Cheap solutions expensive ends

This article was published on: 17/05/22 3:40 PM

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Cheap solutions expensive ends

 

Last week I saw an advertisement for a cosmetics company selling sunscreen for a cheap price. Being caught in the sun in Summers, it was on my list to buy sunscreen soon, so I ended up ordering that brand. After using it a couple of times, my skin had eruptions all over and I had rashes all over not to mention the after effects of a sunburn. I had to immediately rush to a dermatologist for help and learnt a lesson for life of not getting lured by Cheap things ever again as ultimately we end up paying more. Can you relate to such a situation where you actually had to pay an extra price for choosing a cheap option?

My advice to you is avoid making such mistakes while implementing an ERP system for your business.The ultimate fact is that without advanced technology it is impossible to promote growth and scalability of your business. Several businesses and industries are proactively engaging in more advanced processes to improve profitability in their specific industries. The best way is to use an ERP system that arranges vital business information and helps organisations to be well structured and coordinated. This results in 100 % growth. An ERP is a necessary tool for businesses looking to use their resources efficiently. 

ERP can save you Money!

Most entrepreneurs make the mistake of looking out for cheap ERP systems to save some money. They don’t realise that cheap comes at a cost. Are you willing to pay the hidden cost? 

An ERP that is not customised, agile or scalable is easy on the pocket at first. However, it does not fulfil the specific needs of your product and soon you realise that your investment was futile. It compels you to compromise in 360degrees support, unique requirements, real -time reporting and final outcome of reports and analysis. When you do realise the shortcomings of a readymade, of-the-counter ERP system, you have to opt for another, more appropriate ERP system, resulting in double expenses along with the hassles of implementation all over again.

Did you know that 95% of businesses say they have major operational improvements after implementing an ERP?

The improvements include, reducing process times, increasing collaboration and centralising data.

6 Ways a best fit  ERP can save your Time and Money :

  1. Cuts operational costs and improves productivity
  2. Enhances better communication and data exchange with better collaboration
  3. Centralises business functions and decreases process times
  4. Manages inventory and supply chain efficiently
  5. Improves Customer relations
  6. Reduces IT costs and labour burdens.

The right ERP is worth your investment for the long run. When it comes to business process change management, organisations that successfully implement an ERP system, experience overall efficiencies, improved customer service, opportunities for growth and happier employees sometimes outweigh numbers on a spreadsheet.

Selecting the right ERP is an important step in driving your business forward.For example , a trading business where buying and selling of the products occurs, the process involved is less compared to a complex manufacturing industry.Researching and evaluating is only a small part of the process because the implementation also plays a big role in the success of the project. Without the right partner in place, you could face months of unnecessary struggle and hassles. Ultimately resulting in a failed project.

Ways to choose the right partner :

  1. Review stability and past history
  2. Check on the experience and reputation in the market
  3. Consider the implementation plan thoroughly
  4. Ensure they understand your business needs and focuses only on that
  5. Understand that it is the best fit for your business.

Having considered all these factors, it is imperative that your business will reach desired goals with the help of the ERP system. The recent upgrade in technologies could offer you affordable software with cloud and mobile platforms as well.

To know more details contact us at +91 9007026542.

Reasons why organisations using multiple software end up managing software rather than business

This article was published on: 15/03/22 3:57 PM

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Reasons why organisations using multiple software end up managing software rather than business.

 

The business environment has always been dynamic and in present times has become very complicated. The level of competition is increasing. So are the expectations of customers. This makes it essential that businesses use their resources efficiently. This is possible only through the integration of technology with business operations.These technology trends not only help in reducing the wastage of resources but also help modernise the functions. ERP is essential for a modern-day business.

Do you think you could easily lose track of  how many systems you use to run your business, day to day? Perhaps you have a system for HR, a couple for sales, one for managing production, and a few more for marketing. Sounds familiar?

Often, each software is added as and when the need arises, as your business needs change and as your company grows. It’s easily done, and easily overlooked as a big problem. It would be ideal if these systems speak to each other, and you’re able to manage them from one source. However 9 times out of 10, this isn’t the case and you’re likely left with disintegrated programmes that require manual data entry or various import functions.

 

Challenges faced by entrepreneurs with multiple softwares :

 

  • Duplication of data – Double data entry wastes time and often results in keystroke errors. Human error does happen, and when working across a stream of software with their own rules and methods of organising data, it overlaps resulting in duplicacy.

 

  • No real time data – with a lot of modern technology and software, data is automatically updated, however if data is not refreshed in real time or cannot be synced, reports may be outdated as soon as they are run, resulting in miscommunication and business wide oversights get hampered.

 

  • Productivity – it is hard to find complete information quickly when you need it if you are looking across various systems. Running multiple systems at once can slow down the computer bandwidth, making  certain tasks time-consuming and frustrating.Multiple software solutions can have different user interfaces which could result in more resources for training, especially for new hires learning every different system.

 

  • Lack of accuracy – information that is shared across fragmented systems, several departments, and updated by different people creates communication blocks, especially if not everybody has access to each individual system. Various systems can contain different variations of the same data, but no one is sure which is correct.

 

  • Outdated systems – some systems are outdated, resulting in high maintenance costs,  no available support and some that aren’t capable of functioning like the modern contemporaries. The latest versions will undoubtedly address current flaws and increase functionality.

 

  • Different upgrade or renewal schedules – just like renewing your broadband or phone contracts, it’s very rare that all contracts renew on the same day. Often enough, your software is on different upgrade cycles, meaning a lot of time is spent either renewing or shopping around for another to try and fit in with your other current systems.

 

  • Extra Cost – Running multiple software systems comes at a higher cost. The implementation, integration and stock of numerous applications can rapidly take up an already limited budget making it difficult for ends to meet.

 

  • Unorganised data – with multiple softwares data is fed in a scattered manner in different formats which creates extra hassle to consolidate and utilise them.This results in inconsistency and creating reports becomes cumbersome.

 

  • High maintenance – maintaining multiple softwares and connecting with different vendors is a challenging task. It becomes worse when  two different softwares are integrated.

 

Why is integrated software Important ?

Enterprise resource planning software is used to manage a number of business functions, but how is it any better than other solutions? Even though ERP may have similar goals to other solutions, its unique features make it a distinctive competitor in the software market.It reduces daily operational expenses, improves collaboration, clears analytics, improves productivity, satisfies customers ,simplifies compliance and risk management, improves inventory management, improves production planning and resource management

It is inevitable that using a single ERP software for managing your enterprise instead of multiple softwares managing different departments creates chaos and errors. It is advisable to change along with time to reap the potential of new technology.

To know more details contact us at +91 9007026542.

Operational Challenges faced by traditional family run businesses

This article was published on: 11/02/22 3:25 PM

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Operational Challenges faced by traditional family run businesses.

 

It is said that , ‘We don’t grow when things are easy. We grow when we face challenges.’Every business, no matter the format or industry, faces several challenges from time to time. There are problems related to securing capital, talent acquisition, team training, cash flow issues, increased competition, market fluctuations, consumer spending, and consumer behaviour changes, to name a few. But when it comes to a family business, there is an extended list of unique difficulties owing to family dynamics. In a family business, business decisions and emotions often intermingle, much to the team and the company’s detriment. 

Therefore, a sound understanding of the subtleties and nuances of how a family business operates can help put actions and strategies in place to overcome challenges proactively and avoid any future conflict.

 

 1. Generation Gap

When a business is being run by multiple generations of a family, work can be very rewarding but also challenging. Often, the founder of the company resists handing off leadership responsibilities to other family members, especially younger ones. The younger generation may have some great ideas on how things can be executed more efficiently with the use of new technologies. This can lead to conflict and frustration if employees feel their voices aren’t being heard or they are being held back.

Solution : Chances are that everyone has something to offer the business. A consolidated ERP software can practically incorporate nuances and modern ideas through technology so that all generations can see the difference in the business. Although older generations may be resistant to change, they should consider how to help younger members of the family become good leaders for the longevity and future success of the business .

 2. Your Business Culture

In family run businesses, it’s not uncommon for the company to take on the values of the owner’s family. Often referred to as “clan culture,” this environment, which is focused on tradition and loyalty, can make it hard for non-family employees to navigate. This can lead to high turnover rates but a decrease in productivity.

Solution : Keep all employees in the loop by properly communicating your company’s values during the onboarding process and then periodically. This will help everyone feel included—not just family members.Also all values, vision and mission statement should be in written format for clarity and focus.

3. Setting a fair Pascale and Benefits

Frequently this can become a bone of contention because the children of the boss, brother, or other family member will earn a higher rate of pay than other employees, regardless of his or her ability to do the job. This will not only lead to low morale but also cause you to lose efficient employees.

Solution : Assign compensation for each job individually and set the pay accordingly, regardless of whether it is being done by a family member or non-family member. All payscale and remunerations can be listed and entered as data in the ERP software by the H.R. department and solve this issue professionally.This will ensure equity in the process and will avoid resentment and turnover.

4. Mixing Business and Home Life

When family members work together, it can be difficult to make business decisions without personal feelings being thrown into the mix. Because of this, business talk can spill over into family events, making holidays and other occasions much less enjoyable.

Solution : Having all terms and conditions cleared in written format after unanimous decisions can avoid such conflicts. Rules of the company cannot and must not be deterred by anyone no matter who the person may be.

 5.  Levelling up standards

It’s easy to let things slide with family members. Maybe Uncle Ramesh is seriously late to work, or Cousin Naina spends more time in the break room than she does at her desk. But understand that not only does not ignoring these behaviours cause problems among other employees, it also enables offending family members to continue to do sub-par work without the consequences that you would likely hand down to non-family employees exhibiting the same behaviour.

Solution : Setting clear expectations and guidelines for each position from the start and making it clear to everyone what the consequences will be for unacceptable behaviour or low-quality work is essential. This way you are creating an equitable environment with clear guardrails to all employees.All work reports and productivity can be logged in the ERP software and used for later perusal during appraisals. 

6. Planning for the Future

Research shows that only about 30% of businesses survive through the second generation, and a mere 13% survive through the third generation. However, less than half of business owners have a solid plan in place for retirement.  This, of course, is setting the business up for failure in the event that something should happen to the owner.

Solution : Discuss your future retirement play with your family long before you plan on retiring. Determine who in the family wants to take over the business operations when you retire or pass away. Once you determine who will be in a future leadership role, begin involving those people in the day-to-day operations so they are well equipped to lead in your absence.Allowing the ‘new’ take the lead often results in opening gates for future success.Technology is the future. All family run businesses should be open to adopt a state-of-the art ERP software that solves all daily operational challenges while you can take entrepreneurial decisions.

Old age and death are inevitable.If there are no family members interested in carrying on with the business, make sure you have an exit plan in place. It is advisable to define what will happen when the owner is ready to retire or sell the business to avoid confusion and problems when the time comes.It is better to insure your hard -earned business for a better future now so that you don’t let it go astray in future.By adopting an ERP system, your company can streamline all the challenges and organise it for a brighter future prospect.

To know more details contact us at +91 9007026542.

Problems of data security when using only spreadsheets to manage your business

This article was published on: 29/01/22 12:45 PM

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Problems of data security when using only spreadsheets to manage your business

 

Despite its benefits and popularity among businesses worldwide, Spreadsheets are not always the best tool for the job — particularly for data-driven systems. The longer you depend on legacy tools, the more you risk your business to potential losses.

It has long been a target for hackers. All it takes is one person to open an attachment in an email and all your systems can become infected

Is my data hack-free? Is my business secured from unwanted users?

If this is a frequent  question that haunts your mind, you are surely missing out on simple and secured ways to run your business.

3 Reasons why using only spreadsheets can put your data at risk

 

1.Spreadsheets are a security risk. 

While there are many alternatives for spreadsheets many organisations still consider them as a core component in their IT structure and admit they support critical parts of the businesses. Their omnipresence and familiarity mean that business leaders and employees are more than happy to keep working with them, even though they pose security risks for the business. Spreadsheet security is rarely on the radar of senior executives.

2.Spreadsheets develop with time  

Security is an issue as spreadsheets develop over time which means they are generally not exposed to the same controls and disciplines as planned IT projects.Most organisations administer good practises within their ERP environment such as applying segregation,identity and access management layers , yet lose that discipline while data is uploaded on spreadsheets.

Innumerable cases have made the headlines in recent years because of security risks in spreadsheets. This has at least focused organisations to develop proper procedures for spreadsheet development and policies and guidelines. However, threats posed by viruses, Trojans and unencrypted USB sticks are still prevalent and organisations must be vigilant. Security features such as password protection, hiding or protecting sheets and other features are not actually designed to secure information and can be easily bypassed. Even with such security measures, the threat of hacks is constant. 

3.Personal data is exposed

Personal devices that employees bring to work must also be considered for security protocols or businesses should maintain all data on local servers and allow remote access only to approved employees. Viruses are also widely transmitted by spoofing methods that include file names like unpaid Invoice, overdue Invoice Or similar terms in an email. These fishing approaches try to manipulate unsuspecting users to open the attachment.

Spreadsheet lacks encryption features for safeguarding sensitive data such as personally identifiable information (PII). Even if you add password-protection to your spreadsheets, the inherent security features make it easy for hackers to access your files. According to researchSpreadsheets, make up the most prevalent group of malicious file extensions in emails.

Is your Customer’s data at risk?

According to Research, 35% of users said data errors are common in the most crucial spreadsheets they use at work. In a world where data integrity directly translates to business reliability, why would you entrust your reputation to error-prone tools? 

A comprehensive and efficient ERP software can easily erase all threats of security and maintain confidentiality of your business data. Take care of your customer’s trust in you by taking care of their data.

To know more details contact us at +91 9007026542.

Simple ways to effective Inventory control without using spreadsheets

This article was published on: 14/01/22 4:46 PM

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Simple ways to effective Inventory control without using spreadsheets

 

One of the most challenging aspects of running an enterprise is learning how to effectively manage your inventory so you have what your customers need and want without having too much excess. Whether it’s deciding  how much to order, when to order, keeping an accurate count of your products, or knowing how to handle excess and shortages, knowing how to control inventory properly will help ensure your business’s success.

Things may seem complex, but there’s a simpler way out and a way forward. 

The first and most important step is to achieve a clear, meticulous understanding of the why’s and how’s. Next, that understanding needs to be understood and internalized by all your employees. This way, all stakeholders and employees in your business are invested in adhering to a gold standard of inventory control management. 

Step 1 : Assessing or sorting your Inventory is the first step to optimal inventory 

Step 2 :Next, invest in an inventory management software. The first step to inventory control is being deeply aware of how much inventory you have on hand at any given time, what type of inventory you have available, where the inventory is located, and how it changes over time. Today, the market is flooded with abundant software applications that can assist in this process. Be sure to spend some time searching the software market so that you are assured of a trustworthy software company.

Step 3 : Create clear labels. Each item in your inventory should have an item number, a quantity, and a basic description which includes the vendor name and any other important details. This makes it easy to identify precisely what the item is.If you have extensive amounts of inventory, look into a barcode tracking system. This will allow you to place a barcode on each item, which allows staff to quickly scan, identify, and transfer inventory information into whatever software you are using.

Step 4 : Constantly updating your inventory: Inventory management software can be a helpful way to keep track of your inventory since it automatically updates your inventory records as new sales and purchases are inputted into the software. It is important, however, to have a system of manually monitoring your inventory so you have a way to cross-check the accuracy of the software

Step 5 : Advance to a point-of-sale (POS) inventory management method once your business size grows big enough to need a more accurate form of inventory control. Point-of-sale inventory control is handled, as the name suggests, at the point of sale, which implies that the cash register or computer you use for check-out at your business keeps count of your inventory. It allows you to run reports at the end of the business day, the month, the sales report period, or any other designated time frame.

Step 6 : Maintaining the right level of the inventory is the key to efficient inventory control without using spreadsheets.The goal of inventory management is to keep up with demand which will need enough inventory to meet whatever your projected sales are.

Limitations or Disadvantages of Spreadsheet Inventory Management

If you are still among those entrepreneurs who use spreadsheets for inventory management you will be able to relate with these pains.

  • No real-time inventory data.

It’s difficult to constantly synchronize the inventory figures in your inventory spreadsheet with the amount that you actually have in stock. If you manage your inventory at multiple locations with varied units of measurements, then inventory tracking on spreadsheets becomes next to impossible.

  • To err is only human not automation.

All the values and units in your stock inventory spreadsheet should be keyed in manually, thus increasing the chances of mistake.  It becomes even worse when your inventory is frequently moved between different locations. This is  why you make frequent audits and reviews of your spreadsheets inventory.

  • Slow process equals wastage of time

With inventory management software in spreadsheets, it will take you hours to track your inventory. 

  • Only one user at a time.

Inventory management spreadsheets makes it difficult, and at some levels, impossible to create several accounts with different access rights that could manage your inventory at different permission levels.

  • Zero backup and no transaction history.

With inventory marked on spreadsheets, you cannot view your transactions back in time to analyze your inventory trends and make forecasts.

  • Limitations in user interface and shortage of functionalities.

Spreadsheets are all about rows and columns, nothing else. It offers valuable functions, but it’s difficult to implement them as compared with modern inventory management tools.

Unfortunately, for medium sized or large businesses an inventory managed on spreadsheets is outdated and insufficient due to a huge amount of tasks and transactions. The more established and developed you want your business to be, the more progressive and sophisticated inventory management tools it needs.With an automated inventory management system it is much faster and more efficient to run your business seamlessly.Automation and technology is the future of all businesses. Without automation software it is impossible to achieve desired goals in time.

To know more details contact us at +91 9007026542.