Using Technology to Your Advantage
Technology for Business
The business world has always been a good option for many individuals who had the passion for the type of products and services they sell or market. Through the years, there had been changes in technology that was initially thought to benefit only those who have a working knowledge of information technology. There are still many ways to see how technology can benefit your business depending on how you wish to expand your business. Two common uses of technology in business transactions are marketing of products and services and electronic payments.
One business strategy that many companies use to their advantage is known as e-commerce. It is a concept where products and services are marketed through the support of information technology. Money is also exchanged in the convenience of homes and offices without need for a person to physically travel and trade. One such company who has maximized this concept is the designer label manufacturer Levi Strauss & Co. They used bar codes to tag pants according to color, styles and sizes on a database. The retailers can order the shirts, jeans and pants with the right color, style and size based on these bar codes. This system helped Levi’s increase their annual sales by up to 25 percent to 30 percent. Overhead costs have gone down considerably due to this inventory software that provide accurate inventories and minimized holding costs.
Both business and consumers can now pay for purchases over the Internet. Payment systems have since mushroomed from PayPal to CertaPay. Payments using mobile phone technology have also surfaced that allows people to use their phones to send and receive payments. CertaPay is the first payment network that uses email with this kind and scale. The system is known as Universal Funds Transfer Platform where transactions are made through emails. Through the email, a user can send his account information including amount due. There is also a security question to answer and opportunity to send a personal message for additional instructions or information. Once the email is received, the amount is debited automatically and the same amount is credited to the recipient’s account. Most Canadians use this payment system similar to transactions made over an ATM. CertaPay profits by charging a fixed amount to each transaction completed similar to ATM fees. Security measures are in place to safeguard accounts of these individuals so they can use this system again with convenience and peace of mind.