As your business grows and profits rise, you’ll find that distribution management and supply chain management will become more complex, and inevitably you’ll be faced with growing challenges. Meeting these challenges is essential to hitting business goals like balancing costs while remaining profitable and continuing to see growth.
Non-profits by their very nature face specialized issues and circumstances that require mission-focused management and strong teambuilding. Utilizing the help of enterprise resource planning (ERP) system can help immensely with the nitty-gritty of operations, financial management, human resources, donations, and more. While running a successful non-profit or non-governmental organization takes a wide variety of skills and competencies, there are a few core areas to strengthen to form a solid base on which to build.
New small businesses face unique financial management challenges because they don’t share the same advantages that larger corporations do in the marketplace. Cash flow is a primary concern. Even with a promising product or service that is performing well, and deals being made that will pay out in the future, there is still a limited amount of cash on hand to pay for current expenses. Owners may not receive a steady income for an uncomfortable length of time because paying employees and the bills come first.
When the Time Is Right for Sage EM (formerly known as Sage X3) You know that your company needs a new ERP system. The existing software is slow, requiring nightly manual batch updates that bog down the entire network. Production is upset that they can’t get real-time figures. Your supply chain manager wants to know why she can’t get accurate information on where shipments are when customers are waiting for orders. It’s a headache that many manufacturers face. There are certain signs that your current ERP system no longer meets your company’s needs. Do you know what to look for to determine when the time is right to upgrade your ERP system? Some hints that it’s time to upgrade your ERP system include: Slow decision-making: Although some people may just prefer more time to consider all of their options, slow decision-making may also be a sign of an aging ERP system. If you are waiting to collect data from your system, or you need someone staff to verify the accuracy of the data that you are pulling from your system, it’s a sign that your system is outdated. Systems such as Sage EM (formerly known as Sage X3) provide real-time data so […]
Business systems have come a long way since the first computerized systems made their way into the small to mid-sized business sector in the 1980s. Innovations throughout the world of technology, from areas as diverse as manufacturing and finance, are changing how business systems think, work, and function. The following are some innovations that we think will have the biggest impact on business systems in the near future. Although no prediction is foolproof, these innovations are already slipping into many diverse areas of business. Five Innovations to Watch Blockchain: Once relegated to the world of Bitcoin and other cryptocurrencies, blockchain looks as if it will cause the next big technological explosion. Innovations that depend upon fast, anonymous, and secure transactions can rely upon blockchain’s digital ledger algorithm to record and create transactions in the blink of an eye. Banking, financial services, and insurance are already exploring the use of blockchain technology, but it’s making ripples in other areas where secure transactions are required. Someday, you may be able to vote online thanks to blockchain technology or buy a house using this encryption technology. Internet of Things (IoT): It sounds like science fiction, but it’s true: The Internet of Things (IoT) […]
Integrated business systems may be the hot new trend for manufacturing leaders today. The push to integrate systems so that information is shared, synthesized, and combined for new insights and useful actions is proving to be just what the manufacturing sector needs to fuel innovation and change. ERP systems are at the forefront of this technological revolution along with business intelligence, accounting, inventory systems, and more. For more on successful integration and ERP, download IWI Consulting Group’s free whitepaper: ERP: A Strategic Growth Driver for Manufacturing Firms. In this paper, you’ll gain additional insights and tips for using technology to spur strategic growth. These tips, along with many others presented in these articles, may be helpful to your company’s growth this year. Improving Speed Through the Manufacturing Process One way that integrated business systems are helping boost manufacturing success is by improving speed throughout the supply chain and beyond. Contextual intelligence, or the knowledge gained from using data derived from multiple systems throughout an organization, helps companies keep pace with customers’ rapidly changing needs. Speedy insights gleaned from integrated systems are improving speed throughout many aspects of the manufacturing process. Real-time order status: Integrating ERP, CRM, inventory and warehouse management, […]
Food manufacturers and others should take note of these important accounting trends, and check out the new financial reporting standards detailed afterward. Both may help your business in the new year. Accounting Trends: Data, Analytics, and the Accountant Accountants have always been the number crunchers of the company, but there’s an emerging trend of marrying both accounting data and other data from within a company to inform business decisions. ERP systems such as Sage EM (formerly known as Sage X3) and Sage 300cloud (formerly known as Sage 300) provide companies with powerful data. Accountants are in a unique position to help them harness and analyze that data. Income sheets, balance sheets, and cash flows remain important reports for any company. In addition to those standbys of the accounting world, new data reports added to these basics can provide an enhanced picture of the company’s financial health. An in-depth analysis of all of the data can give your company’s managers the information they need to make smarter business decisions Accountants and financial professionals have the skillsets to analyze complex data problems and distill valuable information from them. By adding your skills to the data picture, you can help drive good decisions. The Right […]
You’ve heard the old saying, “Knowledge is power.” But did you know that better business intelligence can actually improve your company’s ROI? Knowledge is indeed power, and greater intelligence from your business systems can lead to increased profits over time. These three examples of how better information derived from your business systems can lead to increased ROI may intrigue you. At the end of this information, we present to you a free white paper from Sage Solutions called Conducting a Cost-Benefit Analysis for ERP. Download the paper to learn more about how enterprise software can improve your company’s ROI. Better Business Intelligence, Greater Profits: Three Examples Good business systems provide data that can be used to create new business models, understand current problems, and set new objectives. The following three examples of how better business systems and greater intelligence improve ROI may spark your thought processes on how you can use your ERP tools to greater advantage. #1: Develop new business models. When you look at the same data week in and week out, your mind becomes habituated to the picture it paints, and it’s hard to look beyond it to find something new. Often companies become entrenched in existing […]
Few companies wish to spend money on product integration solutions, but with Sage 300cloud (formerly Sage Accpac), your investment will pay for itself in terms of accurate, timely data that can be used to inform decision-making. Better Data, Better Decisions = Higher Profits What could your company do with better business intelligence? That’s the question many manufacturers are asking themselves this year as they consider investing in integrated software solutions that will help each of their business areas work together efficiently. The ever-increasing competition among global manufacturers has caused a revolution in how information is used in the industry. Today, manufacturers must produce quality goods at the lowest costs just as they did yesterday. But in order to achieve this objective, they must have accurate, timely data, and an easy way to get it. This improved business intelligence enables companies to make better decisions and improve the bottom line. Manufacturers Face Daily Data Challenges A white paper from IDG Research Services and Sage provides some insights into where manufacturers intend to put their money. Among those surveyed, 63 percent say that challenges to daily operations include collecting business insights to drive business decision-making. Data has always been the lifeblood of […]
Investing in automated business systems may help your business reduce human error and save a great deal of money each year. Just how much depends on your business and where automation can reduce such errors, but one common area where automated business systems helps is in warehouse and inventory management. Investment in Business Systems Set to Grow Manufacturers expect investments in technology to increase this year, according to an IDG Research Study conducted for Sage. They’re still spending on automated business processes, especially barcode systems in the warehouse. That’s one area, however, that continues to pay off in surprising and unexpected ways. The report indicates that the second-highest priority among manufacturers is automating business systems and processes to better manage cash flow. Changes in both accounting systems and inventory management can improve cash flow and inventory tracking. Investments in Automated Business Processes and Barcodes Improving the efficiency of warehouse logistics and minimizing costly mistakes is high on the list of important tasks for many manufactures. According to the IDG study, 61 percent of those surveyed invested in technologies to improve warehouse logistics. These automated business processes resulted in an 86 percent improvement as a result of the investment, a good […]