Corporate leaders thrive by staying informed on all aspects of their business—and keeping a keen eye on the competition. While senior business personnel can perform various company assessments, even the most engaged managers sometimes require external assistance. Private investigators provide such assistance, helping companies gather information on their business practices and potential vulnerabilities. From examining employee fraud to evaluating merger outcomes, corporate investigation helps businesses ensure the legality and efficiency of their daily operations.
Professional law enforcement training can help students prepare for rewarding work in corporate investigation. These careers reward diligence and attention to detail, building productive relationships between investigators and key members of the business community.
Are you curious about corporate investigation work? Read on for important information.
1. Corporate Investigators Perform a Range of Services
With great demand for investigative services, the private sector offers investigators opportunities in a variety of professional settings. In most cases, corporate investigators are hired for in-depth appraisals of a business’ practices, employees, collaborators, or competitors. Information resulting from these investigations helps senior management make more informed decisions—moving forward in the knowledge that their business is both safe and ethically sound.
Corporate investigators are commonly employed on cases of suspected corruption or embezzlement, network breaches, and intellectual property theft. They can also help perform background checks and financial searches, helping businesses determine whether a potential partner or collaborator can jeopardize them legally.
2. Corporate Investigators Can Use Undercover Means
With certification from a private investigation school, investigators can use a variety of means to help businesses identify vulnerabilities. Among these methods, undercover investigations can be uniquely effective in identifying trouble in the workplace—or among a business’ collaborators. Undercover investigators can infiltrate a corporate setting, gathering key information on problem behaviour, including substance abuse, sexual harassment, and theft.
Undercover investigators can blend in to assess suspected problems in the workplace
Corporate investigators are often selected for their abilities to build trust, inviting disclosure from suspected persons—or those affected by the suspected behaviours. This information gathering can help businesses either confirm or reject troubling rumors not verifiable by any other means. Offering insights into investigative law, private investigator courses can train graduates to gather meaningful information within legal means—a key consideration in undercover cases.
3. Investigation Services Help Companies Avoid Damage
Identifying weaknesses before they grow into larger problems, private investigators help businesses avoid great financial and reputational damage. Perhaps above all, third-party investigators help companies gather impartial and legally-admissible information on persons or business entities that may wish them harm. For instance, an effective investigation can prevent profit losses from stolen intellectual property or safety breaches.
Investigations also help businesses avoid legal disputes with embittered associates—or victims of unaddressed workplace problems like abuse or sexual harassment. Ensuring business is conducted ethically, corporate investigators can be a bulwark against serious reputational downslides.
4. Grads of Private Investigation School Can Help Businesses Thrive
Beyond helping businesses avoid crises, investigators can also enhance long-term success. Even without defined suspicions or worries, many leading businesses keep investigative services on retainer. These investigators help businesses make sound decisions, ensuring that each new venture assembles the best available people and resources. With greater insight into their day-to-day operations, corporations can build an industry reputation for reliable business and collaboration.
Investigators also fortify business interests against the competition, alerting senior management to the threats of market rivals—and helping recruit the top talent. Skilled investigators thus help corporations protect their business mission and project it into the future.
Corporate success helps private investigators build their own business
Are you ready to become a private investigator?
Contact the National Academy of Health and Business to learn why our course is right for you!
Learning about emotions and how to control them during our formative childhood years is critical to future success and development. By gaining a greater understanding of their emotions, children may learn to better contend with their fears, doubts, and more, which can give them a greater sense of control over their experiences and build up their confidence. Furthermore, learning how to be empathetic and compassionate helps children develop important interpersonal skills, as well as learn how their actions may have lasting consequences.
Here is a short guide on how proper emotional development can affect the lives of the kids under your care.
Emotional Development Leads to Emotional Intelligence
Cultivating emotional intelligence could arguably be one of the most important reasons for promoting emotional development in kids. Emotional intelligence can help a child to question their feelings and distinguish their emotions, so that they can address them in a healthy and constructive manner. According to experts, there are four “branches” of emotional intelligence: Perceiving, Reasoning, Understanding, and Managing. Each branch is like a step in the emotional development process, starting with a child’s ability to pay attention to their emotions, and to label them accordingly (Perceiving). The next step (Reasoning) means that a child can think critically about what they are feeling, which is quickly followed by determining the root cause of their emotional response—why they feel the way they do (Understanding).
The Managing step is when a child can determine how to better regulate their emotional reactivity so that they can respond to situations in a constructive manner. Helping a child develop their emotional intelligence could be one of the most important things an early childcare assistant can do!
Good Emotional Intelligence Can Help Children Better Confront Stress and Other Emotions
Stress is a fact of life, and children will need to be able to confront stressors as they get older. Proper emotional development can help a child contend with this particularly intense emotion, as well as others that they experience.
Early childcare assistants can help children better connect with and understand powerful emotions by giving kids a vocabulary with which to describe their feelings. For instance, early childhood assistants can observe and comment on when a child seems stressed, happy, excited, or scared. Comments such as “You seem frustrated today” or “It looks like you’re really enjoying playing with that toy” can help children identify the emotions they’re experiencing. This in turn can give kids the ability to express and regulate their feelings in an appropriate manner. As a result, they develop a greater sense of self-awareness and self-confidence, helping them be better able to handle future challenges and stressors.
Early childcare assistants can help children better discern their emotions!
An Early Childcare Assistant Can Help Children Become Stronger Team Players
Generally speaking, children who can sympathize with others are often friendlier and more generous towards their peers at school, which can be very important when making friends and working in teams. In addition, a child who understands how to show empathy and sympathy might also be better equipped to recognize their own feelings, strength, and weaknesses.
After early childhood college, you can help kids develop empathy by encouraging them to reflect on the emotions of their peers. Questions like “How do you think Jenny feels when you don’t share with her?” can help children consider the emotions of others, and how their actions can positively or negatively impact them. As a result, young kids can develop important interpersonal skills that pave the way for future cooperation and teamwork. These early stepping stones lead to greater emotional maturity and development, helping kids grow into happy and successful adults.
Are you ready to earn your early childcare assistant diploma?
Contact the National Academy of Health and Business to learn more!
When beginning their studies, students may sometimes be tempted to procrastinate. Far from a sign of laziness, procrastination can serve as a kind of escapism or avoidance of a task or duty that seems too difficult or challenging to complete. In fact, everyone procrastinates from time to time. However, while the prospect of checking your emails or Facebook might seem like a welcome break, it may actually increase your stress and have a negative effect on your studies.
Below are four practical ways to nip procrastination in the bud over the course of your studies and career in accounting and payroll administration. Read on to find out what they are!
1. Notice and Understand Why You Are Procrastinating
Before you begin to work on a strategy to overcome procrastination, it’s important to recognize those moments when you are procrastinating and why. How did you feel, and what were you thinking? Questions like these can be useful in identifying the triggers that inevitably get you to procrastinate.
Are you procrastinating because a certain task feels intimidating? Are you worried about failure? Do you feeling nervous about the future? Addressing these feelings will help you understand the causes behind moments of procrastination, and will help you avoid them in the future!
2. Use Time Management Strategies During Your Accounting Training
Effective time management can be an excellent way for you to avoid procrastinating as you earn your accounting and payroll diploma. Instead of creating excuses to delay your work, practice using a few time management techniques, such as setting and prioritizing goals. You could set aside some time each day for study, and then reward yourself afterwards with a well-deserved break. You can also improve your time management skills by creating a comprehensive to-do list of all the tasks you need to accomplish. Stay resilient and maintain your set times for each task and you’ll find yourself completing your work quickly and on time!
Learning time management strategies can help you excel in your studies and beyond!
3. Cultivate Mindfulness Techniques to Relieve Stress
Stress is often one of the main reasons why students and professionals procrastinate, which makes adopting great stress management techniques important to maintaining productivity. During moments of stress, try practicing “mindfulness” along with deep breathing exercises. Mindfulness involves taking a pause and focusing your attention on the present moment rather than future consequences, which can help you feel calm and improve your focus.
Beat procrastination with mindfulness techniques!
4. Let Go of Perfectionism and Self-Doubt
Students as well as professionals with accounting training may sometimes procrastinate if they have little confidence or are perfectionists. In both cases, perfectionists and those with low confidence alike may worry that their work isn’t up to par. Some perfectionists might procrastinate by over preparing. Meanwhile, professionals with low-self esteem may hesitate to approach their work for fear that it would fail to measure up to expectations.
Therefore, one excellent way to avoid procrastination is to remind yourself that nobody’s perfect, and that an important part of being a student is taking risks and learning from mistakes. Top colleges know this, and work hard to create a supportive environment. Instructors are there to offer guidance and support, so that students can build up their confidence and remember that they are capable of tackling whatever challenges come their way. As a result, they can let go of worries and self-doubt, and instead focus on achieving their goals.
Are you ready to start your career in accounting?
Join the National Academy of Health and Business and get your training now!
by Mark Harrington
Becoming an immigration officer is ideal for graduates who enjoy working with people, and who want a career that truly makes a difference. However, it’s important to note that being an immigration officer takes commitment and integrity, and comes with its own unique set of challenges. With the right training and attitude, though, it can be a very rewarding option.
Are you curious to learn more about the qualities and characteristics that make law enforcement professionals a good fit for this career? Read on to find out more!
The Best Immigration Officers Are Organized and Detail Oriented
To have what it takes to be a great immigration officer, future candidates must be coordinated and highly organized individuals. A career as an immigration officer is a busy one, whether working in an airport or at a land border. As such, immigration officers benefit from being organized and from maintaining a neat workspace, in order to deal with such a high volume of arrivals.
Since 2015, over 27,554,943 foreign residents have visited Canada. That’s a lot!
Apart from examining passports and conducting surveillance, immigration officers may also be tasked with interviewing non-Canadian citizens, asking questions, and taking fingerprints. As such, they will need to be effective multitaskers in order to balance their various responsibilities and avoid making errors. Graduates of police school looking to pursue careers as immigration officers will also need to pay close attention to passport details in order to ensure that they’re properly enforcing Canada’s immigration legislation.
Great Immigration Officers Have Excellent Communication and Interpersonal Skills
Another important quality that makes a great immigration officer is the ability to communicate clearly and professionally. For those interested in linguistics, learning a second language could also help them better communicate with visitors and non-Canadian citizens who may not be fluent English speakers.
Although being an immigration officer is a serious job, it is important to stay friendly and cordial with non-Canadian citizens crossing the border. Thankfully, top programs like the police foundations program at the National Academy of Health and Business (NAHB) help graduates develop a thorough understanding of interpersonal relationships within the context of law enforcement occupations. As a result, graduates enter their careers ready to communicate both politely and professionally.
Graduates of Police School Who Exercise Good Judgment Make Great Immigration Officers
While good immigration officers must exercise constant vigilance in order to successfully mitigate security risks, good judgement also means not being too rash to profile migrants. Immigration officers must always remember that foreign travellers deserve to be treated with respect and dignity.
Social perceptiveness means having the ability to read subtle cues in someone’s body language. For immigration officers, this ability may be useful for picking out suspicious behaviour. However, experienced immigration officers also know that some behaviours can mean very different things. For example, a lack of eye contact can be interpreted as a sign of insincerity, but it can also be a sign of nervousness or shyness. Some non-Canadian citizens arriving in airports may be nervous flyers and feel shaken up from their flight, or feel nervous around law enforcement officials. Therefore, their hesitation when answering questions may simply be a manifestation of these feelings, rather than signs of suspicious behaviour. Telling these behaviours apart can be tricky, which is why one of the greatest signs of an excellent immigration officer is the ability to exercise sound judgement and avoid jumping to quick conclusions.
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by Mark Harrington
Personal development during the early years of childhood can be challenging for youngsters. Boys and girls are meeting new people all the time, learning new games, and taking in lots of new information in pre-schools. Hearing loss can make such social development a little more challenging.
Fortunately, early childcare assistants can apply slightly adapted techniques to cater to such needs and help all children feel welcomed in the classroom. Hearing loss is a broad term, which is why open communication and understanding with parents is so important. Once that has been achieved, there are a range of teaching tips and activities which can be integrated into a childcare assistant’s daily routine.
Different Types of Hearing Loss Which may Be Encountered
Hearing loss doesn’t necessarily mean a complete loss of this sense. There are three types of impairment which can hinder a person’s ability to hear properly. Conductive hearing loss refers to blockages which prevent sound from efficiently reaching the inner ear. This could be caused by infections or fluid/wax build-up in the ear canal or ear drum, as well as damage to bones in the middle ear. Medical products can be effective for such conditions, but hearing aids may also be necessary in certain circumstances.
Sensorineural hearing loss refers to damage of hearing nerves or the inner ear. Hearing aids are a much more common solution this time around, because these problems are often permanent. It’s also possible for people to suffer from mixed hearing loss, which is a combination of conductive and sensorineural. Medical professionals conduct the necessary tests to detect possible hearing loss, and anybody in an early childcare assistant career should be kept informed about such diagnoses.
How Childcare Assistants and Children with Hearing Loss Communicate Effectively
The most common piece of advice offered when working with children with hearing loss is to keep on talking. This helps kids with hearing loss develop their language skills and feel included in the classroom. Top childcare assistants don’t become demoralized when a message isn’t getting through. When first trying to catch the child’s attention, gently tap them on the shoulder. Then stand or kneel close to the child when having a conversation.
Eye contact is especially important when speaking to a child with hearing loss
Eye contact is also essential to allow the child to read your lips during a conversation. Resist the temptation to excessively raise your voice when speaking, because this isn’t guaranteed to help them hear what you’re saying. It may also make them feel self-conscious, and embarrass them among classmates.
Creating Inclusive Group Activities After Childcare Training
A child’s hearing loss is a good opportunity to educate their peers about the condition. This helps to prevent misinformation spreading around the classroom, where the affected child could become isolated. Activities that promote the development of verbal communication and listening skills should be encouraged, because this allows children with hearing loss to experience language in a natural setting. This should be balanced with non-verbal activities, such as art or puzzles, which can also develop other important skills and help build self-confidence.
Hearing Aids Require Special Attention to Prevent Damage
Those in childcare training should also develop some degree of familiarity with hearing aids. It’s useful for professionals to know how to put the devices on effectively, how to switch it on, and when to switch batteries. It’s also important to remember that these are electrical items, so try to prevent the possibility of water damage. If the child is hearing a whistling from the hearing aid, it’s also a good indicator that they have outgrown it. Open communication with parents will also help to ensure that special considerations are known and followed.
Make sure to avoid water damage with hearing aids
Do you want to learn how to become an early childcare assistant?
Start a fulfilling and long-lasting career by studying the diploma program at NAHB.
by Mark Harrington
It takes courage to visit a medical professional to seek help for a particular health problem. These are private situations, and a great deal of trust is placed in the doctor or physician when the patient comes forward. Healthcare professionals therefore have a duty to treat confidential information with the utmost care, and prevent it from getting into the hands of others.
This concept, called patient confidentiality, is strictly abided by medical office assistants. These professionals have the organizational skills to ensure that a private or public practice functions efficiently. Electronic and hard-copy versions of medical records are often needed for each individual patient, and it’s vital that these documents are kept away from prying eyes. Let’s take a closer look at what patient confidentiality is all about.
Patient Confidentiality Is a Core Duty of Medical Practice
Healthcare professionals are regularly informed about sensitive information from patients, and records are kept in order to provide ongoing care. Grads of medical office assistant courses know that confidentiality prohibits the healthcare provider from relaying such information about the patient to other people or organizations. This means that even a patient’s wife or husband cannot be told sensitive information about their loved one, without prior consent.
People may be embarrassed about a particular medical condition, and patient confidentiality serves an important function in increasing their willingness to seek help. A practice must strictly value the confidentiality of records like medical history, x-rays, and various types of lab reports. Otherwise, confidence among the local community in the service will be eroded.
Hard copy medical files should be safely stored in a secure location
Protecting Confidential Information After Medical Office Assistant Training
A well-organized and secure filing system is the backbone of medical offices, as professionals protect the confidentiality of hard-copy documents. Offices and waiting rooms are busy places, so office assistants are very conscious to avoid leaving confidential information in plain view of the public. It’s recommended that, where possible, first names are used when speaking to clients on the phone. Patient records shouldn’t be left open on the reception desk, and they should also be carried between rooms in a manner where the patient name isn’t visible. It’s easy to maintain best practices in patient confidentiality by picking up these habits early in an office administration career.
Office assistants avoid leaving confidential files open on reception desks
The efficiency of electronically storing medical information means it has become a popular alternative in recent decades. This new trend does however leave confidential information vulnerable to attack from around the globe, if it’s being stored on an online cloud. These are third-party service providers, so institutions must be very careful about their use.
The theft or loss of electric items, such as computers, smart phones, or hard drives is also a common cause of privacy breaches. Professionals who received training in a medical laboratory assistant program are cognizant of protecting sensitive information, and offices therefore invest in robust computer security software. When disposing of electrical equipment, it’s vital that confidential records are permanently deleted through the physical destruction of the storage system or the use of dedicated software.
Learn all the fundamental skills during medical office assistant training.
Find out more about the diploma programs available at NAHB.
by Mark Harrington
Striking the right tone during workplace conversations is tricky. It shouldn’t be as formal as the job interview, but it must be more reserved than conversations with family or friends at home. It’s important to use correct etiquette via phone, email, and Skype in a modern workplace. Behaving correctly will impress your boss, and ensure that customers leave a conversation with a smile on their face.
It’s particularly crucial to the work of an office administrator, who must juggle conversations between colleagues and customers in a number of communicative forms. Here are a few tips to help you master the talent:
Don’t Overlook the Importance of the Written Word
When you’re working on behalf of a business, a formal tone is always worthwhile in email and other forms of messaging. Avoid using exclamation marks and humor in email, unless you’re very confident that it strikes the right tone. As part of office administration class, get in the habit of checking that an email is relevant to all recipients, as colleagues and customers will be upset if they’re being ‘spammed’ with unnecessary messages.
Text or instant messaging applications, like WhatsApp or Messenger, should only be used if you’re in conversation with somebody you’ve met before. Avoid this form of communication if the recipient needs time to think about their response.
Keep it formal during email conversations
Office Administration Training Develops Face-to-Face Conversation Skills
Face-to-face conversations are more pressurized as you have less time to formulate responses. There are, however, some important bits of advice to take on board. If you’re meeting a new person, make sure to introduce yourself by name and title. You may be the first face they see in a particular office, and it’s important to instantly put them at ease.
Smile, make eye contact, and shake hands if initiating a more formal conversation. A more laid-back tone is natural when speaking to office colleagues, but be wary of topics of conversation. Topics such as politics and religion can be very sensitive, and are best to be avoided. Also make sure to always be respectful of other employees and customers. Phrases like ‘please’, ‘thank you,’ and ‘sorry’ will go a long way to maintaining positive relationships in the workplace.
Remember to Use Correct Phone Etiquette
After you study office administration, don’t fall into the trap of thinking you’re in a sound-proof bubble during every phone conversation. It regularly occurs that people speak much more loudly on the phone. This may help the person on the other end of the line to hear you, but it could annoy nearby colleagues in the office.
Be aware of the volume of your voice while on the phone
Video calls, such as Skype, have also become a helpful tool for formal communications within a business. The regular inclination is to look into the eyes of the person you’re speaking to, but it’s only possible to make eye contact by staring into the camera. Be wary of what’s going on behind you as well, as a busy environment may distract the person you’re speaking to.
Become an integral workplace asset by taking on office administration training.
Find out more about the diploma program at NAHB.
by Mark Harrington
Unhealthy habits are difficult to turn around, especially if they’re already having an impact on physical wellbeing. Exercise and a good diet are important for people of all ages, and a personal support worker (PSW) knows the importance of those habits, especially later on in a client’s life. When it comes to managing hypertension (high blood pressure), lifestyle changes can make a big difference.
It’s estimated that one out of every five Canadians lives with hypertension, and it’s particularly common among older adults. It’s regarded as a silent killer because it has no symptoms, but high blood pressure can eventually lead to serious conditions like heart attack, stroke, or coronary artery disease. May is Hypertension Awareness Month, so it’s the perfect time to take on board some tips to address this health problem.
Blood Pressure Readings Should Be Carried Out Regularly
Home blood pressure monitors are quite common, and regularly taking measurements can be a good idea. The cuffs with this equipment should be appropriately sized for the client to ensure that an accurate reading is taken.
A healthy blood pressure range is usually seen as 120/80. The first figure refers to Systolic Pressure—the pressure in arteries when the heart beats. The second figure measures Diastolic Pressure—the pressure in arteries between heartbeats. Both figures record in millimeters of mercury and higher figures mean increased blood pressure levels.
Clients should avoid food, exercise, caffeine, or smoking for one hour before blood pressure readings are taken in both arms. That’s because these activities could lead to an inaccurate reading where problems are left unidentified.
Grads of Personal Support Worker Courses Can Help Clients With Diet and Exercise
The diet needed to combat high blood pressure follows an almost identical pattern to a regular healthy diet. DASH (Dietary Approaches to Stop Hypertension) is seen as a helpful guide, and it seeks to limit the consumption of saturated and total fats like dairy and meat products. Salt also contributes to high blood pressure. As you assist your clients during mealtimes throughout your PSW career, you should be mindful about this and limit the amount of salt included in meals.
A healthy diet can make all the difference for clients with hypertension
Potassium, magnesium, and calcium are seen as the three key elements of a healthy diet aimed at reducing hypertension. These elements are more prevalent in vegetarian diets, so fruit and vegetables should be increased in your client’s diet. Low-fat dairy products—which are a terrific source of calcium—are also promoted as well as brown rice, potatoes, and tomatoes—which are high in magnesium.
Maintaining a healthy weight lowers blood pressure, so exercise should be encouraged too. For older clients, this could mean walking a bit more during the day or participating in an age-appropriate exercise class. Chair exercises are a great form of exercise for people who have difficulty with mobility, and can easily be worked into a daily routine.
Making Sure That Clients Take Blood Pressure Medication at the Right Times
Dietary and lifestyle change may not be enough to adequately reduce hypertension levels. For some clients, their doctor may have had to prescribe medication. There are three main groups of blood pressure medication. Thiazidediuretics target the kidneys by eliminating salt and water, Beta Blockers slow down the heartbeat, while ACE inhibitors ease pressure by opening up blood vessels. Professionals with a personal support worker certificate know it’s important to follow the doctor’s advice and ensure clients are taking their medication at the right time.
Help your clients take their medications regularly
Dietary supplements may also be seen as an easier way to achieve a balanced diet. If a doctor has recommended these as well, ensuring that clients regularly take them will help to improve their health and prevent further problems form arising.
Personal support worker courses are the first step on the path to a range of rewarding careers.
Check out what’s on offer at the National Academy of Health and Business!
by Mark Harrington
Money isn’t the only way to measure the success of a particular business, but it has to be towards the top of the priority list. Making a profit is essential in most sectors, to allow employees to get paid and to generate a healthy return for investors. It’s also important to recognize what pitfalls or opportunities may be lying ahead in the future, and to carry out a thorough financial analysis of the business to prepare as best as possible.
Financial analysis is used to assess whether a business or project is profitable enough to encourage investment. Accounting and payroll administrators may sometimes assist in this research, and it can be an excellent way of gathering a deeper understanding of the business and the industry in which you’re working. The duty requires a good knowledge of financial documents, and it’s also important to relay the findings in a clear way with useful comparisons. Here are some important points to consider with regards to financial analysis.
What Documents Are Used in Financial Analysis?
Graduates of an accounting college know there are three files that are essential when carrying out this task. The first of these files is the balance sheet. This document includes the financial and physical resources that a business has available for the future. It doesn’t, however, mention if these resources are being well utilized, so it’s a good way to measure current financial performance rather than future growth.
The second document, the income statement, offers information about performance over a particular time period. It includes information on revenue, expenses, and profits/loss, and is a better indicator of future viability.
The other essential document is the cash flow statement. This is similar to the income statement, as it records performance over a period of time. It doesn’t include items such as depreciation, so it is seen as a more streamlined way of measuring a company’s ability to pay bills, creditors, and much more.
Analyzing Revenue After Receiving an Accounting and Payroll Diploma
The overall revenue coming into a company can be an easy way to spot financial performance, but it’s vital to look more deeply at the income streams. Professionals with an accounting and payroll diploma know revenue growth should not include one-off sources of income, which can distort findings.
Revenue concentration assesses whether a company is over-reliant on one or multiple clients. If those clients pull their business, it could leave the company in a dangerous position. Revenue per employee is another common ratio used. This measures revenue compared to employee numbers, and the highest possible ratio is preferred.
The Comparisons to Use During Financial Analysis
A straightforward way of judging financial performance is to compare current results to the company’s findings in previous years. Looking back at the previous three years is usually seen as enough, but older data should also be analyzed if available.
Previous financial analysis results are a key point of comparison
Benchmarking is also necessary to compare the company’s performance to direct competitors. Profit levels may be much higher at other businesses, which could highlight opportunities which haven’t yet been seized.
Are you interested in taking on a career in payroll accounting?
Find out more about how payroll training at the National Academy of Health & Business can give your career a kick-start.
by Mark Harrington
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Few predicted the 2017 surge of Bitcoin, the cryptocurrency that grew over 400 per cent in a matter of months. Yet while Bitcoin has fluctuated since then, the technology behind it—namely the blockchain technology that makes Bitcoin secure—has begun to inspire many different industries. A blockchain compiles user transactions into a permanent ledger of data ‘blocks’, which are accessible across a network of designated servers. Users store new transactions as public blocks, but cannot alter the data of any past block in the chain. Capitalizing on the technology’s defining security feature, leading businesses are now integrating blockchain to improve traditional supply chains.
Are you curious to know how blockchain might be the future of supply chains? Read on to find out more.
Blockchain Could Mean Greater Transparency and Lower Costs
Proponents of blockchain cite the transparency of a shared platform, which could allow businesses to track a product on a single network from manufacture to delivery. Companies could assess the speed and quality of their services at each phase of the chain, as each new transaction is immediately made public. Since data blocks are accessible to all ‘permissioned’ transaction parties, blockchain would reduce communication errors and streamline central administration procedures. A permanent transaction record would also guarantee greater security for high-cost assets, discouraging misappropriation and fraud throughout the chain.
Increasing efficiency means cutting costs. Blockchain promises optimal supply chain management, allowing businesses to cut unneeded outsourcing and reduce expenses. Lowering the risk of lost assets would also help companies maintain good industry standing, reassuring stakeholders and attracting new business.
Blockchain could be a competitive advantage for businesses cutting supply chain costs
Blockchain Remains to Be Proven as an Industry Standard
While giants like BHP Petroleum and IBM now operate blockchain networks, the technology has not become standard practice for supply chains. Throughout the logistics industry, businesses are still determining the best uses for blockchain—an important consideration for students in supply chain courses. As IBM research shows, blockchain is only necessary when the chain involves multiple entities, including regulators, customers, and suppliers. For business operations on closed networks, a simpler database is likely more effective.
The integration of blockchain also poses important infrastructural challenges. Above all, participating entities need to update data storage capacities to accommodate the technology. Businesses keen to integrate blockchain must think not only of how the transition will affect their operations, but also those of collaborating entities. Since supply chains often run through different countries, the success of blockchain will also vary across the business regulations of national jurisdictions.
Students in Logistics Training Can Look Forward to New Industry Developments
As these questions continue to weigh on industry experts, students in logistics training can look forward to potentially exciting new developments. In addition to BHP and IBM, Oracle and SAP are working closely with their customers to refine blockchain networks. Progress with these pilot programs could shape industry perception of blockchain’s benefits over current supply chain practices.
While the technology is promising, an industry-wide transition might only occur through a ‘critical mass’ effect, once businesses must adopt it to avoid being left out. If a total shift occurs, compatible businesses might even pursue joint opportunities with a blockchain marketplace. However, time will tell just how these potential developments will unfold.
Blockchain could help businesses of all sizes connect with their customers
Are you interested in supply chain & logistics careers?
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