All businesses generate volumes of valuable information, but top-performers are able to harness it, understand it and put it to use. There could be gaps in your technology or maybe your business management systems are complicated and confusing. Create detailed financial reports and gain the insights you need to drive growth by putting the right technology in place.
Disparate Systems Tie Up Data
Financial data is critical to business success, yet it’s often elusive to the business leaders that need it. It’s not that data is in short supply, but rather often tied up in disparate software or systems. Many businesses rely on multiple, specialty business systems to manage financial transactions, inventory and other core business operations. This presents several problems:
- Limited access to data: Specialty software may be localized on computers across the organization. Leaders must then rely on managers and other staff for periodic reports or to get updates during weekly meetings. Sharing information is difficult and limits access to data.
- Dated, potentially inaccurate data: When leaders receive reports from various departments or different parts of the business, data is often dated by the time it’s printed or emailed. As reports are pieced together and data is rekeyed from one system into another, there could be errors in the resulting report. Leaders can’t make confident business decisions based on potentially inaccurate information.
- Unreliable view of business operations: With a murky view of business operations, it’s difficult to analyze the current state of your business or make the business decisions needed to drive profits and growth. Unreliable data leads to unreliable forecasting which could put your business at risk.
Gain a Single Version of the Truth with ERP
Business technology has evolved greatly and modern management solutions provide businesses with a new way to capture and analyze data. A robust enterprise resource planning (ERP) solution offers the same functions and capabilities as disparate, specialty software, but in a single, integrated solution. Deploying a comprehensive ERP solution offers a number of benefits:
- Instant access to data: ERP systems can be deployed on-premises, through the Cloud or through a hybrid model. Every employee, if permitted, can enter and access data from the office or when using laptops, smartphones or tablets from remote locations. Data is at the fingertips of those that need it on nearly any device, at any time and from anywhere.
- Reliable, current data: A single business management solution is easier to learn and easier to use for your employees. Workflows and other time-saving automations streamline data entry and management, which ensures leaders are using real-time data when making prudent business decisions.
- Single version of the truth: Since data is only entered once and shared throughout the system, you can be confident that you have a single version of the truth. Leaders will have a clear view of specific business operations or of the enterprise as a whole. With a finger on the pulse of your business, you can focus on forecasting, strategizing and planning a successful future.
Financial Data is the Key to Success
The key to business success is the ability to access, analyze and put financial data to use. This isn’t easy when piecing together facts and figures from multiple reports across the business. A more efficient and reliable way to manage data is by replacing disparate systems with a single, integrated ERP solution. Today’s ERP is affordable, easy to use and improves both productivity and profitability. Contact OTT, Inc. for more information about choosing and deploying the right business management solution for the job.