which is good for demonstrating to boards the tremendous potential of AI. We’re just at the beginning of the intelligent transformation journey- join in and make your company’s future bright.

Learn where to start a career that focuses on data analysis

If you want to be professionally successful, a good idea is to invest in data science. With the amount of information generated every day, these professionals are increasingly needed by companies, because it helps to make more informed and informed decisions.

Data scientists are professionals who are responsible for making the company useful for a large number of structured and unstructured data that is always available through the internet.

This tempting career requires a candidate with a variety of skills and requirements, but the question is: how do you enter this profession? In this post, we will outline the key steps you must take to build a successful career in data analysis.

So, what if you know where to start? See tips from now!

Market Trends for Data Scientists

The job market lacks data scientists – even careers that are qualified by the World Economic Forum and released by infoMoney as one of the most relevant in 2020.

According to IBM, the demand for people with data scientists will increase by 28 percent by 2020. This function, which previously existed only in innovative companies that wanted to stand out in the marketplace, became a necessity for businesses to remain competitive. This fact explains the gradual increase in the demand for people with these skills and what contributes to the growth of professions and training courses.

Professional profile with training data scientists

In addition to looking for insights into large volumes of data and translating them into business languages, traders must be able to use the most sophisticated data mining and visualization tools available. In addition, manage and handle this large amount of information through:

Exploration analysis;
Data visualization
Machine Learning;
Deep learning;
Combining predictive modelling, among the other skills we will highlight below.

Skills that must be developed

Professionals who will act as data scientists need to have basic skills. Among others are:

Mathematics

Data scientists work with numbers: problem solving, statistics, probabilities, Sigma Notation, Bayesian Inference, among other subjects related to mathematics.

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During large database manipulations and analyzes – you need to run your own tools and solutions for this activity and programming languages, such as Python and R, are present in almost all databases and also include SQL, MatLab, MongoDB and Spark.

English

This is not a mandatory requirement to qualify during the training of a data scientist, but having knowledge in languages ​​can be a great competitive advantage.

Creativity

The purpose of being a data scientist is to uncover insight and produce intelligence. Creativity is also relevant because it allows professionals to anticipate business needs, especially those that have not been done by any segment.

Logical thinking

Logical thinking is another thing that is relevant because it helps to analyze and streamline the learning process in Data Science. Finally, it is necessary to have abilities with numbers, because they are used in different aspects, including in machine learning algorithms, in-depth learning and statistics, which are important parts of Data Science.

Storytelling

Finally, it is worth creating data storytelling skills – because it helps to transform collected items into elements for visual narratives and facilitates decision making – and data mining, a process that identifies relevant information to gain knowledge about the business, product or competition.