How SMEs can Rely on Technology in the Face of Recession

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We’ve heard the doom and gloom about the global economic downturn and how this will adversely affect Singapore, but is the answer to just ride out the storm and hope for the best, or are we fools to believe that hope is a strategy for success?

While the threat of recession in Singapore is a very real one, it’s also an opportunity for all businesses to reflect on their own processes and systems in the knowledge that they have the ongoing support from the government to boost productivity. (Talk to us today if you’d like to know what help is available to SMEs!)

So how can SMEs rely on their existing (or new technology) and why should they invest in it when the economy looks so shaky?

Ever heard the phrase ‘don’t wait until you’re thirsty to dig your well’? Well this certainly applies to SMEs and technology; prepare today for what could come tomorrow. While it might seem counterproductive to some companies to spend more money when business is slow, the forward-thinking companies among us see the advantage in making their value proposition even stronger by investing in improvements to their products and services.

 

Here’s what you can expect when you rely on technology (specifically ERP and analytics):

1. Transparent view of company financials; how money is spent and where it can be saved

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Businesses everywhere are tightening their purse strings, but often choose to cut costs for essentials while failing to understand where unnecessary costs are seeping out from.

Using enterprise data and analytics technology you can track every dollar, every warehouse movement, every invoice. You might be surprised by how much you can save just by having the basics in order, and in full view.

  • Minimising production downtimes and wastages
  • Reducing credit terms while increasing invoicing processing times for better cash flow
  • Tracking seasonal activity to optimise workforce numbers and expenditure
  • Quick and real-time analysis of sales and marketing efforts to focus on profit

 

2. Mobile capability to connect locations and processes

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Whatever your size, there’s no excuse for not being connected and mobile in this day and age.

 

No need to be delayed due to geography, staffing shortages or supply chain bottlenecks. Having the data you need at your fingertips helps you to remain agile and focus your energy and resources on the areas that matter.

 

  • Empower your workforce to make decisions based on accurate data
  • Combine and automate processes across various locations to enjoy efficiencies
  • Immediately track success of campaigns and strategies and quickly adjust tactics
  • Combine all data capture points within your organisation to gain an end-to-end view of your business in real time

 

3. Reduce TCO and enjoy the savings to your bottom line

 Are you in the cloud yet?

 

You probably used DropBox back in school, and perhaps iCloud in your personal life – what about in the workplace? Cloud technology can provide security, speed, and cost savings to your business.

Owning technology is no longer (and probably never was) a sensible strategy; especially when we can depend so heavily on technology without the investment risks. You can reduce your total cost of ownership (TCO) in the following ways:

 

  • Leverage cloud technology to save time and money and optimise efforts
  • Reduce or completely eliminate manual/repeatable processes and automate wherever possible
  • Confidently implement ‘big business’ strategies such as bring your own device (BYOD), safe in the knowledge that the technology can be relied on

 

Digital transformation, Big Data, mobile technology – they are more than just buzzwords – they can salvage what might otherwise be a doomed business.

 

Learn how industry-leading ERP technology – SAP Business One and SAP version for HANA – can stand your SME in the best possible position for future success and growth, whatever the economists say. Contact us at Blue Ocean Systems today.

 

 

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