To effectively grow your business, you have to make sure that the correct management systems are in place to control of all aspects within the business.
If you are using multiple systems to control your business then you can expect an uphill battle as you need to analyse and report from different platforms and make decisions based on assumptions. Fortunately, integrated business management systems are specifically engineered to synchronise each division to facilitate inter-departmental information sharing as well as improve management’s visibility into operational activities.
In order to effectively identify areas of strengths and weaknesses within your business, complete transparency and visibility across each department is required. When transparency and visibility is achieved then a business is one step closer to building optimal organisational wealth.
Here is a quick overview of some of the ways in which the right business management platform can help you to achieve these goals:
Increased controls and strategic alerts
A single, integrated system will give managers complete insight into the daily operations of the business. This enables them to seamlessly monitor and manage company costs by having live visibility into cash flow. Businesses can use pre-determined and restricted system settings for increased management control. These include, among others:
- Setting authorisation parameters to give access to certain staff members when dealing with sensitive information
- Creating mandatory workflows between departments
- Allocating responsibility and accountability for tasks to adhere to best practices and industry standards
- Being alerted to any activity performed or amount processed based on management requests
Transparency and visibility
Having an integrated enterprise resource planning (ERP) system gives you complete access to all critical business information at the click of a button. This makes it much easier for managers to track task allocations, progress and costs. Having transparency allows management to maintain control over certain functions with pre-determined authorisations, without having to resort to time-consuming micro-management.
The instant sharing of information and storing of data in a single system eliminates duplication between different departments. This not only minimises the risk of errors, or the manipulation of data, but also empowers team members to plan and work more efficiently.
Here are a few examples of the benefits associated with increased transparency and visibility:
- Allocating responsibilities to specific team members to clearly define accountability
- Having real-time visibility over inventory and the location thereof helps to avoid stock-outs
- The ability to track and trace orders allows for greater efficiency in the returns, warranty and recall processes
- Visibility into financial operations assists in planning and monitoring cash flows
- The availability of accurate information facilitates forecasting and sound decision making
To proactively manage the many challenges of running and growing a business, it is crucial that you partner with the right software solution providers that will build a solid technological foundation for your business – one that promotes future growth, grows with your business and facilitates the adoption of modern technologies.