Why Invest in IT for business

By Mukesh Variyani December 6, 2018 Business

Why Invest in IT for business

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 a 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 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 team can be aware about other persons commitments.

Ensure timely follow-ups for maximizing deal closure

Monitoring sales person performance.

Amplified productivity

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 :

Reduced Complexity

Reduced Complexity

Avoiding operational redundancies through integrated systems !

Optimize Interface

Optimize Interface

Reduced Manual interference by straight through processing (STP) !

Speed

Speed

Better control on operational timing of employees !


Improved Collaboration

The success factor of any organization is directly proportional to the effectiveness with which different departments work as 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 finger tips 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.

Improved Collaboration

Adherence to regulatory compliance

Adherence to regulatory compliance

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. 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 long term vision of the company to sustain long term growth.

better delegation

Analytics for better Superior making

Analytics for better Superior making

The implementation of IT tools in the form of ERP Software will make it mandatory for the 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 decision backed by data and not just gut feeling. The analytical tools available in ERP can allow management taking better judgement of situation for superior decision making.

mukesh

Mukesh Variyani

MD, Finbyz Tech Pvt Ltd