With everything going on, it seems the world is in a very strange place and there has been a lot of disruption. There appeared to have been plenty of disruptions even before Covid 19 with constant changes, technological developments, politics, economics and the continuous rise in consumer demands to name a few. Never thought we’d experience this kind of disruption in 2020 though… it seems so surreal.
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Key performance indicators (KPI) are a quantifiable measure used to evaluate the success of a business by looking specifically at employees and departments in meeting key business objectives for performance.
Supply chains are vulnerable to a variety of threats which can range from physical to cybersecurity. The physical threats are perhaps the most obvious of the two as it involves things like theft, loss, damage or errors.
Cybercrime threats to supply chain software have been on the rise due to the evolution of technology and the advancement of internet services.
Business Intelligence (BI) has long surpassed being merely a buzzword and has become critical for businesses as it provides insights in to your business in an organised and useful manner allowing for more informed decision making. Software, such as ERP systems, is used to provide business analytics, data mining, data tools, data visualisation, infrastructure and so forth, which then transforms that information into useful insights in to your business that is beneficial for decision making and planning. These insights can be used to contribute to an organizations' strategic and tactical business decisions by providing the user with reports, summaries, dashboards, graphs, charts, and maps of detailed intelligence about the functioning of their business.
The debate of integrated ERP (Enterprise Resource Planning) solutions vs. using multiple systems to manage various business operations have been raging for a long time.
The question remains, are integrated ERP solutions a better option than the alternative of multiple systems?
Given everything that’s going on since the outbreak of Covid-19, there is a lot of talk around a new way of life. This will probably be true for businesses as well. Businesses will have to work smarter and more efficiently whilst taking a more digital approach… everything streamlined, simple, quick and easy… all in the name of good customer service and to ensure efficient and cost effective operational processes.
Making use of an Enterprise Resource Planning (ERP) solution is beneficial for most industries in this day and age.. One such industry is the hiring/rental industry. This sector is increasing becoming popular as people choose to hire machinery, tools and equipment instead of investing in big purchases themselves and then having to maintain, insure and all the rest. Given that the demands within this industry continues to rise, it has also become more competitive which means that these businesses need smooth and efficient processes in place to keep up with the times and the competition.
There is no denying that we have moved into a more digitally advanced era, especially with the digital revolution and given everything that’s going on in the world, it is even more prevalent than before. We have seen a massive increase in online ecommerce businesses in the past few years as being able to offer an online solution has certainly become an advantage in helping businesses stay ahead of the curve and on top of their game.
In the current global economic climate investing in anything is a risk, but with that being said; without risk their will be no reward and often no growth. Businesses need to understand the market, the economy and their competitors to ensure they remain efficient, optimize their processes and stay ahead of the curve.
Covid-19 has undoubtedly caused havoc in many areas and unfortunately a big impact can be seen within the economy and in many people’s lives. We cannot wait to see this end so we can find a new norm and to move forward again. And it will end and we will move forward again, we just have to get through this period.