Key Solutions to Problems of Small Businesses
Most successful businesses are not dependent on owner or its people. Their processes are system driven. The lack of effective business technology is the prime reason why small owners find it difficult to remain competitive. Below are a few problems that today’s SMEs face:
Too Many Competing Systems
Using separate systems to perform operations for ordering, accounting, inventory, purchasing, etc. reflects disjointed practices where essentially the record keeping is all over the place. The model of manual data-entry is highly subjected to human errors and is relatively expensive.
Absence of Real-Time Access
Using multiple platforms for multiple functions waste time needlessly to authenticate reports and verify data that ultimately leads to losing control on other key performance metrics. The company that depends on soloed systems and work-sheets constantly need to be updated and reconciled manually which is no doubt quite a long wait.
Accounts are Difficult to Maintain
Customer-service departments thatrely on paper-based invoices and manual sales orders make an inefficient use of their time that can effectively be utilized in being more productive. The same is applicable for financial reporting as it takes long to cross-post the information, rekey the numbersand/or reconcile the data manually.All these above problems hinder the business success as it increases the overall operating costs. The right ERP system is the key that would link together the software of each department into a seamlessly integrated system. It equips the working team to more easily and efficiently capture, manage, and share business critical information across all business units.When processes are entirely integrated, you can continue start and stop action along a co-ordination continuum.
To learn more about this system, attend our upcoming webinar ‘Step-by-Step CXO Guide to Reduce Operating Cost with SAP B1’ on 5th Octoberat 11:00 AM (BST) with Kunjan Jasani- Director at Silver Touch Technologies Ltd. He will present you with a free business assessment and help you improve and transform your business management practices.
In this webinar you can expect to learn
- Taking complete control of your cost structure.
- Maximising efficiency to drive down the costs.
- How automated processes reduce labour costs.
- How streamlined operations compresses cycle time.
- Eliminating redundancies and unnecessary waste.
- Putting cash to work under high-value business processes.