How to Leverage Technology for Business Transformation
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Business transformation involves processes that make fundamental changes to how a business operates organizationally, managerially, procedurally, etc. to adapt to changing markets and environments, as well as expanding the company itself.
Technology plays a massive role in business transformation – growing a business without technological tools would be nearly impossible. However, a lot of small and mid-sized businesses lack the appropriate technology to help make this transformation as the software designed for their smaller size is helpful in the start, but limiting for continued growth. A recent study by Intuit 1 on how to small businesses leverage technology for business transformation found many small businesses are indeed working with technology to streamline and grow their businesses but often find the next step of available technologies like ERPs are too big and do not suit their individual needs.
How to Leverage Technology for Business Transformation #1: Automate
Continued use of manual processes that could be taken care of by the right technologies is a painful misuse of time and resources. Many businesses find the software available to them may automate quite a few processes but there are always limitations. These limitations often lead to the use of spreadsheets, paper files, and tedious tasks like manually counting inventory and slow picking. In order to leverage technology for business transformation, you must find a software that allows automation of everything that needs to be automated, not just the basics. Automating workflows, pick list generations, inventory receiving, picking, and re-purchasing are just a few areas where technology meets automation and are key for growing operations and achieving higher volume sales.
How to Leverage Technology for Business Transformation #2: Centralize
When a company’s data is disjointed – stored in different files, on different computers, managed by different personnel – getting a clear full picture of the ins and outs of your daily operations is nearly impossible, not to mention risky. One of the most powerful tools of modern business technology is the ability to collect, centralize, and track business data from end-to-end. When a business is still very small, limited solutions like QuickBooks can generate solid reporting, but in the end, QuickBooks cannot gather the scope of your entire operations from accounting to warehouse to customers. Having a powerful set of data tools and reporting at your fingertips is a must for expanding and competing in higher markets.
How to Leverage Technology for Business Transformation #3: Streamline
When you leverage technology for business transformation, you add in automation, centralization, and finally, nearly ever process across your company will become streamlined. If you are seeking major growth and higher profits, a streamlined business will work 10x more efficiently and effectively than ever before. No more wasted time, no more unnecessary labor, and hopefully, much lower overhead costs. What this means? More profits, more business, and more money for everyone!
Outgrowing QuickBooks? You Don’t Need an ERP
Remember the Intuit study earlier? Many small businesses find themselves outgrowing QuickBooks and are affronted with ERP solutions they either can’t afford, can’t utilize most of, or both. Luckily, there alternatives. Third-party solutions such as Acctivate offer the tools you really need to leverage technology for business transformation and grow, without leaving QuickBooks!
Sources:
1 Majority of Mid-Sized Businesses Outgrow Technology or Overpay for Unused Features
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