SAP Business One to Help Businesses Maximize Their Efficiency in Challenging Times
To say that 2020 has been a challenging year for businesses is an understatement. There has been no situation in recent history that has affected small businesses as much as the pandemic and its subsequent lockdowns. Small businesses are struggling to keep their doors open as customers are trying to adjust to the pandemic and what it means for their finances.
There have been some small businesses that have been able to survive the challenges brought about by the pandemic. However, their survival did not come because they hunkered down. It came because they were willing to take proactive steps to quickly adapt to the new business reality of post COVID-19.
When the COVID-19 pandemic first hit and governments instituted lockdowns, most people and most business owners felt that it was going to be something that was going to pass relatively quick. Now that the effects of COVID-19 have been felt for the better part of the year and now that there is a real threat of governments instituting new lockdowns as the number of coronavirus cases around the world grows, businesses face decisions that could impact their financial viability for years to come and their very survival.
What Adapting to the New Normal Has Meant for Businesses
Businesses that have survived until now have done so because they have made solid business decisions based on real data. They have not been swayed by the reactions of their competition but have used tools like cloud-based accounting programs to help them get a realistic view of where they are. They have been able to form strategies based on business intelligence. SAP Business One has been instrumental in helping businesses adapt to the challenges they currently face.
What Is SAP Business One?
SAP Business One is a software used by manufacturing firms that allows a business to take advantage of several business functions designed to improve visibility with financial sales, operations, inventory, and CRM. What makes SAP Business One stand out from the competitors is that it is marketed for small businesses and all of its tools are included in just one application. This makes using the application easier. There is no need to go through the process of installing the platform and then integrating a bunch of modules. It is a simple, straightforward tool that offers beneficial insight into the state of a business.
SAP Business One Offers the Advantage of Moving to the Cloud
Having information stored on premise no longer makes sense. Most businesses have their employees working remotely. Even after the pandemic has run its course and life somewhat returns to normal, many organizations have said that they intend to keep their employees working from home.
The ability to access data from anywhere that there is an Internet connection is efficient, it saves time, and it cuts down on expenses. Unfortunately, the pandemic has led to the rise of cyber criminals. Ransomware attacks have become commonplace. A ransomware attack on an office could lock decision-makers out and prevent them from accessing important data. If this data is stored on the cloud, quick decisions can be made based on information regardless of where the decision-makers are and regardless of any attempt by hackers to attack the network infrastructure of a business.
SAP Business One Improves Efficiency and Agility
Improved efficiency is important for business. Agility is more important now than in any other time in recent history. The businesses that are continuing to operate are those that were able to make quick decisions and were agile enough to adjust their processes to respond to current conditions.
SAP Business One creates an environment where different areas of a business can be connected in one thread. This means that repetitive data entry is eliminated. Expenses are stored and accessible from one source of truth. Errors are minimized because data is not being inputted by several individuals. Data can be input by one person and then accessed by all.
SAP Business One is designed to help you grow your business. It can help streamline operations, which allows decision-makers the ability to focus more on making decisions to help their business earn greater profits.
As a globally respected and globally trusted solution, SAP Business One has been designed to continually grow and continuing expand. In this way, the platform can mimic the current state of your business. This is a platform that is used and trusted by Fortune 500 companies. This means you can trust that SAP Business One has the tools in place to help you succeed no matter the industry that you are in.
SAP Business One
SAP Business One allows you to track your key performance indicators. It is equipped with several tools and dashboards that allow visibility into data whenever that visibility is needed. Alerts can be created, and dashboards can be tailored to monitor the data points that are the most essential to your organization’s financial health. This streamlines the decision-making process and allows organizations to respond quickly if dangerous trends are identified. If your organization is making decisions without using live dashboards or live alerts, you are deciding based on information that has already passed. With the rapid change of business in a COVID-19 world, this is not an acceptable option.
Survival Depends on Maximizing Efficiency and Responding to Change
COVID-19 has changed the world in a way that no one could have imagined at the start of 2020. When 2020 started, worldwide economies were soaring. People were expecting growth to continue throughout 2020 and into the early part of the decade. Research by the IMF shows that global businesses have seen reductions of 20-25% of net revenue overall with some sectors like Tourism or Medicine being down nearly 65%. Another report by the Tokenist shows troubling trends in the SMB space with record amounts of defaults both on commercial properties as well as small business loans.
COVID-19 brought all of that to a screeching halt. The effects that this pandemic has had on businesses, and especially small businesses, will be long lasting. In order for a business to survive, it needs to become efficient. This means having access to important data on the cloud. This means having the ability to make accurate decisions quickly based on real-time information. Survival will require the ability to change business operations based on unforeseen challenges. SAP Business One is a powerful tool that is making it possible for businesses to meet these challenges successfully.