During the epidemic, competition is exceptionally fierce in all industries. However, it is this competition that motivates us to review our work, to learn, and to change for the better. Throughout this challenging moment, many enterprises recognize the urge for a wholesome transformation in order to keep up with the market change. To fulfill that need, in this article, we jot down a 6-step checklist to revamp your business in 2024 with the help of an ERP system.
Review on your business
Every company should have a deep reflection on what they’ve done in order to revamp for the better. And it’s never a good idea to make major adjustments to improve performance without first conducting meticulous research. Meaningful change requires much more elaborate preparation for it to produce an effective result.
Looking at the statistics is the best way to review what your organisation has achieved and decide on future steps. It reflects companies’ performance, and you can easily determine which departments have underperformed. For instance, collecting data manually may be hard and time-consuming.
If your company already adopted an ERP system, then it’s time to make use of it. Not only can the system produce precise reports about each department’s performance, but it also provides C-suite members with overall business operating results. For underperforming functions, you can define the threshold of figures you want to be warned of using the Synergix ERP System’s ‘Traffic Light Indicators.’ Our ‘drill-in’ tool allows you to delve into the insights, helping you to understand and examine the fundamental reason for underperformance. As a result, you’ll be able to make important business decisions and assign new strategies to underperforming parts.
Eliminate the redundancy
It’s critical to eliminate all the redundancy in order to revamp your business. The gap in performance management may be one of the main causes of this redundancy. Hence, to optimise those processes, you may ask these questions: Is your entire staff committed to achieving your business goals? Is it possible for various departments to work together to focus on different but complementary tasks? If not, having each team member specifically express what they’re working on at any given time and how that project connects to company objectives is one recommendation to avoid redundancy.
Besides, bulky manual tasks such as data and document storage get increasingly challenging and sometimes become an obstacle in the way to growth. If each department of your company retains its essential data in a separate location, there may be redundancy or data repetition. Luckily, all these things can be avoided by using a tool like an ERP solution. The Synergix ERP system may help deliver a centralised view of data across departments that is truly accurate and in real-time.
Set up goals for the new year
Once your annual business review has covered the company’s performance over the course of 2023, it’s time to start paving a pathway through 2024. A round-up of upcoming company goals is a key element to any actionable year-end review. Goals from the prior year might remain in place if they weren’t met, or you may adjust your goals based on accomplishments, failures, or changing market conditions. Moreover, new brilliant goals are vital to scaling up your company in the year of the tiger.
Remember that even the best-laid plans, though, sometimes go awry. Anticipating potential roadblocks and strategizing how to overcome them are all important aspects of the goal-setting process.
Make your commitment
Once you’ve defined your goals for the upcoming year, the next step is to make the commitments and stick to them. In some cases, the original idea was good but its execution was disappointing, which made the whole plan fail. That’s why simply making a list of goals for the coming year isn’t enough.
Your enterprise must find a way to keep track of KPIs to ensure your goals are being worked on. How much money have you spent? Has it exceeded the budget you set aside? What team members or resources are in charge, and are they following the anticipated timeline?
Leveraging your business with a high-tech system can help you follow up on your goals. You can evaluate what is and isn’t working by tracking the KPIs and making changes along your road till the end. This way, you can keep everyone informed and brainstorm ideas to achieve your objectives.
Get your human resources prepared
Upon the right plan to revamp your business, it’s now time to have all members prepared. Accordingly, transparency and communication are critical. Transparency is when everyone is on board if there is any change across the firm. This will assure the process goes more smoothly and efficiently. For communication, employees would feel much more confident in aligning with the change if they see that the leaders are hearing their decisions.
A specific change definitely affects diverse groups of people within the company. It’s a good idea for leaders to paint a clear vision of how the transformation will favorably influence each of the employees. Companies can provide them with new training courses in order to improve their skill sets, which is also quite essential to today’s workers, who are all dealing with a more digital-oriented workplace.
Add in suitable, helpful tools
Revamping your business is not a simple task to be done overnight. It requires a big investment of many resources like time, manpower, and finance. But companies can consider adding tools that can lighten their load and encourage all board members. The tool that you wield should be the one that suits your current needs as well as paves the way for potential growth.
You should sort through all of the available tools to determine which one is ideal for your company. For example, your company can upgrade your legacy software to an upgraded ERP system to run your company more effectively. A best-fit solution will simplify you in all management processes, store all your data on clouds or reduce day-to-day tasks.
If you’re hesitant to install the solution all at once, you can start with an introduction to the ERP system as we provide a full demo and free consultation.
It would take a lot of effort to revamp your business effectively. Your enterprise can consider taking the actions listed above to make the venture more manageable. Even if you put in the time and effort, you’ll still need a lot of additional factors to really transform and achieve success. You should evaluate your business strategy modification every six months. Keeping extending projects with positive results while reducing or refining the ineffective ones.
Your transformation path would be a lot smoother and faster with the help of technology, particularly an ERP system. Synergix ERP software, as a fully integrated, customisable, and cloud-based ERP solution, will completely meet your specific needs.
To encourage companies to implement advanced technologies, the Singapore government has provided big grants such as Productivity Solution Grant (PSG) and Enterprise Development Grant (EDG). These grants offer maximum funding support of up to 50% of the qualifying cost. Do not miss out on this opportunity to revamp your business.
Contact us now for more information.