Companies have been severely affected by recent global events. And the threat of global recession is now impacting many businesses that previously believed they were economically resilient.
With the fluctuating economy, optimising your business to help it overcome the continued uncertainty is vital. But how can you do that?
One way is by investing in the right software. While the thought of committing to any additional expenditure may put you off, it’s an investment that could end up saving you money.
The Economic Situation Remains Precarious
The past couple of years have brought major challenges for UK businesses.
The pandemic and its associated lockdowns and travel restrictions affected many industries, particularly the travel, leisure and hospitality sectors.
Domestically, food and drinks companies have been impacted by panic buying, fuel supply disruptions, rising fuel costs and driver shortages. Plus, there have been challenges for wholesale and distribution, such as global logistics and supply chain issues – like the blockage of the Suez Canal, fluctuations in demand for certain products, and escalating shipping and container costs.
Then, more recently, there has been the Ukraine-Russia war and the problems it is causing worldwide with the supply of gas and raw ingredients.
All of this has resulted in high inflation rates and slow economic growth. As we look increasingly likely to head into recession, we will see more economic uncertainty and worsening financial performance for many UK companies.
The Solution is to Invest in the Right Software
Investing in the right software could be the key to optimising your company’s post-pandemic success. The right software can not only help you to ride out the present economic upheavals and uncertainty – but also assist you in thriving and coming out the other side with growth and profit.
ERP software runs across your organisation, giving you valuable insight into its performance and prospects.
It avoids cobbling together various pieces of software. It means separate locations and departments don’t use their own incompatible software. And it eradicates siloed data to bring a cohesive, company-wide approach.
ERP solutions can handle a wide range of business applications. Along with the essential financial and accounting functions, it can also offer CRM, sales prospecting, emailing, stock management, purchasing, e-commerce, project management, resource tracking and HR management.
How the Right ERP Software Can Save You Money
ERP solutions help with optimising your resources. They can automate mundane and repetitive tasks, reducing the time spent on manual duties and vastly improving accuracy.
ERP will also increase your productivity – whether your business is in manufacturing or assembly, wholesale or distribution, whether it’s an ecommerce business or a technology start-up, or a professional services or project management firm. By eliminating wasteful activity and improving output, an ERP decreases your costs and boosts your income.
Financial metrics can help you to mitigate risks. You can improve your accounts receivable with an ERP system that proactively identifies the accounts with overdue payments. You can analyse your figures with automated and customised reports to give you a complete overview of the financial performance of your company, allowing you to quickly spot and correct any issues.
Using CRM, you can focus your activities on retaining customers, ahead of acquiring new ones. This is always a good strategy in a recession as it costs less. Your customer base is the foundation of your business and many customers will be looking to switch suppliers at this time to try to save money. If you can continue to service them well, then you give them fewer reasons to leave. To prioritise your existing customers, identify those that bring you the most value, whether that’s revenue or profit.
With better efficiency and cost savings, you save money. With ERP like NetSuite, you will quickly realise a return on your investment – and from then on, you will save incrementally.
Not only that, but NetSuite ERP has simple and predictable pricing that runs on a monthly subscription-basis. With NoBlue, you can even pay monthly for NetSuite. This provides a manageable investment that eliminates any upfront costs and allows you to budget accurately.
If you would like to protect your business from the economic turmoil, let us show you how NetSuite can help. Thousands of UK customers, across the full range of industries, rely on NetSuite to manage their cross-company operations. For more information on optimising your business during the economic downturn, and to receive a free business consultation or a quote tailored to your company, contact us today.