Some say the world is getting smaller as boundaries blur and technologies bring people closer. Looking at it from a different perspective, others say the world just got bigger as people become increasingly connected across cultures and amidst distances. With the internet as the great equalizer, even SMEs now have access to the global marketplace.
Whichever view one subscribes to, the digital age with all its gadgets and apps plus the emergence of the cloud and social media have changed the landscape and the way people communicate, work, and do business. Thus, business owners cannot help but embrace the transformation brought on by newer technologies.
But there is no reason to fear these changes. In fact, digital technology opens up various growth opportunities that SMEs are better off tapping this potential. It can turn a business into an increasingly productive and highly efficient enterprise in more ways than one. Let’s explore the many ways this can benefit the SME.
– Inventory entails striking a balance. A business should not find itself in a situation wherein it has too little or too much at a given time. When well stocked with raw materials the business is poised to take advantage of customer demands and sales opportunities. On the other hand, overstocking on slow-moving products is a waste of resources.
GreeneStep Inventory Control and Warehouse Management is the technology that can help keep inventory at optimal levels always. Never run out of the right stocks, prevent duplication of orders for replenishment, eliminate losses and errors in inventory, and get accurate inventory and warehousing information in real time.
– Accounting can be a strenuous process and is subject to human error especially when done manually. At times, business owners agonize over the accuracy of the figures. In other cases, they worry if the data will be available on time.
MoneyWorks, one of the latest accounting software, enables total automation for all transactions and records all bookkeeping and financial data. All the information can be easily accessed and turned into reports that can pinpoint which business units are doing well or falling behind target. It even keeps tabs of customer payments noting who have outstanding balance or are slow payers.
– Payroll must be accurate and reliable as mistakes can spark management disputes that could have been very well prevented. The process involves tedious and time-consuming paperwork that is subject to human error.
iSuperSuite HRIS Payroll software provides a one-stop shop portal that completely automates HR procedures. Manual payroll is a thing of the past. Payslips are now distributed electronically. Compute varying wage rates and overtime claims of each employee per day, hour, or month, and set up innovative allowance plans to offer incentives that foster a more competitive workplace. Set up a centralised system with self-service functions that they can access anytime, anywhere.
Every imaginable technology to meet various business needs is already available out there. SMEs do not have to start from scratch or develop one to suit a particular business because many of these are customisable. The first step is to assess the business, identify the problem areas, and set the goals. From there, it can begin to distinguish which technology will address those needs.
Likewise, reach out to IT solutions providers and take advantage of free trials to better understand how to incorporate the technology into the business. Asia Hawk is currently offering free trials for GreeneStep Inventory Control and Warehouse Management, MoneyWorks, and iSuperSuite HRIS Payroll.