Tuesday, February 21, 2012

Innovation Is The Key To Battling The Recession


It goes without saying that we're currently in a poor state in the world. Even those who don't watch TV and don't receive newspaper and don't access the internet know; it's hard not to when it effects almost every single thing around you.

Companies are struggling and going out of business altogether in some cases, even some of the titans that we thought would always be around have proved that they aren't susceptible to cutbacks and a lack of public spending. It's kind of one of those situations for businesses and consumers alike that seems that we're walking down a tunnel with seemingly no end, but things inevitably seem that way when things are going badly.
What we need to try to escape this pit is innovation. Many could argue that innovation costs and in a time when every penny counts, that's wishful thinking. However great innovation and modernising and streamlining a business doesn't have to cost the earth. For example, one area where a lot of businesses tend to ignore is their admin departments and other areas where there is a lot of paperwork to deal with. Think about it; these days there is so much time wasted on the use and searching for paper and documents that are needed at any one moment. Plus documents can become lost of misplaced by other members of staff making life harder and more time wasted in finding a little information.
So how can this area be streamlined? Two words; document scanning. Document scanning is one of the most overlooked services in business today as it offers so much for businesses, costs very little to get into place and can save on so many levels in both the long and the short term.
Ok, so it sounds a little simplistic but what it offers isn't. Getting all of your documents scanned has multiple benefits in both time and space saving, as well as improving efficiency. The other great thing about document scanning is that, depending on the quantity that you have, it can cost as little as a penny per sheet to have them scanned and indexed. Indexing is, to put it simply, naming the file with relevant date, whether this be a client name, a reference number, or anything else that is on the sheet that you would deem relevant when searching for that particular document.
It's also possible to get your documents making completely text-searchable thanks to OCR scanning technology, which would therefore enable you to search entire documents looking for particular references, which is very useful for extensive searching and for collecting all documents relating to a particular client or reference.
There are other smaller benefits that help add up the savings. If you become technically paperless, you would no longer rely on paper as much and could therefore spend a lot less on paper and printing supplies such as ink and printers themselves. It may sound minimal but it all adds up when you think about every aspect that document scanning offers.

3 comments:

  1. You are absolutely right that we are living in a poor State of the World. These problems are to a larger extent self invited problems. Family, County, Stats have to live within their means balancing the budget not over running the expense to income or revenue in its proper perspective.
    The major reasons for the crisis are Geopolitical issues,Corporate scams, financial institution failures,unions,welfare benefits availed by able bodied residents of the State.
    The debt of the nation is almost equal to GDP--15 Trillion is a scary matter to the nation.
    Innovation and insourcing of the job may be one of the major solutions heading towards right direction. Change the the minimum wages of each state since the cost of living is relatively cheaper than the metro cities. Introduce tax rebates and offer other incentives to the enterpruners either to relocate or for their expansion projects.
    What else we can offer the investors, stackholders in regaining their confidence in this battered economy? SEC, corporate auditors, corporate officers, Banks, Financial institutions should be held accountable for their negligence as well as misdeeds.
    If we focus on the above stated issues and lay the foundation in resolving, the idea of innovation proposed by you is good.

    Mohan Pai

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  2. I developed a new business model.

    The business is able to make the financed payments for the buyer.

    Developed such to change the economy.

    In the process of incorperating.

    Thomas
    thomasadair@live.com

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  3. I believe we have enough innovation and entrepreneurial business people ready to monetize it already. The problem with the current economic crisis is partly being escalated by the lack of confidence in the markets and unwillingness of banks to lend to innovative and resourceful sme's. Secondly, there is a inadequate transparency of information regarding opportunities which is creating further devastation by aggravating an imperfect market model. Thirdly, the issue of subsidies both in the developed (mainly agricultural) and in developing (oil/ petroleum) which have been allowed for centuries create unstable market conditions which will continue to make a full recovery possible. Fourthly, real investment opportunities in emerging markets have long been ignored by companies and investors in developing economies. This has created the subtle demand growth driven by consumer good (consumerism)rather than longterm investment driven growth. Fifth, the magnitude of the failure to regulate financial markets will be with us for a long time to come, before recovery can start to pick up noticeably. Billions of dollars in the USA, Britain and Europe are still being pumped by governments into financial institutions as bail out funds. This is obviously at the expense of the taxpayer, demise of public services and the detriment of business investment, where truly growth and recovery is meant to come from. It is still a vicious cycle, with the bailed out still withholding loans for investment from growth ready businesses.

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