It is practically a no brainier that technology has been ruling the roost in the digital era. Anyone with strong business acumen would certainly invest wisely in IT infrastructure. The return on capital is generally expected in terms of increased sales and reduced cost enhanced productivity. Some of the key benefits of investing in IT Software are as below.
Enhanced sales performance
In the current scenario, the sales process in most of the organizations is getting a total revamp. Unlike those days, the process of sales doesn’t end at the deal closure. The sales person effectively becomes a KAM (Key Account Manager) once a rapport is established with the customer. Given an increase emphasize on customer relationship management, the CRM software can give company competitive advantage through below.
Understanding customer’s buying pattern
Price negotiation, history for B2B transactions.
To know the customer behavior and always being on guard to resolve issues
Empathizing with clients through personalized e-mails and messages
When there are multiple touch points everyone in the team can be aware of other person's commitments.
Ensure timely follow-ups for maximizing deal closure
Monitoring salesperson performance.
Any organization would like to see a rise in the productivity graph at the end of each review meeting. It is indeed a concern of great magnitude that when the pie chart is drawn reflecting on the productivity, man-hours available, salaries paid, expenses incurred to run the business. Most top management resources would agree that the productivity is always an area with scope for improvement. By investing in IT and by implementation of ERP Software organizations can improve its overall productivity in the following ways :
Avoiding operational redundancies through integrated systems!
Reduced Manual interference by straight through processing (STP)!
Better control of the operational timing of employees!
The success factor of any organization is directly proportional to the effectiveness with which different departments work as a single unit. The criticality of any management system is always emphasized by how well they coordinate with the remaining teams. In any organization, it is a huge chain of purposeful communication that should exist between teams like Business Development, Purchase Department, Finance and Accounts, Manufacturing, Delivery, Quality control and post-sales Support. The key aspect is that the operations in-charge should have every information at the fingertips to execute all activities perfectly. By involving IT tools like ERP software, the operational activities can be monitored and controlled precisely when compared with the conventional manual system of operations management.
Adherence to regulatory compliance
The trend has changed a lot and it is now the responsibility of the company owner to comply with regulations. It is no secret that non-compliance to regulatory requirements can not only spoil your brand image, but it can also lead to penalties and imprisonments. Most corporate's top management professionals have been stressing on the need to comply with the latest rules and regulations pertaining to local as well as international markets. The fact is that the modern world lays a lot of significance on the legal and statutory regulations which governs each business. Given most governments are moving to digitization, having invested in IT can ensure easy but strong regulatory compliance through automated filing appropriate forms, submit declarations & returns, comply with checklists and ensure that the documentation process is perfect so that all legal implications are covered.
Passing the baton through better delegation
Gone are the days of cumbersome dependencies when individuals used to play monopoly within the organization. The current trend emphasizes on WIN-WIN parameters where top resources are willing to take into consideration suggestions given by their subordinates for feasibility studies. The hierarchy approach does exist when it comes to delegating work so that effective control systems are in place to add value to projects. The maker-checker concept can allow higher ups simply verify and validate the work of their juniors before final delivery is done to their clients. The ERP Software has enabled organizations not only assign tasks and responsibility more efficiently, but also ensured monitoring of delays and non-compliance. The delegation of responsibilities through automated systems can relive the higher authorities from daily routine tasks. This can allow them to focus more on the long term vision of the company to sustain long term growth.
Analytics for better Superior making
The implementation of IT tools in the form of ERP Software will make it mandatory for users to comply with norms before they can execute further tasks. This results in a system based approach to decision making as every task that gets executed is stored in steps. A step-by-step process approach guarantees accurate information on the work that gets executed at every stage. When this happens, it automatically stores data and information for review at a later stage. The more data and information that gets accumulated, the more in-depth analytics can be performed to pinpoint the pros and cons of every business. These analytics can allow top management to take decisions backed by data and not just gut feeling. The analytical tools available in ERP can allow management taking better judgment of the situation for superior decision making.
MD, Finbyz Tech Pvt Ltd