Appropriate Management of Working Capital
The way good and services are exchanged in the current world has undergone major changes due to evolution and increase understanding of mankind. Environmental and technological advancement has influenced a lot the way people interact with each other to improve their livelihood. People are known to have used different ways as media of exchange to promote their survival, in this case, looking for a common media that will unify them. In order for any given society to stand, it require other societies to come in and fill the gap in providing what it does not have.
Appreciating the need for technology that has been the key driver in influencing economic development cannot go without a notice. Capital management is important as it ensure the survival of any business in this competitive market. For companies to realize growth and development, they have to incorporate new innovations and ideas so as to ensure production is at maximum. Without human capital into consideration, companies cannot experience the development of any kind, therefore, it is important for the company to put into consideration its input.
Economy is mainly determined by the way various capitals in the company interacts with day to day expenses bring out income. Technological evolution has rendered to changes in the sector of finance such as mode and media used in exchange of good and services. Institutions such as banking have been affected adversely by the improved information technology that has promoted to changes in their structures to be at par with technology. Online banking is one of the impacts of improved technology that has made user-friendly by the improved information technology where clients have easy access to their accounts. Company should incorporate technological advancement in ensuring accountability of the resources and company finance.
It is important for any given company to have a good planning on how much it spend to ensure minimal resource wastage. There are various sources of information crucial to drawing conclusion for the companies is how good and services are moving in the general market, in this case, one can make future treads of the market. To ensure appropriate action is taken during the financial crisis, people need to equip themselves with the right skills and knowledge that the technology has to offer. nevertheless, studying the behavior of the various market structures in the market is usually easy due to the presence of vast information available on the online platform. Advocating for financial literacy has been easier due to availability of vast information on the internet .