Are you gaining insights from your SME’s data?
Executives of SMEs typically use a number of disconnected applications to run their businesses. With this disconnected approach, it can be difficult to gain a unified view of the business, and business executives are often forced to spend more time on operational details. With important data spread across a wide range of applications, these executives are unable to get the strategic insight that leads to solid decision making. What’s more, managing multiple locations, whether around the corner or across the globe, and currencies for these disparate solutions is often manual, laborious, and subject to error.
Not only is this approach counter-productive, but it can act as a signficant barrier for growth. There are always important insights to be gained from any business’s data, but often SMEs don’t have the proper tools to extract those insights from disparate applications.
Implementing a comprehensive ERP (such as SAP Business One) or CRM (such as SAP Cloud for Customer) solution can help you consolidate the data from your various departments and gain important insights through analytics. Have a look at the infographic from SAP and IDC below to better understand the full value of your SME’s data:
Gain a Competitive Advantage
As you can see from the infographic, 67% of organizations with widespread use of analytics initiatives see ROI within the first 6 months. Having access to relevant data and analytics for all of your business’s various departments through a comprehensive ERP or CRM solution will allow your company to:
- increase visibility
- react faster
- improve efficiency
- improve effectiveness
Easy access to integrated, real-time analytics from a range of different business functions improves visibility into operational performance and supports informed and sound management decisions. Being able to properly visualize data and draw insights will allow your management to react faster to changing market conditions and gain a competitive advantage.
Business analytics can also help significantly increase your company’s efficiency and effectiveness. Being able to gather and visualize large amounts of data quickly will allow your company to clearly determine goals and the paths to achieving them. Analytics can help promote a company culture of efficiency where employees can share their views and share in the decision-making process, improving effectiveness. A minor mistake or overlooked data can delay a decision and may even bring business to a halt. Decision making is critical for a business, and proper decision making can ensure that a company achieves their goals.
Grow your SME with Confidence
Managing your business with a wide range of disparate applications can severely hinder your SME’s growth. Applications like Excel can only go so far, until the amount of data entry and required analysis becomes overwhelming. These traditional methods require you to dig deep to get releavant data from your customers or business processes, and important insights that could lead to growth are often overlooked.
For example, if a particular supplier is causing a bottleneck in your production process, your ERP solution will display this issue in real-time and allow you to take corrective action. By providing visibility of your purchasing process, an ERP solution can help you find the most efficient way to get your products on the market. For more information on how an ERP solution can benefit your business, have a look at our article Moving Beyond Accounting Software – Are You Ready for ERP?.
Or, If you are launching a particular e-mail campaign through your CRM solution, you will immediately be able to see a wide range range of analytics such as open and click through rates that will allow you to instantly determine whether the campaign was successful and act accordingly. By accumulating information regarding customer behavior, your business can devise strategies to improve marketing and sales strategies. CRM solutions such as SAP Cloud for Customer can even draw data from a prospects social media profile or monitor social media trends, allowing you to engage customers like never before. For more information on how a CRM solution can benefit your business, have a look at our infographic.
Implementing a CRM or ERP solution will provide you with the analytical tools to scale-up your operations and grow your business with confidence!
Are you interested in more tips on how to use data to grow your business with confidence?
Download the free e-book “Scaling SMEs: Building a Flexible Platform for Growth
This e-book from the Economist Intelligence Unit discusses how high-growth SMEs are scaling their organisations using analytics to provide resources for growth.