Being constantly riddled with political and business uncertainties, as well as technological disruptions in our fast and ever-evolving business environment, it is no longer enough to be a data-driven enterprise alone. Your company needs to evolve as a smart enterprise to stay ahead of the small or large issues that may present themselves on a regular basis.
What is a smart enterprise?
A smart enterprise is one that integrates missive amounts of heterogeneous data with processes to create flexible supply chain and innovative best practices, setting the cornerstones for becoming a resilient, sustainable, and thereby profitable enterprise. Smart enterprises use real-time insights in modifying and upgrading their operations and production activities. They no longer need to depend on set procedures to increase productivity and profitability.
So, how do you transform your data-driven business into a ‘smart enterprise’? Let’s find out.
#1 Bring About Organizational Agility
With a constantly changing business environment, an agile workforce is crucial to your business. You must take advantage of opportunities and make the most of competitive challenges, innovate and adapt quickly. Organizational agility comes through efficient and effective management of the workforce. Investing in an IT system that enriches the human experience, improves engagement, and builds for a cohesive workforce will set you on the path to becoming an agile organization. Here are some of the ways your IT system should help you bring about organizational agility.
- Increase accountability and consistency by aligning goals of employees across the organization
- Encourage periodic employee feedback that will increase job satisfaction and bring about collaboration and efficiency across the organization
- Allow powerful analytics to measure the company finances, goals as well as talent. This will help in planning golas more effectively
All you need is a versatile ERP system that allows you to collate all this information across one single platform.
#2 Understand Your Customer Needs
It is important for every organization to develop an in-depth understanding of their customers; understand their needs, and collate their feedback. Gaining deep customer insights allows you to bridge the gap between customer needs and delivery processes thereby driving value to the bottom line. What you need is an IT system that can help you create an understanding of your customers’ needs in the following ways;
- Integrate insights from your customer experience and operational data in real-time.
- In addition to real-time insights, use machine learning and IoT-enabled products to bring intelligence to your supply chain.
- Interact with customers regularly and create smart sales proposals that accurately address their requirements maximizing opportunities for up-sell and cross-sell.
- Deliver seamless marketing, sales, and service experience to your customers. Increase brand loyalty amongst your customers by making them feel heard and addressing their issues efficiently and accurately.
#3 Manage Your Spend
Managing your spend effectively through integrated business processes gives you a better perspective on your spending across one single platform. Having a dynamic IT system allows you to record various categories of spend ranging from spending on procurement, to travel spend, to direct and indirect spending. Having a unified perspective on your spend data gives you visibility and helps you
- Analyze the data and take appropriate action
- Ensure spend aligns with the business priorities
- Adapt quickly to accommodate new business initiatives
#4 Gain Financial Insights to Guide Your Business Decisions
In a smart enterprise, finance plays a key role. Through real-time financial insights, decision-makers across the organization can make informed choices. With the help of efficient automation, you can remove unnecessary steps in the financial model and increase efficiency across the entire organization. Invest in an IT system that can anticipate and respond to changes with the help of predictive analytics and evaluate different scenarios, so you can make informed decisions.
#5 Drive Continuous Innovation
Whether it is HR, finance, procurement, or manufacturing, your IT system is at the crux of it all. Your technological landscape should support you through the rapidly evolving technological scope and provide exciting new opportunities that will help compete and succeed against the competition. A well-integrated Cloud ERP system can accelerate data-driven innovation across the organization and integrate with processes so as to increase customer satisfaction and engagement. A smart IT system provides accurate, insightful data that influence innovation by creating streamlined, end-to-end experiences.
Act While There’s Still Time
Today, digital disruption is affecting practically every business sector, and hence, visionary executives are leaning towards transforming their companies to stay relevant in their markets and to enjoy a competitive advantage. To most companies, this involves the modernization of their core ERP platform and shifting it to the cloud for enhanced management of costs, better agility, and quicker access to innovations. This is an ideal time to shift to VIENNA Advantage Cloud ERP solution.