There’s no question that today’s rapidly changing business environment is increasingly complex. From an interconnected international marketplace and multiplying regulations to ecommerce and global supply chains, the way companies do business is constantly evolving. And that complexity can lower productivity and negatively impact growth.
One way to address business complexity? Simplify. Streamlining your technology and processes can help you deal with the challenges that complexity brings. Here are just a few of the issues you may face:
- As your company grows, a proliferation of business processes and IT solutions can make it difficult to find the information you need to make important decisions.
- A growing business can find itself with operational and information siloes, meaning your employees are focused on their individual roles rather than collaborating in ways that can best benefit the entire organization.
- Complexity hampers innovation and creativity by making it difficult to collaborate and share information across teams, impacting your ability to develop new products and services and generate new revenue streams.
- Complexity impacts operational functions such as supply chain, HR, and product development, making it harder to get new products to market and effectively deal with workforce challenges.
- As your business grows the proliferation of business systems puts a strain on your IT infrastructure and workforce. And disparate systems that have been implemented at different times don’t always communicate they way they need to.
The good news is that technology provides opportunities to simplify in the face of complexity and rapid evolution. A well-thought-out digital transformation plan can give you the flexibility and agility you need to streamline critical business processes. Here are some steps you can take:
- Consolidate applications, systems, and data centers. This allows your staff to more easily find the information they need and more effective at conducting the key functions of their departments.
- Replace legacy on-site ERP platforms with cloud-based solutions like Sage Intacct. The result is real-time data, access to customized dashboards and reports, and a single source of financial truth for everyone in your company – so that your entire workforce has access to the information they need to make data-driven decisions.
- Leverage automation and AI technologies to increase productivity. These tools can free your employees from repetitive, manual tasks so that they can spend more time on strategic initiatives that impact your bottom line.
- Evaluate your use of big data. To stay competitive, you need to be leveraging data analytics to spot trends and opportunities. A cloud-based solution can help you simplify the analysis of the vast quantity of information available to most businesses today.
- Foster a willingness to embrace change. Employees may be reluctant to give up a familiar approach to their responsibilities. Take the time to show how reducing complexity will help them be more effective.
MicroAccounting is here to help you upgrade to a software solution that can help you manage the complexity of today’s evolving business environment. Call us at 855-876-3773 or email us at email@example.com to find out more about our robust solutions, including Sage Intacct and Sage 100.