Online processing refers to a method of transaction where companies can use an interface, usually through the Internet, to take product orders and handle payments from customers. Online processing is very popular because it can increase the efficiency of a company's sales operations and allow users to communicate with the online interface for their own needs.Know More
Online processing can be very costly, however. If the system crashes, for instance, the downtime can cost companies their sales operation and greatly affect business.
Online processing is actually one of three processes that businesses can use, the other two being batch processing and real-time processing. Batch processing is when a certain number of jobs or tasks are processed by a computer program all at once instead of being handled individually. Batch processing is commonly used for producing utility bills, payroll statements and credit card processes.
Real-time processing is very similar to online processing, but it differentiates in that it uses sensors rather than human input in order to obtain and process its data. This type of processing is commonly used with control systems and can be very useful in that it operates without delays. This type of processing can be found on aircraft warning systems, guided missiles, burglar alarms and flood warning systems.Learn more about Business Resources
Manual data processing refers to data processing that requires humans to manage and process the data throughout its existence. Manual data processing utilizes non-technological tools, which include paper, writing utensils and physical filing cabinets.Full Answer >
Companies ultimately diversify to improve their sales and reduce business risk. Diversification presents risks and opportunities for companies, but ultimately helps them set and achieve long-term goals and reduce the risk of failure, say authors at Investopedia. Diversification gives companies a financial cushion in the event that one market or product fails to meet anticipated success, and comes in several varieties.Full Answer >
Change is important in business as it enables a company to meet the dynamic needs of its customers and create growth opportunities. Change also allows a business to keep up with advancing technology and respond to different economic conditions, such as strong or weak economic growth.Full Answer >
Accounts receivables are invoices that a company issues to its customers, and an accounts receivable aging report details how old outstanding invoices are. It is a tool that allows a company to manage its credit risk.Full Answer >