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Finding greater efficiencies and revenue opportunities in new realities

Written by FHL

07 | 12 | 20

2 minute read

In a changing economy, businesses that would typically be planning for consistent growth are now having to reorganise, identify their profitable operations, consolidate core processes and reduce operating costs. Senior executives face daily pressure to adopt new sales strategies and redeploy teams to protect revenues. This is a tough task in itself, made even tougher if the business has outgrown its systems or if there is reduced visibility of business performance.

 

We hear of businesses serving multiple territories whose reliance on emailed spreadsheets for branch and group reporting have been disrupted by departmental changes and branch closures.  Senior management have discovered that running manual systems no longer yields accurate and timely data to support the more flexible, timely decision-making required in this period of uncertainty. We also see businesses with international client bases that are trying to make sense of operations using overlapping and outdated business systems. These companies struggle to track orders and sales transactions effectively, while the reporting tasks often absorb large resource.  

 

And as businesses look to protect revenues or cut costs in a changing economy, relying on ageing business processes makes visibility of data hidden away in multiple databases and technology stacks hard to access. Senior executives struggle to identify profitable and loss-making product lines or prioritise high-performing teams’ resources to maintain valuable customer relationships. Worse still, as companies seek new revenue opportunities or to enter new markets, inflexible, on-premise business systems can leave senior executives unable to fully assess the risks of new innovations or initiate new business drives in new territories.

 

Recent conditions have, for many, led to a need to gain a unified, real-time view of business operations. Increased visibility across all operations enables business owners and senior executives to kick-start their review of key business processes and functions. These clearer insights will give them the information they need to determine which business areas to prioritise for improvement and where manual processes can be automated to drive out costs and release team resources. Crucially, a unified, real-time view of business operations can enable senior executives to determine where revenue opportunities may lie.

 

Businesses facing tough decisions or refocusing sales can use cloud-based tools to gain complete visibility of operations and crucially, providing a solution for what they need to save costs or refocus their business. Cloud-based ERP systems such as NetSuite help businesses to break out of slow and inadequate reporting cycles by bringing all data into one, easy accessible central location. By combining data from existing company financials, CRM, ERP and eCommerce operations, teams can access a single source of the truth and initiate change. As well as bringing control of business critical information, NetSuite’s user interface enables you to draw on real-time data with visual analytics to aid decision-making.

 

Find out more on how Cloud ERP systems such as NetSuite can give your business complete visibility of operations in one, easy accessible central location.

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