Do things differently to gain competitive advantage
Interdepartmental flow has become vital for decision making, accounting systems more complex and management of inventory and distribution of goods is happening on a faster and larger scale than ever before. The previous systems which were in place may not be able to keep up with these changes and it may be the time to upgrade your systems and how you operate.
Whatever type of business you operate, one can quickly become accustomed to keeping things the same.
However, the questions you must ask yourself is; Are we keeping up with the times? Are we growing too quickly? and most importantly, Are we satisfying our customers?
Mark Wilson, managing director at SYSPRO answers some of the questions that are keeping industry leaders awake at night and how they can do things differently to gain the biggest advantage.
Are you losing track of operations?
Businesses have had to find ways in which they are able to future-proof themselves by constantly evolving to meet the changing needs of customers and partners. As your business grows, operations become more and more complex, which unfortunately increases the opportunity for costly mistakes to be made.
Disruption to inventory, raw materials, and other supply chain elements can bring production to a grinding halt. There are applications to help automate business operations cross-departmentally, to gain accurate, real-time information to everyone utilising the solution, all while eliminating manual duty, which often has the potential to lead to errors.
Should my business move into the cloud?
Cloud computing is becoming more popular and being widely adopted across different businesses and industries. With cloud-enabling access from anywhere with a connection, a business can now be conducted and monitored from the comforts of your own home. Business owners can now operate from any device connected to the internet, adding a level of convenience and allowing them to work smarter.
One of the biggest benefits of upgrading to cloud is that it offers superior platform integration, which enables organisations to derive more business value out of other cloud technologies. With on-premises systems, organisations must buy and use different products separately, which contributes to a highly siloed architecture.
Organisations also have a variety of choice when it comes to cloud platforms. Amazon AWS, Microsoft Azure, Google, IBM – dominate the public cloud. However, there are much smaller and niche providers who satisfy geographical and business needs that the large players do not cover.
Every organisation has different requirements which will influence the cloud solution you deploy. An in-depth evaluation of your company’s unique needs is vital before choosing your cloud solution.
Are my customers satisfied?
While every organisation is focussing on customer experience, many do not understand the fundamentals or how to measure its effectiveness. Measuring return on experience (ROX) has become more important than return on investment (ROI).
Organisations are still struggling to overcome the challenges of system integration and varying data formats. As a result, channels are managed separately, with tracking done individually resulting in a lack of visibility of the customer experience journey across channels. Being able to efficiently track the products market entry success rate is an integral part of any organisation, regardless of industry.
Much like your business, customer expectations are changing and advancements in technology are making the biggest impact on organisations. To adapt and remain competitive, businesses need to strategically navigate the challenges of the digital age by finding new ways to generate economic value, and drive growth.
Have I invested in my employees?
According to recent research which focused on the manufacturing sector by SYSPRO, the Fourth Industrial Revolution should see the loss of 75 million jobs by 2025. However, the development will create 130 million jobs across the globe. The main assets of the company are its employees and any business should understand their importance.
Creating an environment that is ripe with opportunities for employees include tackling any issues that might arise and upgrading their knowledge on the latest technologies that will assist your business to thrive. It is crucial in sectors where automation is becoming unavoidable such as the mining and manufacturing sectors.
This will also work well towards having your employees contribute majorly to your businesses’ advancement. Once upskilled open opportunities for dialogue on how the business can improve or operate better. Not only will they feel empowered, but it will create a tight-knit work environment where everyone is heard and not just seen.
Should I automate distribution channels?
The demand for distribution services is escalating rapidly due to the increasing complexity of supply chain operations. Emerging trends such as technological innovation and automation of processes are requiring new business and delivery models, setting the stage for exceptional growth in the fast-moving market space for distribution services.
To ensure a seamless flow of information and prompt delivery of goods and services across the value chain, distribution companies must understand and incorporate the emerging trends.
Having an ERP system that uses proven technology as a platform, with proprietary business processes including the Internet of Things (IoT) and a simplified user interface, will help businesses create unique business models to change the industry to their benefit.
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