Operational efficiency is the ratio of a company’s input and output, which determines a system’s overall performance. It’s a measure of how much costs are incurred during a financial activity. In this sense, lower costs equate to greater efficiency.
ACH transactions are not as complicated as they sound. It’s just an easier and safer way to move funds. If you’ve ever signed up for direct deposit or paid a bill online, then chances are you’ve dealt with ACH transactions. When running a business, it’s important to understand the mechanics of ACH, including how it works, what could go wrong, and tips to streamline the entire process.
SWIFT payments are transactions made through an intermediary bank that allows you to send/receive electronic payments internationally. The SWIFT network doesn’t actually transfer funds but instead, sends payment orders between banks using SWIFT codes. It’s a means to transfer money overseas quickly, accurately, and securely.
The strategic sourcing process enables a business to assign value to sourcing decisions by building a diverse supply base. It’s about not putting all your eggs in one basket, as they say, and keeping your options open. Strategic sourcing is a collaborative process that improves efficiency and streamlines operations.