Adopting an efficient contract management software solution is one of the key factors that can help in smooth running of your business. Apart from increasing the operational and financial performance of your business, it can empower you to deal with the growing volume and complexity of contracts in an effortless manner. But selecting the right contract management software can be a challenge as there are numerous options to choose from. Here are a few things you need to consider when evaluating contract management software solutions for your business:

Storage and organization of contracts

Contract storage and organization are among the primary functions of a contract management software solution. Depending on your specific requirement, decide whether you want a cloud-based storage or an on-premise, local solution. There are certain contract management solutions that offer both, which can mean a more customizable experience for your business. When considering the organization of contracts, evaluate how the software accomplishes this task. Determine if it suits your company’s requirements.

Tracking of key contract dates and provisions

More often than not, a contract management software solution will allow you to flag and track dates related to a particular contract. When you want contract management done easy, you should also look for a solution that offers flagging and tracking provisions across contracts. First, decide what provisions you may need to track across contracts. Then check with the potential software providers whether the software will allow tracking of these provisions.

Ease of use

Before committing yourself to any contract management software solution, be sure to consider how easy it is to use the software. Does the software solution require any special training to handle it? If training is necessary, how much time and effort is to be committed for the purpose? Is the interface user-friendly? Look out for a software solution that allows quick retrieval of records. The software must also enable you to specify your requirements and amend data to meet your needs.

Customization and upgrade route

With time, your company’s requirements may change. As the number of contracts increases and your business goals modify, you may need to alter the way your contracts are organized and searched. To meet such needs in the future, you must be sure about the customizability of the software solution you are considering to implement. Also, there should be the provision for upgrading the software to a bigger version in future, when the need arises. Or it could even be you need a mobile system. So, it’s important to check out the possibilities for upgrading as well.

Technical support

When you are dealing with a software solution, you cannot afford to ignore technical support. Make sure that your chosen contract management software solution provider is going to offer you technical support. Before signing on the dotted line, check references to be sure if the software is reliable and whether the technical support team responds to complaints and issues in a prompt manner. After all, you would definitely not want to invest in a software solution that has no helping hand in sight in case of any problem.

With promises of fundamental changes in the wonderful world of mobility it’s perhaps little wonder that consumers are increasingly more attracted to interactive technology when it comes to getting behind the wheel.

What is already commonly referred to as the ‘connected car’ has certainly evolved in very distinct stages over the past few decades, which perhaps not only demonstrates the major advances already made but also provides an exciting insight of what’s yet to come.

A brief history

Going as far back as the mid-1960’s, the General Motors’ Driver Aid, Information and routing initiative (otherwise known as “DAIR”) sought to provide drivers with all types of useful driving information, from basic directions right through to current road conditions and ongoing accident reports. Sadly, a basic lack of technology stopped any further progress at the time, although only until 1995 when GM revealed its new OnStar technology in collaboration with EDS and Hughes Electronics. For some vehicles, this meant the exciting introduction of car phones; not to mention two new key players: the hardware providers and Tier 2 chip providers who supplied both the DCM devices and core services.

Almost  a decade later, the near-ubiquity of mobile phones, coupled with the rapid rise of what are now known as ‘smartphones’, promoted the introduction of “info-tainment” applications, particularly the Ford SYNC, Kia UVO and GM MyLink.  As opposed to utilising embedded hardware, these applications were developed via the driver’s own phone and streamed via Bluetooth; thus duplicating entertainment and features the driver could enjoy elsewhere and not purely in the car. On the back of this, Silicon Valley giants duly made their presence felt – particularly Blackberry, Google and Apple; all of whom released their own proprietary software platforms to establish themselves in an already booming market.

Today’s technology

It comes as no great surprise that new technologies in the automotive industry have continued to advance over the years and this can only mean one thing – decisions, decisions, decisions! With so many gadgets and apps to choose from, today’s consumer has a plethora of important decisions to make when it comes to finding the right accessories for both the driver and their passengers, including mobile-apps. Here we take a look at just a few of the many options available on today’s market:

Adaptive suspension  

No longer reserved for the likes of Range Rovers and other 4 x 4 alternatives, adaptive suspension allows the vehicle to be put into different modes for added comfort, such as “sports” mode. Popular with landowners and farmers (or, at least, those with the budget to spare), this particular add-on is ideal for both on and off road adventures.

Advanced self-driving capabilities

As though forward-collision warnings and adaptive cruise controls weren’t enough, car manufacturers such as Mercedes and Volvo are already rolling out far more advanced packages which only stop a little short of autonomous vehicles themselves!  Ideal for the regular commuter, technology such as Volvo’s Pilot Assist system are certainly making an impact on the market. Autonomous technology leaves the car users the time to enjoy the interactive technology.

Autonomous safety features  

Whilst features such as lane-keep assist, automatic forward-collision braking and adaptive cruise control were initially restricted to the higher end luxury vehicles, these are now available on many more models, including the Nissan which even has the capability to perceive an incident two cars ahead! Now that’s what you’d call smart thinking, and it allows you to watch Netflix, get the answer to the question How old are you? Or even check your email while driving, and legally too! 

Gesture control  

Whilst only BMW currently offer gesture control on their 7 series, another great app well and truly in the making enables drivers to control various vehicle features quite literally, by using gestures as opposed to touch or voice control.

Larger screens  

For drivers who prefer to keep their hands firmly on the wheel then the new larger screens being introduced by manufacturers such as Mercedes and Volvo not only offer great viewing ease but are also ultra-sensitive to touch, meaning they can be operated with ease, just like a smartphone.

Car care apps  

Long gone are the days when you needed to record your service mileage on a scrap of paper; or try and remember when the next oil change falls due. Today’s car care apps like many other mobile apps for drivers, such as the Hyundai Assurance’s version, really do make life much easier when it comes to keeping track of that all important information meaning you’ll never miss an important milestone again.

Electric drivetrain

Whilst vehicles with electric propulsion systems have been around since the late 1990’s, electric drivetrains are certainly driving performance forward – not only from a fuel economy point of view but also in terms of speed. What’s more, it’s already being offered on a long list of vehicles (including performance models such as the BMW, Porsche Spyder and Ferrari).

 

Suffice it to say, when it comes to interactive technology some incredible progress has already been made; and with yet more to come. Quite what the future holds in store, we’ll have to wait and see but it certainly seems true to suggest that technological advances hold no bounds when it comes to market competition.

To keep your personal data such as photos and documents safe, backing it up from your main gadget to a separate device is a good way to ensure the security of your information. This is where external hard drive and disk come in the picture.

External hard drive and disk have been more affordable, offering more space. It has become more functional and even a handful, but powerful and premium too. External hard disk can be used from personal files or even backing the entire files of a computer or laptop.

Nowadays, there are various portable hard drives out in the market today. With so many models and brands to choose from, which is worth buying? Selecting a reliable and functional external hard drive requires an understanding of the parameters and features of each model or brand.

Below are some of the factors you need to consider when choosing a reliable brand of hard drive and disks:

Pick the right interface

Select Parallel ATA (PATA) drive if you are about to repair or upgrade an older system without Serial Advanced Technology Attachment (SATA) interfaces. Choose SATA drive if repairing or upgrading a system with SATA interfaces. A lot of hard drives are available in PATA or SATA interface with almost identical model numbers but differs on the data and power connectors.

Choose the right storage capacity you need

External hard drive storage capacity can range from about 2GB to 4TB. Just like Seagate portal hard disk Singapore which offers 2TB of storage. A recommended size for users who want to save videos would be 1TB or 2TB. For emails, word documents, and photos, a smaller storage would do. Generally speaking, you should only pick the best external hard drive based on the performance level you need. After that, pick the model and the price you are willing to pay.

Consider the portability

If you are using the external hard drive at home, pick at least the one that costs less but with more capacity. On the other hand, using the external hard disk back and forth from home to work, you may opt to choose a pocket-sized device. Another feature you need to consider is the enhanced data protection if you carry the device frequently anywhere. A great example is Seagate portal hard drive Singapore, which offers durability to protect your files from shock and damage. It is recommended to choose a device with durable materials like quality plastic or aluminum.

Decide on the safety feature

When buying an external hard drive, pick the one with hardware-based encryption than software-based encryption. This feature is important when getting a portable mobile drive to carry around, providing high security for sensitive information.

Think about compatibility

Keep in mind when choosing the external hard drive that compatibility is important. Ensure that the brand or model is well-matched with the kind of desktop you have – Mac or PC.

If you are a newbie in terms of choosing the right external hard drive, it is better that you know the software and hardware compatibility of it to your personal needs. Consider the factors mentioned above. The more you know about the various aspects and factors when buying external hard disk, the more you will be able to optimize its functionality.

It can be nerve wrecking to consider starting a new business, especially when you have to leave your job behind, and if you’re supporting a family it can be an even more difficult choice.

Still, without risks there are no rewards, or so they say.

Ask yourself these questions to make sure you’ve considered all parts of the laborious process that registering a new business can be:

Do you have the capital to see it through?

One thing is to consider the price of a company incorporation, but te other is to make sure that continued costs of operation will not hinder the success in the long run. In other words, you need to make sure you have enough money stashed away for a rainy day,  week or even month.

How much of a risk are you willing to take?

If you have children depending on you to feed them, perhaps you should not spend your life savings on that great idea your friends and you got last night. But without any risks at all, little is ever gained. Find out where the balance between risk and reward makes the most sense to you and your surroundings.

How much time will it take to make profits?

It’s not always that turning the “Open” sign will automatically lead to profits. Sometimes you need to build up a reputation, a brand an a userbase. This can take years, even when you are working 50 hours a week on it, so make sure to have room in your business plan for quick profits too. For an example, if you are building a new website, then it will take some time for visitors to find it once you go live, and you have to expect some months if not longer before you see any sales.

Is it worth taking a loan for?

There might come a time where you might need more money than you have to actualize your idea. Consider it wisely before going into debt, but once again: risk to reward.

What business type would it be?

Depending on your country there are hundreds of different types. Let us take how Singapore company incorporation works. There are private limited companies which means you as a private individual do not share the liabilities the company does. So if the company goes bankrupt nobody can come after your house for instance.

How much do you need for utilities and food?

Many people are worried that they will have to cut back on luxury items, but calculate how much money you need for surviving, and take it from there.

Is it difficult getting work if you fail?

A very important part of this is to never burn any bridges. You want to make sure you can go back to work if you fail your business, so it is not advised to break contract rules for instance.

Do you have previous experience?

Finally, do you have any experience in this field? And do you have experience with starting, growing and maintaining a business? If not you might need help sooner rather than later. Consider a consultation with someone you know that has his or her own business, an hour or two with an entrepreneur that is willing to share can be worth 2 years of school!

So risk it, or don’t – just make sure to register your company and follow your dream!

A One Person Company offers sole owners many benefits that are not readily available to sole proprietors. These include the concept of limited liability, the ability to raise larger debts at competitive rates from banks and so on. But at the same time, there are certain drawbacks to OPCs that may make it unsuitable for certain people. Five such drawbacks are discussed below.

Incorporation Limitations

A curious downside of starting a One Person Company is that once you register an OPC, then you are restricted from incorporating any more OPCs. In contrast, you are free to start any number of private limited companies and LLPs. The exact reason as to why such a restriction has been imposed is not clear, but it does not change the fact that such a limitation affects a person’s ability to start multiple ventures with 100% ownership. This means that your personal house, your foundation for your livelihood is under a certain amount of pressure, as you could potentially be liable for damages and have to sell your home in order to pay for your company’s failure.

Natural Individuals

Only a natural born Indian citizen, who is currently living in the country can incorporate a One Person Company. As such, foreign nationals cannot start OPCs in India. Plus, a company cannot incorporate an OPC since a company is not considered a ‘person’ when it comes to OPCs. As such, if you own a private limited company and wish to start an OPC in the name of the company to use it as a subsidiary or some other purpose, you will be unable to do so under current laws.

External Commercial Borrowing (ECB) Restrictions

One big drawback of an OPC is that they are not recognized by the External Commercial Borrowing and Trade Credits. What this means is that OPCs cannot seek funds from foreign lenders. So, if you are planning to obtain some funds for your venture from outside India, an OPC is not the ideal business structure for you.  But if you are not concerned with foreign funds, then you can go ahead and do a One Person Company registration.

Taxation

An OPC is taxed at the same rate as other private companies, which means a flat 30% charge on total income. However, sole proprietors are only charged at the tax rate applicable to individuals. As such, if you are going to be the only owner of the business, then operating the business as a sole proprietorship is the most advantageous option for you from the perspective of taxation.

No ESOP

A One Person Company only has one shareholder, owning 100% of the business. As such, the concept of an ESOP does not exist within the context of an OPC. So, in case you plan on giving your employees a share of your business in the future, then an OPC is not suitable for you.

If you are concerned about any of the above limitations of OPCs, then you should look at registering other business structures like an LLP or a private limited company. Plus, remember to trademark your business identity to protect it from infringement.  You can easily register trademark online in India by consulting any good trademark registration service.