Efficient businesses soar ahead and make profit while inefficient organizations lag behind and risk going out of business. So how can a company become more efficient? There is no single answer to this question as efficiency can be boosted by a number of things, such as improved communication, better organized processes, and by investing care into the company culture.
One aspect, however, that can make a huge difference in a company’s efficiency is the systems used. If the systems can’t keep up with the company’s needs, they create inefficiencies which not only slows down daily operations, but also stifles growth. Keep reading to find out how a company can improve their efficiency with the help of a reliable ERP (Enterprise Resource Planning) system and/or BI (Business Intelligence) solution.
What is Business Efficiency?
Business Efficiency is a term used to describe how efficient a company is at producing products and services in relation to the resources, such as time and money, used to produce them. An efficient company can use their resources in a way that creates profitability. Inefficient companies, on the other hand, may experience issues that slow down operations and/or waste resources, which impacts the profitability.
How can an ERP system improve your Business Efficiency?
It can be time consuming to identify, implement and monitor efficiency improvements manually, and it can be a tedious task for employees who could spend their time on tasks cannot be automated. An ERP (Enterprise Resource Planning) system helps companies consolidate data and analyze their operations and processes. The system provides insight into the company’s operational and financial performance in real-time and data from the entire organization, including different entities and subsidiaries abroad, can be viewed in one and the same place. Things like accounting, order processing, inventory management, supply chain activities and warehouse operations can all be integrated and managed in the same system. This boosts efficiency a ton as there is no need for multiple systems, which tend to increase manual work and the risk for errors, which in turn take additional resources to identify and correct.
NetSuite is the world's most deployed ERP system and is used in more than 200 countries and territories by more than 33,000 companies. In NetSuite, data and reports are displayed in customizable, visual dashboards that makes it easy to spot inefficiencies, deviations, and trends. This allows the company to address them before they become a broader issue or bottlenecks. The system is also capable of scaling with the company as it grows and its needs become more complex, making it a sound investment for companies who not only which to address inefficiencies they have today, but who also want to secure the future.
How can a BI solution improve your Business Efficiency?
The information that businesses need to make decisions is often scattered across multiple systems and Excel sheets, which makes it difficult to get an overall situational picture. It’s time-consuming for decision makers track down the data from different places, and the lack of a comprehensive overview makes it hard to identify and address inefficiencies in the organization. A BI (Business Intelligence) solution is used to gather information from multiple data sources to display on-going trends based on historical and current data as well as generate insights. The data, analyses and reports are displayed in real-time in visual dashboards which allows companies to spot trends and opportunities quickly. With this information readily in front of them, decision makers can make efficient data-driven decisions that benefit the organization.
Staria BI & Planning is an innovative solution that offers both forecasting and planning in a single solution. Traditionally, BI solutions do not offer planning capabilities, but what makes Staria BI & Planning a truly exceptional solution is that, on top of BI, it has a built-in data warehouse to store data and also offers extensive planning capabilities. Data can be utilized from different parts of the organization, such as financial, sales, HR, customer satisfaction, ERP or marketing, and collected from different software and interfaces.
We invite you to join our webinar on March 29th!
Join us for a 45-minute webinar and discover how NetSuite is supporting SaaS company iBinder Group’s growth and operations in 8 countries! You will also get to attend a short interactive demo of NetSuite’s capabilities for handling international business and growth.