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~78% of business leaders think remote working and workplace reconfiguration will boost automation and digital transformation.
Knowledge of workload automation is important to enhance workflow management. However, many business leaders claim not to know about workflow automation:
~68% of businesses do not understand digital transformation.
~75% of organizations do not have the right information about the digital workplace.
We have curated this article to fill that knowledge gap. We cover:
What is a workflow?
What is workflow automation?
What is workflow management?
What are the types of workflow automation?
Which workflow automation type should be used?
What is workload automation (WLA) based workflow automation?
What is business process automation (BPA) based workflow automation?
What is robotic process automation (RPA ) based workflow automation?What is a workflow?
A “workflow” is a series of industrial, administrative, or other processes that take a piece of work from start to finish. A workflow is made possible by putting resources into processes that change materials, give services, or process information in a planned way. A workflow can include multiple steps, people, systems, or machines.
Figure 1: A workflow example.What is workflow automation?
Workflow automation is using software to eliminate or reduce the number of manual tasks and increase work efficiency. Some examples of workflow automation are:
Creation and sending out calendar events and invitations.
Sending messages through platforms like WhatsApp and SMS.
Document creation, like sales contracts, to send customers for signature.
Tasks in data workflows, like data transfer between platforms.
Workload distribution based on volume and time.What is a workflow management system?
A workflow management system (WfMS or WFMS) or workflow application is a set of tools that lets you set up, run, and observe a predetermined set of tasks.What are the types of workflow automation?
Workflow automation can be classified into three categories according to the way it functions:Which workflow automation type should be used?
WLA-based workflow automation can be preferred when back-end workflows are automated, such as:
Data management operations like extract-transform-load (ETL) operations.
Automating tasks for file transfer protocol servers.
BPA-based workflow automation can be used in front-end operations that require flexibility, such as:
Travel requests are processed through digital forms on a single platform.
Creating digital time-off requests forms.
Sorting customer queries to departments by using the software interface.
RPA-based workflow automation can be useful in precisely repeatable front-end operations such as:
Data entering for cashier reports like product ID and product quantity.
Creation of PDF invoices and sending them to a specified email address.
User activity auditing to ensure user compliance.What is WLA-based workflow automation?
Workload automation (WLA) software lets back-end business workflows be scheduled, started, and triggered from one platform.What are the differences between BPA and RPA?
In contrast to BPM and RPA, Workload Automation gives more importance to event-driven triggers, situational dependencies, and real-time processing than time-based processing when planning, starting, and running workflows.
To learn more about WLA vs. RPA, check out this quick read.Why is it important?
There are over 14 case studies of WLA where companies benefit from WLA workflow automation. Workload automation can provide the following benefits:
Discover Creatio – the no-code platform for workflow automation and CRM, offering businesses freedom and flexibility. Trusted by thousands of enterprises in more than 100 countries, millions of workflows are launched on the platform every single day.
Watch their short video clip to get a grasp of their services:How does it work?
Users can log in to their WLA software to create workflows.
Users can choose the application or service to automate a task on the workflow creation screen.
Then, the user can create an event trigger to initiate another business process with the execution of the application.
In the end, the user can set up an alarm or a message to let him or her know when the business process is done or canceled.
Video 1: An example of the use of the WLA tool:What are some WLA use cases in workflow automation?
This section highlights some use cases of workflow automation:
To automate ETL workflows: WLA tools can automate ETL task triggering and execution to reduce human error.
To manage data centers: By using WLA tools, IT teams can create workflows to manage data centers from a single platform.
To automate payrolls: WLA tools can be used in HR to automate payroll management tasks like the calculation of compensations or initiation of payments.
To automate hiring tasks: By using WLA, HR can schedule online job posts, interviews, and emails.
To automate know your customers (KYC) tasks: WLA automation can be used in finance to automate KYC workflow tasks in finance like
business existence checks
Financial document recordings
Client onboarding and offboarding: WLA technologies can automate client onboarding and offboarding emails and permissions.What is business process automation-based workflow automation?
Business process automation (BPA) uses software to automate business workflows. Excel’s autofill and macro features are some of the first examples of business process automation used in business processes like sales order processing. 36% of businesses automate workflow, and 26% intend to do so.What is the difference between BPA & RPA?
BPA automates the workflows of business processes to make tasks that used to be done by hand more efficient. BPA focuses more on front-end tasks like automating emails and invoice processing. Or creating more open-ended business tasks like situation-based workflow diagrams to assign tasks to employees. Some of the main differences are:
RPA tools focus on automating specific and exactly repeatable tasks, while BPA can automate situation-dependent workflows.
The use of BPA tools is less predictable, and they are slower than RPA chúng tôi tools are faster and more predictable than BPA tools.
Examine this quick read for more information on RPA vs. BPA.Why is it important?
BPA can assist in business process management (BPM) and improvement. BPM involves discovering, modeling, analyzing, measuring, improving, optimizing, and automating processes. Improving business process management is important because it can have the following benefits:
Improve efficiency: Analysts and leaders can see every step, task, and employee in workflows with BPM. In 55 process improvement case studies we collected, 72% of them improved process efficiency with BPM efforts.
Figure 2: In 72% of companies, the use of BPM increased process efficiency.
Motivate change: Business leaders can use BPM tools to document, monitor, and anticipate changes in workflows.
Motivate compliance and security: Managers and analysts can easily document and visualize workflows with BPM to ensure compliance. For example, 19% of executives consider BPM for audit and compliance purposes.
Learn more about business process management benefits and best practices. Compare BPM, process intelligence, and process mining tools through our data-driven and comprehensive lists.How does it work?
Video 2: An application of business process automation software.What are some BPA use cases?
Document search: BPA software can aid in finding information on platforms or internal systems that your company uses to store documents.
Video 3: An example of a BPA document search:
Diagramming: Business workflow automation BPA can create workflow diagrams with drag-and-drop features. Workflow diagrams help to explain how a business process works with visual workflows. They can show how a business process works from beginning to end. BPA software can:
Support the Business Process Model and Notation (BPMN) graphically or with other diagramming conventions.
Save time by creating workflow diagrams manually with their pre-defined features.
Figure 3: Workflow diagram.
Email management: Service requests from emails and form submissions can be automated using BPA. BPA software can be programmed to process specific emails and forms. These items could include a customer number or the phrase “support ticket.” When an email arrives, the BPA software can start the tasks that the user has specified, such as sending a “thank you” email with the average response time to the request.
Video 4: An exemplary use of BPA for email management.What is robotic process automation-based workflow automation?
Robotic process automation (RPA) is a common way to make specialized agents, or “bots,” that interact with graphical user interface (GUI) elements to complete repetitive, rules-based workflows. They can, for example, be used to move files to specified folders and read and write databases within a specified time frame.
Figure 4: RPA Services business process architectureWhy is it important?
RPA is important because it has the following benefits:
On-time process execution: RPA bots can start a task on a specific day and time each month.
Boosts remote work and reduces costs: RPA lets employees orchestrate and monitor automated workflows from a dashboard remotely.
RPA can manage remote desktop automation: RPA can automate remote desktops using their user interface.
To learn more about the benefit of RPA, check out this quick read.How does it work?
RPA software can require programmers to create and automate bots. On the RPA software:
Video 5: An exemplary use of RPA softwareWhat are some of the RPA use cases in workflows?
Data updates: RPA can automate tasks in data processing workflows. RPA can be set to update relevant data from forms or emails automatically. So, HR, marketing services, and sales departments can have access to the most up-to-date and correct information.
Data validation: Data validation workflows can include automatable tasks like cross-checking data against publicly available data. RPA automation is more suitable than other tools due to scalability.
Data extraction from PDFs and scanned documents: RPA can automate tasks in data extraction document processing because screen scraping, OCR (Optical Character Recognition), and basic pattern recognition technologies can be integrated with RPAs.
Learn more about RPA use cases and applications.
You can download our whitepaper to find out more about workload automation:
If you have any more questions about best practices for workload automation, please get in touch with us at:
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
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blog / Healthcare What is the Average Pharmacist Salary in the U.S.?
The unprecedented impact of COVID-19 drove home the need for a robust healthcare industry. In consonance with that was the growth of the pharmaceutical industry. This growth trend is still continuing as the pharmaceutical market is projected to reach $861.67 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 6.3%. As a result, the demand for qualified and experienced pharmacists is increasing and companies are offering lucrative salary packages to onboard top talent. For the uninitiated, the average pharmacist salary in the U.S. is $146,278 per year. In this article, we will explore some of the key factors that impact salary packages along with the learning opportunities available in this field to help aspiring pharmacists build rewarding careers.Is Becoming a Pharmacist a Good Career Option?
Besides its lucrative earning potential, becoming a pharmacist is a good career choice for some important reasons:1. Option of a Versatile Career Path
Although most people are only aware of a career in retail pharmacy, there are a number of avenues to pursue in this field:
1.1 Clinical Pharmacists
Typically employed in healthcare facilities such as hospitals, clinics, emergency rooms, or rehabilitation centers, clinical pharmacists collaborate with healthcare providers to treat patients.
1.2 Veterinary Pharmacists
Have similar duties as clinical pharmacists, only with animals as patients.
1.3 Geriatric Pharmacists
They specialize in providing care to older patient populations.
1.4 Public Health Pharmacists2. An Opportunity to Positively Impact Patients’ Lives
The epidemic brought attention to the healthcare industry and demonstrated why this sector is so crucial. As a pharmacist, you will have the chance of making a positive difference in patients’ lives and improving the overall health of communities.The Roles and Responsibilities of a Pharmacist
A pharmacist’s work typically includes the following:1. Prescription Dispensing
The absolute basic responsibility of a pharmacist involves tasks like counting out tablets, preparing a bottle label, and handling medications for patients.2. Consulting with Doctors
This includes discussions with patients’ doctors regarding alternative medications or dosage adjustments. This helps to ensure that the drugs prescribed do not cause any side effects.3. Counseling Patients 4. Ensuring Patient Safety
Another task involves examining each patient’s medication record whenever a new or refilled prescription is filled. This is the most effective way for a pharmacist to prevent potentially dangerous drug consumption.5. Adhering to the Three Rs
Pharmacists in charge of managing staff are ultimately responsible for ensuring the ‘three Rs’—giving the right dosage of the right drug to the right patient. To fulfill this responsibility, they need to supervise and mentor pharmacy technicians and interns.Entry-Level Pharmacist Salary Pharmacist Salary by Industry
There is a range of industries that hire pharmacists, including healthcare and personal care stores, general merchandise stores, general medical and surgical hospitals, and outpatient care centers. The respective salaries will depend on the set of duties, skills, knowledge, and location.
According to Zippia, pharmacist salaries are substantially higher in the retail, healthcare, agricultural, and government sectors. The industry-wise classification of the pharmacist salary is given below:
Industry Average Pharmacist Salary
$78,448Pharmacist Salary by Experience
Like any other profession, a pharmacist’s income fluctuates widely based on the experience they have. Salary Explorer looks at the pharmacist salary range in terms of experience.
Years of Experience Average Annual Salary
2 to 5 years
5 to 10 years
10 to 15 years
15 to 20 years
More than 20 years
$188,000Pharmacist Salary by Qualification
If you’re interested in becoming a pharmacist, you need a bachelor’s degree in a science-related field of study or the equivalent of two years of undergraduate pre-pharmacy preparatory classes. To get better opportunities, take the Pharmacy College Admissions Test (PCAT); most pharmacy schools currently require the PCAT as part of their admissions process.
You can also pursue a Doctor of Pharmacy degree, or Pharm.D, from a pharmacy program accredited by the Accreditation Council for Pharmacy Education (ACPE). According to a survey by Salary Explorer, the average salary of a pharmacist with a bachelor’s degree is $110,000 per year, while a candidate with a master’s draws an average annual compensation of $173,000, about 58% higher earnings compared to an individual with a bachelor’s degree.
ALSO READ: How Technology is Opening Career Opportunities in Health CarePharmacist Salary by Specialization
Pharmacists with a particular specialization tend to earn a better income than others. For example, a clinical specialty pharmacist can expect to earn a total pay of $138,966, which includes the base pay as well as the variable component. In the case of a staff pharmacist, the estimated total pay is around $131,5331 per year. Additionally, an industrial pharmacist working in medicine manufacturing can expect to draw a total pay of $129,087 annually.Best-Paying Countries for Pharmacists
In comparison to other countries, the average pharmacist salary is the highest in the U.S., followed by Switzerland. BScholarly claims the following salaries represent the best in the world for pharmacists:
Country Average Pharmacist Salary
$105,767Highest-Paying Cities for Pharmacists in the U.S.
Based on the data from Salary Explorer, Los Angeles is the highest-paying city for pharmacist jobs. The table below lists the top five highest-paying cities in the U.S. for pharmacists.
City Average Pharmacist Salary
$141,000Top Companies Hiring a Pharmacist
The average pharmacist salary provided by some of the top companies in the U.S. listed in the table below will provide a roadmap to aspiring pharmacists searching for high-paying jobs in the industry.
Company Name Average Pharmacist Salary
per yearGear up for a Career in Pharmacy with Emeritus
This article should have made it clear that becoming a pharmacist is a challenging and important career choice, with good potential for growth. If you’re interested in pursuing a career in the pharmaceutical and healthcare sector, Emeritus’ online healthcare courses are a great avenue to develop the right skills. Offered in association with top global universities, the programs equip professionals with the in-demand industry skills needed to work with patients. It’s your chance to make the most of the opportunity!
By Mikhil Pathak
Write to us at [email protected]
See More : ChatGPT Plus Login: Access Advanced Features of ChatGPT
Integration with Google Search: ChatSonic is integrated with Google Search, which allows it to generate content with the latest information available, including visuals and voice commands.
ChatSonic is powered by GPT-4 technology, which enables it to generate diverse types of content and even accept image inputs as commands.
ChatSonic uses natural language processing technology to provide accurate and informative answers to user questions.
ChatSonic is designed to be easy to use, making it accessible to a wide range of users.
ChatSonic is a reliable chatbot platform that can handle a large volume of user interactions without experiencing downtime.
ChatSonic is a secure platform that protects user data and ensures that all interactions are kept confidential.
ChatSonic is a sophisticated machine learning model that utilizes neural networks and scripted dialogue to simulate human speech.
With ChatSonic, writers can produce high-quality content quickly and efficiently, saving valuable time and resources.
Overall, ChatSonic is a top-performing chatbot platform that offers an array of benefits for both businesses and individuals alike.
Also Read : Slack GPT Login: Simplifying Communication with AI-Powered Chatbots
Before you can use ChatSonic, you need to create an account. The registration process is simple and straightforward. Follow the steps below to create a ChatSonic account:
The first step to creating a ChatSonic account is to download the app on your mobile device. The app is available for free on the App Store for iOS devices and Google Play Store for Android devices.
Enter your phone number on the registration page. ChatSonic will send you a verification code to confirm your phone number.
Once you receive the verification code, enter it on the app to verify your phone number. Once verified, you will be taken to the account creation page.
After creating your account, you can now complete your profile. This involves adding more information about yourself, such as your bio and interests. You can also customize your chat settings, such as notifications and privacy settings.
Read More : ChatGPT 3.5 Login: An Ultimate Guide
If you already have a ChatSonic account, logging in is simple and straightforward. Follow the steps below to login:
Open the ChatSonic app on your mobile device.
If you are having trouble logging in to your ChatSonic account, there could be several reasons. Below are some of the common issues and how to troubleshoot them:
If you are sure that you have entered the correct phone number and password but still cannot login, try the following:
Check your internet connection. Ensure that you have a stable internet connection as ChatSonic requires an internet connection to work.
Clear cache and cookies. Clearing your browser’s cache and cookies can sometimes help fix login issues.
Contact support. If the above solutions do not work, contact ChatSonic support for further assistance.
To ensure the security of your ChatSonic account, follow these tips:
Use a strong and unique password. Avoid using common passwords that are easy to guess.
Enable two-factor authentication. This provides an extra layer of security to your account.
Do not share your login details with anyone.
Log out of your account when using a shared device.
ChatSonic is a popular messaging platform that offers a user-friendly interface and the ability to integrate with other applications. Creating an account and logging in is simple and straightforward. If you experience login issues, follow the troubleshooting steps above. To ensure the security of your account, use strong passwords, enable two-factor authentication, and do not share your login details.
Q. Is ChatSonic available on desktop devices?
Yes, ChatSonic is available on desktop devices.
Q. Can I use ChatSonic without a phone number?
No, you need a phone number to use ChatSonic.
Q. Can I use ChatSonic on multiple devices?
Yes, you can use ChatSonic on multiple devices as long as you use the same phone number and account.
Q. Can I delete my ChatSonic account?
Q. Is ChatSonic free to use?
Yes, ChatSonic is free to use. However, some features may require a subscription.
blog / Healthcare How to Become a Healthcare Data Analyst: A Comprehensive Guide
Due to its massive scope and the growing use of predictive analytics, healthcare data analytics has become a vital asset in enhancing medical facilities. This has, in turn, increased the demand for healthcare data analysts. If you want to learn how to become a healthcare data analyst, here’s a roadmap to help you.What is Healthcare Data Analytics?
Healthcare data analytics provide actionable insights to improve medical facilities and decision-making using data from various sources. These insights can enhance patient care, health insurance rates, resource allocation, and drive growth. Healthcare data analysts work primarily in collaboration with the medical team and report to the organization’s leaders. Due to the job prerequisites, healthcare data analysts require thorough knowledge of technology, business, and medicine.Areas of Employment for a Healthcare Data Analyst
Public or private hospitals
Government healthcare departmentsJob Titles for a Healthcare Data Analyst
Healthcare business analyst
Healthcare risk management data analyst
Healthcare information management analyst
Public health data analyst
Clinical data analystHow to Become a Healthcare Data Analyst Step 1: Get the Education Needed
Consider getting a degree in a related field like data science and analytics, besides a medical degree. A degree is still the most widely-accepted criterion for recruitment. It also equips you with the foundational knowledge of the field.Step 2: Gain Hands-On Experience and Technical Skills Needed
Obtain experience through interning, freelancing, and working in roles that enhance necessary skills like data collection and analysis, knowledge of medical terminology, communication skills, and problem-solving.Step 3: Consider Online Courses and Bootcamps
Consider taking a short-term, intensive course to help you obtain the credentials in this field. You can consider enrolling in a data sciences and analytics or healthcare course on Emeritus.Step 4: Work on Projects With Real Data
Projects are an excellent way to showcase your data skills and prove your proficiency. If you are wondering where to start, you can consider online courses with projects or publicly available data.Step 5: Build Your Data Analytics Portfolio
Your data analyst portfolio can showcase your skills and experience. Even for beginners, a portfolio is a valuable tool to prove your capabilities.Step 6: Build Your Healthcare Knowledge
Healthcare data analysts should have an in-depth understanding of healthcare to be effective and offer insights. Consider taking a course in healthcare to strengthen your skills.Step 7: Connect With Others in the Industry Step 8: Ask For Someone to Mentor You Step 9. Apply For Entry-Level Jobs Do You Need a Degree to be a Healthcare Data Analyst?
While a degree isn’t a prerequisite to becoming a healthcare data analyst, it can build strong foundational knowledge. Alternatively, you can also consider taking an online course to gain the required credentials.Is Being a Healthcare Data Analyst a Good Career?
According to the US Bureau of Labor Statistics, research analysts and healthcare jobs are projected to grow respectively by 23% and 13% between 2023 to 2031. In addition to the rise in job prospects, healthcare data analysts also enjoy lucrative salary packages.Healthcare Data Analysts: Role and Responsibilities
The typical roles and responsibilities of a healthcare analyst include:
Collecting data from various sources
Supporting the decision-making process
Identifying trends through analysis
Providing recommendations to improve facility operations
Transforming complex data into comprehensible insights
Organizing and maintaining database management
Creating reports and dashboards to share findings with stakeholdersWhat Does a Healthcare Data Analyst Do Every Day?
Now that you know how to become a healthcare data analyst, let’s consider what a typical day in the job looks like. The primary role here is to use data to generate insights and effectively improve the quality of healthcare for patients. The common data types that a healthcare data analyst works with on a regular basis include clinical, pharmaceutical, behavioral, and insurance data. The objective is to mitigate risks, support research and development, improve customer satisfaction, and facilitate prudent resource allocation.Benefits of Taking an Online Healthcare Data Analytics Course
Now that you know how to become a healthcare data analyst, start taking the necessary steps.
Written By Krati Joshi
Write to us at [email protected]
Introduction to PowerShell Out-File
The PowerShell Out-file command stores or captures output to any file. We may often want to see all the errors and output, so storing them in a file along with their date of creation is a better idea than simply printing them onto the console. Because the size of the output can be huge, so in that case, we can send output to the file is better.
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Below are some of the parameters given.
1. -Append: If we want to add any output to any existing file, we can use this command. This command will add your output to the end of any existing file.
2. -Confirm: This command we can use to make safe command execution. Here it will display a prompt box that will ask for your confirmation for the execution of the command.
3. -Encoding: This command defines the type of encoding for the file where we will write our content. If we do not define the type, it will take UTF8NoBOM as the type’s default value.
There are several types accepted by it; they are given below:
ASCII: In this type, it will Use ASCII 7-bit characters. This type of encoding is very common.
BigEndianUnicode: It uses UTF-16 format to encode. It uses big-endian with UTF-16.
OEM: In this case, it will use MS-DOS default encoding and the console program
Unicode: It uses the UTF-16 format to encode. But it uses little-endian with UTF-16.
UTF-7: In this type, encoding is done in UTF-7 format.
UTF8: In this type, encoding is done in UTF-8 format.
UTF8BOM: In this type, encoding is done in UTF 8 BOM format. It uses Byte Order marks with UTF 8 BOM.
UTF8NoBOM: In this type, encoding is done in UTF 8 BOM format. It does not use Byte order marks with UTF 8 BOM.
UTF32: In this type, encoding is done in UTF-32 format.
If we use PowerShell version 6.2 or above, we can also use the numeric ID of any register code page, for example -Encode 1251. Here 1251 is the page number ID. We can use a string name of the register code page, for instance -Encode “Windows – 1251”.
4. -FilePath: This command defines the path for the output file where we want to capture or send the output(error or output of events).
5.-Force: Suppose there are any files with read-only access; then, in that case -the Force command will allow you to overwrite it. Remember that the force parameter will only be able to write in case of read-only access on file; it can not overwrite security restrictions on that file. This means it can not compromise with security.
6. -InputObject: Defines the Object which will be written on the file. We can take any variable that contains the Object, Type, or any command or expression, which will return any Object(Object as output).
7. -LiteralPath: Here, we define the file path for output capturing. We write the literal path when we know the exact path; we can not pass wildcard in it. For example, we have to pass “/desktop/ranjan/test.txt” if we will try to use a path like “*.txt”; it would not work. If we can use an escape character, but in that case, we need to enclose it with a single quotation mark. Using a single quotation, we notify PowerShell that this is an escape character.
8. -NoNewline: In case if we do not want to add a new line character at the end of the file, then we can use this command.
9. -WhatIf: Display what will happen on the execution of the command; it will make you clear about the purpose of the command, which you will run without actual execution.
10. -Width: It defines how many characters can be there on each line of output. If there will be any extra character, then that will be truncated. If you do not use this attribute, it will define this value based on the host. In general, PowerShell can accommodate 80 characters.Examples of PowerShell Out-File Example #1
In this example, we are trying to capture all the processes into a file; we can see we are passing “.captureprocess.txt” as an argument to -FilePath as a command, which will capture all the process and on writing cat ./captureprocess.txt file contains all the process names.
In this example, we capture all the child items (files and folders) of the current folder containing the file ./capturechilditem.txt file.
In this example, we are capturing output to the file chúng tôi but we are using the command -Confirm; this command will generate a prompt and ask for your confirmation before the execution of the command.
cat ./capturechilditem.txtExample #4
In this command, we are using -WhatIf, and you can see the output without real execution of the command. Simply put, it is a trial for running the command without affecting anything. We use this command to understand the purpose of execution of the command before actual execution.
We are using the -Force command and sending output to the file chúng tôi here, we assume that this file has only read access. Here Force will be used to write output to the file. Force can not bypass the security criteria.
From the above tutorial, we learned that with the help of the Out-File command, we could capture(send) the file output; this output can be errors or any event or activity.
This has been a guide to PowerShell Out-File. Here we discuss the introduction, parameters, and examples of PowerShell Out-File. You may also have a look at the following articles to learn more –
blog / Finance What is Capital Expenditure, its Types, and Formula? Here’s a Complete Guide
In businesses, capital expenditure is the amount of money that’s spent on any asset, such as real estate, office equipment, furniture, company vehicles, and employers. But that’s just the most obvious part of the picture. There is a lot that comes under the umbrella of capital expenditure. This article will help you understand what is capital expenditure at a deeper level, with examples, what are its different types, how you can calculate it, and more.What is Capital Expenditure?
Capital expenditure, or ‘capex’, refers to the funds that a company uses to buy, upgrade, and maintain physical assets like property, plants, buildings, technologies, or equipment. Companies use capex for two reasons: to maintain existing assets (such as repairing a roof, fixing equipment, etc) and to foster future growth (such as buying new factories or equipment).Examples of Capital Expenditure
Capital expenditures, sometimes also referred to as capital investments, are typically expensive or valuable purchases that last over a long period of time. Some of the common examples are:Machinery and Plant
New equipment and buildings can increase output and open the door to new possibilities. They can make operations more efficient, boost production, or replace obsolete processes that aren’t working well. As a result, they are considered investments.Software and Hardware
Software and hardware for your business are important for enhancing the performance of your operations. Repairing or replacing hardware, such as desktop computers and tablets, or upgrading your software-as-a-service (SaaS) solutions fall under capital expenditure.Upgrades to Existing Assets
Upgrades or improvements to existing assets are considered capital investments because they help the business to run smoothly and grow rapidly.Types of Capital Expenditure
Different types of capital expenditure that help companies earn long-term value are:Expenditure Made to Minimize Costs
Investment to buy the right technologies, adopting modern marketing methods, and hiring talented workers are some examples in this section.Expenditure Made for Revenue Growth
Investment in acquiring new customers and buying cutting-edge technologies falls under this capex.Non-Economic Expenditure
Expenses incurred without the expectation of gaining any monetary benefits are non-economic expenditures. Examples are expenditure on social activities and investment in research work.Capital Expenditure Formula
Now that you have understood what is capital expenditure with examples, and its various types, let’s check the formula for it.
To calculate capital expenditure, the income statement (cash flow statement) and balance sheet are needed. The formula for that is:
CapEx = ΔPP&E + Current Depreciation
Where Capex = capital expenditure; ΔPP&E = the change in property, plant, and equipment (or PPE)
Capex vs. Operating Expenses (OpEx)
Businesses often deal with multiple expenses, from office and factory rent to workers’ wages and material costs. To streamline these expenses, businesses classify them into capex and OpEx.
Let’s understand each term in-depth to find the differences.
Capex is the expense of buying significant goods and services to improve the company’s performance and growth. These are long-term expenses, which include the cost of fixed assets such as property, plant, and equipment (together referred to as PPE).
OpEx, on the other hand, is the expense businesses incur to run their regular operations. These are short-term expenses which include the cost of rent and utilities, wages, accounting, and legal fees, property taxes, business travels, and overhead costs, such as Selling, General and Administrative (SG&A) expenses. (such as selling, general and administrative expenses).
READ MORE: Want to Ace Your Finance Interview? Here’s a Complete GuideExample of How to Use Capex
With the understanding of what is capital expenditure, let’s understand how it works with an example. =
Let’s say that ABC Company spent $7.46 billion on capital projects during the fiscal year, while XYZ Corporation spent $1.25 billion on PP&E during the same fiscal year. For that year, ABC Company’s cash flow from operations was $14.51 billion, and XYZ Corporation’s was $6.88 billion.
Here’s how to figure out CF(Cash Flow)-to-CapEx(Capital Expenditure):
CF/CapEx=Cash flow to capital expenditure ratio
It’s important to remember that this is a ratio for a certain industry and that it should only be compared to a ratio from a company with similar capex needs.How to Calculate Capital Expenditure
By using your organization’s income statement and balance sheet with the following formula, you can figure out how much you spent on capital:
Capex = PPE (current period) – PPE (prior period) + Depreciation (current period)
Even though the formula isn’t too complicated, it’s best to get help from a tax and financial professional to make sure you’re calculating your capital expenditure correctly.Capital Expenditure vs. Revenue Expenditure
Typically, Capex is a one-time, significant purchase of fixed assets that will be put to use for longer-term revenue production. The continuous running costs, which are one-time costs incurred to maintain everyday business operations, are known as revenue expenditures. Here are the following differences between capital expenditure and revenue expenditure.
The sum total of money spent on new or improved capital assets is known as capital expenditure. However, revenue expenditures are costs that a business has to pay to keep things running smoothly.
Capital Expenditure is long-term in nature, while revenue expenditure is short-term in nature.
The purpose of a company incurring capital expenditure is to improve the company’s earning capacity. On the other hand, the purpose of revenue expenditure is to maintain a company’s profit. One difference between capital expenditures and revenue expenditures is whether the purchases will be used in the long term or in the short term.Efficient Capital Expenditure Budgeting Practices
Capital expenditure and big capital projects, which involve a considerable investment, can cost a company a lot if not managed strategically. But that doesn’t have to be the case if you plan well, have the right tools, and know how to run a project well. Here are a few secrets that can help you make a reasonable budget for capital expenditures.1. Make a Plan Before You Begin
Before you start a project, you need to figure out how big it is, set deadlines that are reasonable, and make sure that the whole plan has been looked over and approved. At this point, you should think about how many of your resources—people, materials, money, and services—the project needs. For a better budget, you should know every minute detail about the project before you start.2. Plan for the Future
You must decide at the outset of your capital expenditure project whether you will use the existing money or incur debt to buy the capital asset. Typically, saving money for a purchase means that you will have to wait a while before receiving the asset you require. But when you borrow money, you risk taking on more debt and facing trouble borrowing again in the future.3. Use Modern Software to Make a Budget
From the start of the project, you should choose a reliable and useful budgeting program. The type of budgeting software you choose will depend on how big the project is, how fast the program is, and how likely it is to make mistakes. Some business budgeting software examples are Abila MIP Fund Accounting, AccountEdge, SAP Anywhere, SAP ERP Core Finance, etc.4. Capture Accurate Data
If you want to manage your capital projects effectively, having accurate data is really necessary. Make sure the information is trustworthy so that you can construct a budget that is grounded in reality and produces reports that are informative to create a fool-proof budget for capital expenditures.5. Implementing a Budget Limit
A critical step in capex planning is figuring out the maximum capital expenditure. The range of the capex budget is determined by doing a complete review of capex needs—whether these are for maintenance, new acquisitions, or growth—from various departments. A corporation can build a plan around its spending cap once it has made that decision.Learn Capital Expenditures with Emeritus
Capital expenditure decisions are significant to an organization because of their high initial costs, irreversibility, and long-term repercussions. As a result, planning and implementing the budget for capital expenditure need to be done carefully and effectively. You can explore Emeritus online finance courses to learn more about what is capital expenditure and enhance your knowledge about the financial industry.
By Riku Ghosh
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