Business Measurement and Quantification: Modern Methods Report

This report explores modern methods of measurement and quantification in a business context. It highlights how advancements in technology have streamlined processes, particularly in inventory management and invoicing. The report emphasizes the importance of accurate data for informed decision-making, including the use of inventory management software to track raw materials, finished goods, and overall resource allocation. It also discusses the benefits of modern invoicing systems, which improve accuracy and efficiency. Furthermore, the report references the importance of business processes, the impact of technology and how these systems are used to make forecasts about future demand and the allocation of resources, and the goal of optimizing resource utilization. The report concludes by underscoring the role of modern techniques in enhancing business efficiency and decision-making.

MEASUREMENT 1 AND
DOCUMENTATION

TABLE OF CONTENTS
TASK ..............................................................................................................................................1
Modern methods of measurement for quantification and the Bill of quantities preparation
process..........................................................................................................................................1
REFERENCES................................................................................................................................3

TASK
Modern methods of measurement for quantification and the Bill of quantities preparation
process.
With the advancement of whole world and especially the technological advancements
business processes have become much easier and faster. The businesses are adopting new
methods and techniques for easing their process and to increase the efficiency of processes. The
objective of every organisation is to have organised processes using new modes of technology
and advancement methods. The new methods allow business to make accurate measurement of
the raw materials and other business process. Preparation of bills used for business processes
could be made much faster at the same time proper record of all the transactions undertaken is
maintained for financial analysis and reporting requirements.
Systematic approach has to be followed by every firm as the business environment has
become more complex and critical as compared with past. A single mistake in quantification or
invoicing can cause to suffer significant loss or reputation-al damage. Objective of the modern
methods of measurement is to meet the requirement of business organisation and to carry out
business processes and decisions accurately without any mistake (Esmaeilian and et.al., 2020).
New advanced methods provide the base for decision making by properly recording the business
transactions.
The quantification techniques in business are mainly used under inventory management
and production department. The new inventory management software allows the business to
record all the inflow and outflow of inventories from raw material consumption to production of
finished products. It enables the business to monitor and each and every transaction carried out
related to inventory. It maintains proper information of raw materials and finished goods to
analyse the wastage, consumption and output with available materials. Aim of the management
is to have optimum utilisation of the available resources and to provide them with the benefits of
cost.
The data and information stored in inventory management system is used by the
management for decision making. They make forecasts about future demand the allocation of
resources. It also makes the purchase order based on analysing the requirements of business and
make order using techniques where it will have east storage costs. It reduces the issues related to
stock outs or excessive stocks. New inventory management software has allowed the
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management and company to have structured process for maintaining and quantifying the
inventories of business.
Invoicing which is an important task has to be completed with proper care and diligence.
Previously manual invoices were prepared by the business in which mistake in one affected the
whole quantification and calculation (Ashenafi, 201). The modern invoice preparing software
allows firm to make proper invoices more quicker and faster. They are only required to fill the
quantity and rates that automatically calculates the prices and tax on those invoices. It has eased
the process to considerable extent.
Therefore, it could be said that the modern means of technology has helped the business
in quantification and Bill preparation process.
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REFERENCES
Books and Journals
Esmaeilian, B., and et.al., 2020. Blockchain for the future of sustainable supply chain
management in Industry 4.0. Resources, Conservation and Recycling. 163. p.105064.
Ashenafi, A., 2018. Quantification of Quality Expressions for Cloud Migration Decision
Support (Doctoral dissertation, ASTU).
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