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SAP Business One: What's New in 9.3
This document briefly describes major functional enhanc...
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As a business owner, you’re probably thinking about the most effective way to grow and build a profitable company. But it can be hard to focus on growth when you spend all your time working on the smaller details. And if your business is not functioning as effectively and economically as it could be, it can be even harder.
These tips can help you simplify the way you run your business, leaving you time to focus on the areas that will help you to grow it…
When you use one software application that integrates all your systems, you get instant company-wide insights into all areas of your business. So you don’t have to search through multiple entries, across a number of spreadsheets and databases, to find what you’re looking for. Instead, you have all the facts at your disposal instantly, so you can make smarter decisions. And you can make them quicker.
Manual entry of data across a number of systems can be very time consuming. And it takes staff away from performing other critical functions, or working towards helping you achieve greater ambitions. If you automate the key functions of your business, everyone will have more time to focus on development projects that help you drive growth.
Mistakes in your data can be costly. Experian’s Global Research Report 2014 found that 59% of data errors are caused by human error. And it can cost between £1 and £100 to rectify each mistake, depending on the time at which the error is noticed. Cut down on the potential for mistakes by streamlining your operations, reducing the number of physical entries that need to be made.
Studies also show that up to a third of data breaches are the result of human error. So not only will your systems run better when manual input is reduced, you’ll also benefit from improved security.
Clean up your data by removing any outdated information, incorrect figures or poorly input customer details. Research shows this ‘bad data’ affects the bottom line of 88% of companies worldwide. And the average company could be losing 12% of its revenue due to wasted marketing spend, resources, and staff time – all due to inaccurate data.
By cleansing your data and integrating it into a single system, you can ensure against duplicate or inaccurate entries, spot errors more easily and make sure you have one single version of the truth. So you can be confident in your data, cut down on wasted resources, and focus on growth.
As a smaller or mid-sized business, in order to take these tips on board, you need to ensure that any new software solution you invest in isn’t going to break the bank.
With a single IT application helping your business run more simply, you’ll see increased efficiency and productivity. And with all your data stored in one place, you can be sure it’s accurate and up to date – so you can make more confident decisions more quickly. You’ll also save time and resources that would otherwise be spent simply managing your data. So, your smoother running business will give you more time to focus on the areas that really help you to grow.
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