Despite the evolution of technology and the benefits it brings, there are still many business owners and managers who feel shackled to the ‘old’ way of doing things. Quite legitimately, this could be because it’s just too hard to migrate all that information off legacy systems, or perhaps the people who own those processes refuse to budge. And as a result, businesses stay stuck on unsupported systems, or perhaps with manual tracking on spreadsheets.
However, the benefits of moving to modern business systems and software will undo any pain and stress taken to get there – just ask anyone who has made that shift already. And it is a quantum leap – it’s the modern day equivalent of jumping from medieval times straight to the heart of the industrial revolution in one giant step.
The arguments for adopting business software are compelling. And the cost is no longer a valid argument to not do it, as it has never been easier or more cost-effective for businesses to get fully integrated software that will meet all of their needs in one package. A modern business software solution will reduce business risk, increase profits and support business growth with ease.
Here are some ways in which it will help you do this:
Time and cost savings
One of the lowest hanging fruit when introducing business software is the automation of routine tasks. This could include functions as simple as doing a daily system backup, or gathering and formatting information, through to creating detailed up-to-date reporting so a business owner can make well-informed decisions.
A business software system eliminates repetitive processes and greatly reduces the need to manually enter information. It also streamlines business processes and makes it easier and more efficient to collect data.1
Any time saving, particularly when it frees up valuable staff time, has a direct positive impact on operational costs and, as a result, on a company’s bottom line.
A business software solution also streamlines business operations and accounts. For example, imagine a business where sales departments have information on all aspects of customer and product details. Those in customer facing roles could have full information on a client, whilst being able to track dispatches and give delivery dates, limiting stress and improving customer satisfaction.
Modern business software can bring this and more, enabling businesses to run smoother and give better service to their customers.2
Productive staff and improved processes
There are many key processes that form part of the daily operations of any business, including order processing, fulfillment, invoicing, collection and financial reporting. Streamlining these processes allows you to avoid hiring new staff and redeploy existing staff to higher value parts of your business, for example, in customer facing positions.
Independent analyst firm, Nucleus Research, found that by using an integrated business software suite, companies accelerated their financial close times by up to 50 percent, increased sales productivity by 12.5 percent and increased inventory turns by 50 percent, amongst other efficiencies.3
A business software system also reduces the complexity of a business and introduces a neatly designed system of workflows. This makes the entire human resource chain more efficient. Having the right system in place also means improved procurement, inventory, demand forecasting etc. – essentially improving the entire supply chain and making it more responsive.4
Better-informed staff and satisfied customers
Good communication results directly in good business performance. It is essential for front and back office staff to have instant contact with each other and for the entire workforce to have information from all departments at their fingertips.
Customers these days expect businesses to know everything about their relationship with them, including their likes, dislikes and history. In today’s competitive business environment, it is vital that customer relationships are maintained through a detailed knowledge base, which is an integral part of any comprehensive business software system.
Sales and customer service people can interact with customers better and improve relationships with them, through faster, more accurate access to customers’ information and history.1 Knowing important information about a customer will ensure they feel appreciated and valued, and the same principle applies to a business’s suppliers and partners.
Good business systems help staff feel empowered too, by having up-to-date, comprehensive information easily available. When information can be accessed instantly from almost anywhere, without wasting resources on data extraction and tying data from different sources together, employees are better informed and can make more accurate, faster decisions.3
Accessible information, improved reporting and analytics
Real-time visibility of business information is vital in making timely, well-informed decisions. Compared with manual record keeping or other traditional approaches, a business information system improves data quality by improving the underlying processes. As a result of having better quality data, better and quicker business decisions can be reached.
Fully integrated software also allows managers to study all business departments simultaneously, checking payroll and ledgers one minute and the next looking at employee expenses and bills for materials. Perfect for the manager who likes to keep track of finances.2
Instead of having data distributed throughout a number of separate databases, all information is now located in a single location, which means data is kept consistent, up-to-date and secure. With improved reporting capabilities, your company can respond to complex data requests more easily. Users can also run their own reports without relying on help from IT, and various departments can access information seamlessly.1
Reduced risks, improved compliance
Controlling data access is always a challenge in any business. A business software solution overcomes this challenge through the use of advanced user management and access control.
Having the system in control also means organisations can better comply with regulations. Further, the most important and recurring regulatory requirements can be built right into the system.4
Business growth supported
A business software solution allows expansion to multiple locations, and additional sales channels can be implemented a lot faster, because of unified order and accounting management processes and data. Companies can also upsell and cross-sell more efficiently to their existing customer base because of the improved visibility they obtain.
Because process changes can be implemented quickly, business users are able to apply their functional expertise to tailor processes and applications in a way that improves performance.3
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