The year is off to a flying start, but recession, drought and lacklustre commodity prices are making for some tough economic times ahead. The pressure to cut costs has never been greater. But don’t let this force you into making bad business decisions. Investing in the right software will help you make smart cost reductions, operate more efficiently, and keep your business at an optimal level in 2016.
When tough times approach, most companies cut, cut, cut! People, budgets, and even travel. Or they switch to lower-cost suppliers, anything which brings immediate reduction in expenses. But there are better ways to weather the storm than blind cost-cutting. The most effective approach for both short- and long-term success is investing in technology that will help you not only survive but gain ground during a downward economy.
The right ERP software can improve process efficiency and employee productivity across the board. It helps you manage those critical areas of your business that take you from survive to thrive.
Holding too much stock costs money, not holding enough costs even more. Inventory management lets you see the costs of overstocking versus the cost of producing or purchasing in line with actual demand. By using principles of Lean ERP you can eliminate waste in inventory, transportation, storage and production by viewing the entire supply chain from end-to-end.
Manage cash flow
With less cash to count on, knowing your cash flow position has never been more important: how much is really in the bank, how much is available on short notice, which revenues are coming in and when, and what resources are going out and when. SYSPRO makes managing your cash flow easy – perhaps the most important tool you have to withstand the down economy and come out on the other side intact and poised for growth.
ERP immediately improves external communications by automating transactions and eliminating costly duplication errors. Importing of sales orders, for example, can easily be streamlined and authenticated by using EDI (Electronic Data Interchange) with your customers. For other transactions with suppliers, SYSPRO uses business objects for configuring rules so that these transactions can flow seamlessly between you and the outside of your organisation leading to fewer mistakes and better delivery.
These are just a few ways investing in the right ERP solution will make 2016 a year for celebration!