How to leverage technology to build a business for uncertain timesLivingeshan Krishnan
For a brief period close to twenty years ago, two seismic events threatened to upend the business world. The dotcom crash had preceded the September 11, 2001 attack on US soil. Whatever followed, regardless of whether it was on a political or sociological level, was always going to leave a lasting impact on the business world.
Yet, it is imperative and instructive to note that for all the headlines and attention these two events generated, another tectonic shift took place beneath the surface without half as much fanfare, which has come to symbolise the present world that we live in – the internet.
In 2000, less than 7% of the global population was connected to the internet, while the latest statistic in 2019 showed that this number has risen to 3.8 billion, which accounts for more than half of the global population. Internet-driven changes have had the lion’s share of the impact on the business world. In the digital era, business transactions take place online, and the emergence of E-commerce has led to the swift delivery of products or services to customers.
Business models evolve, and new ones emerge at breakneck speed. The rapid dissemination of information, on the other hand, has brought about changes to society that impacts businesses too. Alongside the constant state of flux brought about by the progress in technology exists the equally rapid changes brought about by socio-political issues such as Brexit and the US-China trade war.
It is now imperative for businesses to utilise the best that technology has to offer in order to edge ahead of a heavily competitive market. Digital transformation is a prerequisite for any business that harbours hope of surviving in the present era. For companies who gain a foothold online and start expanding overseas, there are various regulatory requirements that they need to adhere to. These requirements change according to the socio-political issues mentioned above.
For businesses that are yet to undertake digital transformation efforts, handling these complexities using spreadsheets is no longer feasible. Sound investments in technology are needed to ensure operations run smoothly. Resources should be focused on initiatives that help the growth of the business, instead of manually keying in data, for example.
Digital transformation consists of various systems which bring different benefits to your business. In this article, we look at the benefits of solutions that help smoothen the operation of your business such as a cloud ERP system.
The Covid-19 pandemic threw a spanner into the business operations of companies worldwide. As lockdowns were imposed, those who had not moved their businesses to the cloud bore the brunt of the pandemic.
Companies that had undertaken digital transformation efforts, and begun operating under cloud ERP systems, for example, were able to comply with the stay-at-home rules necessitated by the pandemic.
Cloud ERP systems enable remote working, which ensures staff can work from anywhere in the world, anytime, provided they have internet access. This allows operations to continue unscathed in a situation such as Covid-19.
Compliance With International Regulatory Requirements
The need to comply with regulatory requirements of different countries is no longer just confined to big businesses with subsidiaries. E-commerce businesses that ship their products to different parts of the world also need to adhere to requirements laid out by the respective countries they ship their products to.
As mentioned earlier, we live in a time of constant uncertainty due to fundamental changes on the socio-political level, which brings with it wide repercussions to businesses.
Modern-day cloud ERP systems are built to comply with these regulatory requirements, often offering their services in various different currencies and languages worldwide. These systems are also constantly updated to ensure your financial system is in line with the latest regulatory requirements.
A Single, Unified View Of All Your Business Processes, In Real-Time
During the course of the growth of a company, decisions may have been made to purchase different software as and when the need arises. This often results in data from multiple disparate systems which do not provide you with a unified view that is required for analysis and important decision-making.
Cloud ERP systems provide a consolidated view of all your business processes, equipping you with all the necessary information through a centralised view. This consolidated view comes in real-time, enabling the teams in your organisation to collaborate more effectively.
Unlocking Insights Fast
This is a benefit that is the by-product of having a consolidated system that is available in real-time. In an increasingly competitive business environment, the ability to analyse data and make key decisions swiftly is imperative to stay ahead of the chasing pack.
If you are an E-commerce retailer running on the Omnichannel retail model, the ability to use business intelligence from data that is available in real-time holds the key to unlocking new insights that are geared towards delivering growth.
Easy Integrations With External Solutions Providers
One of the key features of cloud ERP systems is their scalability. For businesses in the digital age, expansion can come at a rapid pace. This may bring with it the need to integrate your existing cloud ERP system with external third-party solution providers.
Unlike on-premises ERP systems of yesteryear, cloud ERP systems are geared for expansion and are highly scalable. Most of them offer easy integration to external solutions, which are either low-code or no-code in nature. This facilitates the swift integration of external solutions for the quick delivery of consolidated data.
In A Nutshell
The combination of the exponential growth of technology and the increasingly volatile socio-political environment worldwide will have huge repercussions for the business world. However, we can take comfort in the fact that in technology itself lies most of the steps you can take to withstand volatility and thrive in an extremely competitive and disruptive business environment.
Propel Your Business Into The Future
In highly volatile and disruptive times like these, it is imperative for businesses to use technologies that will ensure the optimal use of resources and deliver growth.