By Ashley Harvey
Improving your bottom line is always on the forefront of business owners minds. Making key decisions in areas such as inventory, manufacturing, and employees are all ways to increase your overall profit. Having an effective ERP (enterprise resource planning) system in place can be a pivotal factor in being able to make these key decisions – as well as providing you with an overall view of your business and helping you see areas for increased cash flow. In the first blog of our “Outgrowing QuickBook” series we explored how business management software enhances business operations – now we’re going to look at how these enhancements can ultimately improve your bottom line.
Better information, better decisions, more time leftover to do what matters:
Business management software provides a 360 view of your company and gives you quick access to real time data and analytics. Having all the information you need in one place when you need it enables you to make more informed and quicker decisions. Time is an invaluable resource in business; time spent managing your data and trying to put together reports is time spent not generating income.
ERP software also ensures that important company information is available to employees when they need it. Which now gives not only you, but also employees and colleagues the ability to make data driven best decisions. A 360 view will also help all employees keep business operations in line with the overall strategy and vision of the company. With access to real time data and reports, everyone can see if their department is on track with the overall company goal.
Better Connect and Recognize Key Customers:
With a 360 perspective you can more easily recognize patterns – especially when it comes to your customers. You can quickly and easily identify where the most important transactions are coming from, what is helping to drive these transactions, and where or whom your business should be targeting. It can also help you better quantify customer needs to better meet them. ERP software can also manage customer relations and keep track of marketing initiatives. You’re not only better meeting the needs of the customers and addressing the areas where the key purchases happen, you are also able to better connect and build relationships with your clientele – all from one place. Not to mention business management software often enables you to speed up the invoicing process time which of course means a more stable cash flow for you.
Cost Cutting Insight:
Perhaps one of the most pivotal things that ERP software provides in terms of boosting your bottom line, is accurate and real time data about the products you’re selling. Information such as inventory levels is readily available, which provides insight into cost cutting opportunities. For example, excessive inventory can be identified and cut down on, which means the cost of maintaining this excess inventory is also cut down on. If manufacturing is a part of your business, business management software provides an overview of production factors and which subsequently can make the process more efficient. If your company sells services, ERP software can streamline the management of the entire client engagement lifecycle to drive increased margins.
Time, innovation and better informed decisions are all ways to boost your bottom line -and they are all byproducts of utilizing ERP software. Real time, accurate information not only allows you to make better business decisions but also streamlines operations to ensure efficiency and identify areas for growth.
Let us know your experience and opinions – feel free to connect with us and comment below!