While organisations continually need to assess the impact of fast-changing economic conditions, without reliable market insights, these risks may come from unseen or surprising events. These challenges can come in a variety of ways and force business owners into rethinking their approaches to customer service, sales strategy and supply chain relationships.
Many companies and manufacturers drive for change is forced on them by trends that initially have little to do with their own innovations in their core business operations. For example, the rapid adoption of ‘frictionless’ purchasing could be brought about by their supply chain partners making new technology investments and better integrating their systems with consumers’ smartphones and other businesses’ cloud-based business applications.
These supply chain-led innovations can in themselves help redefine a brand promise for consumers. However, over time this may overtake the manufacturers own ability to respond to market demand, undermining the original supplier-manufacturer relationship and threatening the manufacturers position in the market. Conversely, less agile suppliers may fail to keep up with nimble technology investments and can compromise their relationship with the companies they supply because of their declining agility.
In the face of these fast-changing consumer expectations and the increased pace of supply chain development, business owners and manufacturers need data insights to carry out earlier assessments of the risks to their operations, as well as counter wider threats from global market disruption, potential recession, loss of established customers and indebted suppliers.
Although, do mid-range companies have the up to date and accurate business systems that will give them the accurate, in depth information to make necessary changes to their operations in order to respond to sudden market changes?
The good news is that these technology driven trends enable companies to achieve earlier insights and better assessment of their market risks.
Digital processes, such as smartphone-based ordering, billing and reporting, are creating new connection points with customers. These generate new transactions and data points that can be analysed in real time for critical insights into customer needs, market changes and supply chain changes to boost revenues or find new markets.
Investments in new types of cloud-based ERP and financial reporting systems can help businesses gain full visibility and more effective analysis of these data sources. These software tools have built-in business intelligence and analytics that enable companies to gain a single source of truth to help make better, faster decisions and better meet customers’ requirements or better respond to supply chain innovations.
These deeper data-driven insights also help managers to gain better sight of and understand workforce performance, even when departmental teams have been relocated or required to work from home. As a result, business leaders have the information to revaluate sales strategies, update supply chains and find new markets.
NetSuite ERP provides a single, integrated system for handling key business processes such as accounting, inventory, supply chain and order management. A complete overview helps executives continuously review and improve the efficiency and productivity of core operations.
For internationally focused companies seeking to maintain revenues or access new markets, NetSuite OneWorld offers a unified global ERP platform, with data from core business processes and operations in one place.
This type of platform can perform financial consolidation and reporting all from one system, enabling senior executives to identify risks sooner and make earlier improvements to their subsidiaries and supply chains. Most significantly, this solution accommodates for different supply arrangements, currencies, languages, and taxes
Find out more about NetSuite's ability to help businesses adapt to volatile markets and unexpected change, to secure future revenues and growth.