Tag: fintech

How To Balance Profit And Purpose In Business

On January 28, 2021

In Career, Education, Finance, fitness, health, Investing, Leadership, Nicholas Fainlight, postgraduate, Technology, Uncategorized

Entrepreneurs need to build business empires while still staying committed to their purpose. A significant number of business people struggle to commit to their purpose while still keeping their enterprises profitable. Businesses need to demonstrate their contribution to humanity while still growing their profit margins. Here are ways businesses can balance profit and purpose.

Go Green

In the past few years, many businesses have shown their commitment to adopting more sustainable production methods. No matter the size, every organization can play a role in reducing its environmental footprint. Surprisingly, the current generation prefers to buy green products. Therefore, companies that will demonstrate high sustainability credentials will gain numerous customers who want to buy green.

For instance, manufacturers can reduce carbon emissions by sourcing closer to home. When raw materials are transported for short distances, it helps cut both transport costs and carbon emissions. Besides, leaders who have a passion for conserving the environment can shift to renewable energy sources.

Find an Inspiration

Walk away from your comfort zone and start doing something new that challenges you. Learn from these things and find inspiration in them

Leverage Technology

Technology is changing every aspect of life, including how consumers interact with brands and how they buy products and services. For example, online sales have doubled in the past five years. Additionally, organizations are using machines to understand customer needs better. This means that businesses must stay on top of the latest innovations to remain competitive in their respective industries.

Share Your Success

Entrepreneurship is a murky journey characterized by ups and downs. Therefore, successive entrepreneurs should consider sharing their experiences with novice business people. When you balance profit and purpose, your impact is significant and tangible, and more consumers will want to be associated with your business.

Understand Your Purpose

Purpose goes beyond providing high-quality goods and services to consumers. It also means that your business prioritizes the common good of the community. For example, some companies such as Unilever have already developed a unique living plan to track their progress of minimizing their environmental footprint. Business leaders should devote time to learn about societal impact and how to improve it.

To change business operations to meet new expectations requires exceptional and visionary leadership. In today’s versatile business world, leaders who will adopt agility will be in a better position to achieve long-term success.

Nicholas Fainlight- Face Recognition Technology

All About Face Recognition Technology

By Nicholas Fainlight

On October 13, 2017

In Finance

How We Pay

The ways that individuals have paid for items and services has changed greatly over the years. At one time, different cultures would do trade for services or items. Now the majority of countries use currency or credit cards in order to make payment. Many credit cards have evolved to include a chip that is supposed to make credit card purchases more secure. In China, they are rolling out a completely new way to make payments.

Face Recognition Technology

Face recognition technology is taking purchasing to a different level. It is a technology that promises to replace credit cards, passwords, and identification. In China, there is a new app that has rolled out, and it is being used by 120 million people. This is an app that allows individuals to transfer money using a facial recognition technology. This technology enables an individual to leave their currency and cards at home. All they have to do is use their smile, and they can make a purchase. This application is called AliBaba Auto Pay Experts. This face recognition technology is sure to become popular in the Western world as well because it is highly accurate.

How Does Face Recognition Work

Face recognition is a technology that has been around for years, but it has greatly improved. Face recognition is precise, and it uses advanced technology to identify the special features on a person’s face. This technology has been shown to be more precise than voice recognition. This is a technology that can identify faces in different lighting and at different angles. There are some financial institutions in China that have gone as far as using face recognition to give out loans.

What Companies Are Interested In Face Recognition

Companies such as Google, Amazon, Facebook, and Apple are interested in face recognition technology. These companies could use this face recognition technology to learn about their customers interest, hobbies and preferences. Also, this technology can enable social media sites to tag an individual’s face on their friend’s photos.

Face Recognition And You

Face recognition could bring huge benefits to consumers all around the world. With the huge amount of theft that occurs currently, an individual can feel secure in knowing that he or she has nothing on their person that can be taken away. Face recognition is definitely the way of the future.

Nicholas Fainlight: Blockchain for Businesses

Blockchain for Businesses: How Major Businesses Utilize Blockchain

By Nicholas Fainlight

On June 5, 2017

In Finance

Blockchain technology is becoming mainstream. In early 2016, more than 40 major financial institutions were experimenting with blockchain, as reported by Wall Street. What does this mean? And how can blockchain help businesses work more effectively?

To answer this, we first have to understand what blockchain is. In the past, transactions of wealth or property have always had to go through a third party middleman. For example, if you were to send someone money over the Internet, that money would be processed through your bank. But with blockchain, such transactions are possible without an intermediary. In addition to transferring money, blockchains can transfer online representations of other types of property.

Blockchain is still a relatively new concept, but if it is utilized widely enough, it can have many benefits. Here are a few:

More certainty in transactions

Transferring through a third party allows a certain amount of trust. If you are being paid for a product, for example, you need to trust that the payee has the necessary funds in their bank account. With blockchain, this is not an issue, because the transaction is immediate.

Records movement of assets

Businesses that deal in supply chains can see a detailed record of how assets move through those chains. Blockchain transactions are stamped with a time, date, and location. Companies can use this information to keep track of expenditures and profit, as well as verify the legitimacy of their product. For example, Walmart has been using blockchain to track certain food items. This allows it to ensure that the food is coming from where it is supposed to be coming from—increasing food safety.

Simplifying the stock exchange

Currently, exchanging stocks requires the verification of multiple parties, with no transparency between them. Blockchain can simplify this process, by providing a secure, accessible, and permanent way for transfers to be made over the Internet.

On a slightly smaller scale, crowdfunding sites suffer some of the same transparency issues as the stock exchange, and also stand to benefit from blockchain.

Voting

Sites such as Boardroom and BitShares allow people to vote in an easy, fair way using blockchain. These elections benefit from blockchain’s immediacy and transparency. Currently, blockchain is only in use for small-scale decision-making, within companies or other such organizations, but if it becomes widespread enough, it could present a promising new way to vote in governmental elections as well.

Currently blockchain hasn’t entirely caught on yet. Its novelty means that many companies are suspicious of it security. Some firms also worry that it will disrupt their current business models, precisely because of the way it eliminates the middleman. However, blockchain is still very early in its existence, and many of its potential applications haven’t been invented yet. So it’s a safe bet that, sometime in the future, blockchain will be a standard means of exchange for companies, and perhaps, for the world at large.