Smarter Business Decisions: Most business people know when something goes wrong. They also know where improvements are needed. In many cases, however, it is not possible to say at first glance what these should look like, so their frustration is often clearly noticeable.
Especially in a hectic work environment characterized by time-consuming routine work, hardly anyone has time to think about how the processes can be improved calmly.
In this article, we mention possible starting points. We explain how you can easily make smarter business decisions. All of the following 5 ideas can be implemented gradually and are intended to serve as suggestions and inspiration for possible improvements.
Usually, the aim is to make better use of the data and information management available through the company. Because the use of the information can be to draw conclusions that enable smarter business decisions. Nowadays, every company generates huge amounts of data every day. Using them instead of just ignoring them can change everything. Top corporations attribute their success in the last few decades to precisely this fact. The tools like Small Business CRM Tool are now accessible even to very small businesses, either as part of their business software suite or in the form of other business solutions.
1. Manageable processes are essential for clear business decisions
Familiarize yourself with the most important metrics. They represent the primary goal by which all activities are based and by which all results are measured.
Find out which analysis tools are suitable for your company and use these tools company-wide. It is often about analysis options, integration into existing systems, but also company-wide use.
All employees should always be on the same page. In this way, silo thinking has no chance, and the information is available to all relevant areas and employees. Decision-making and communication are simplified and more transparent.
If all teams use the same platform and the same tools, there will be no competition. Instead, all employees work together automatically, evaluate data in the same way, and use the results for continuous improvement.
This makes the processes more manageable for managers. You can see at a glance where the company stands. You can see immediately which measures are successful and where there is still room for improvement – without having to ask anyone, request reports, or ask third-party providers for support. One look at the company dashboard is enough to see the positive results of a simplified, transparent collaboration.
2. Switching from Excel to specialized software
Excel spreadsheets are handy. You will surely agree with us. They are extremely useful for many tasks. But you should also know when you can get better results with specialized tools.
Don’t get us wrong: this doesn’t mean you should never use Excel again. However, it can make sense to switch to cloud-based software that standardizes the business data and is used by all departments. This means that you and your team have all the information you need to make essential decisions available whenever and wherever you need them.
An example: If the CRM system used by marketing and sales is integrated with your financial tool, you can always keep track of sales and marketing-relevant processes. Decision-makers receive reliable data without having to request it laboriously and can confidently make the best possible decision.
An integrated ERP cloud solution’s advantages are obvious and represent the perfect complement to traditional Microsoft Excel.
3. Make better business decisions using the best analytical tools on the market
Finance and accounting software designed to present company data in the actionable form typically includes pre-configured reports, dashboards, and other analytical tools. However, you can also adapt it to your specific requirements. For example, you could create a personalized dashboard with particular business performance metrics that you can access anytime, anywhere.
With most software solutions, this is very easy. But you can also ask a third party for assistance.
There is often a difference, such as a day and night between a preconfigured dashboard or report specifically tailored to you. And the real-time insights that a custom tool enables quick decisions based on up-to-date data can determine whether your company is pioneering new developments or going under. So the effects are not negligible.
4. Efficient processes
Rethink the most important processes in your company. Just as a healthy mind needs a healthy body, managers can only make effective decisions if the underlying organizational structures are sensible and contemporary.
This is especially true in finance. As mentioned earlier, you can also complete the task by using outdated methods such as locally saved Excel files and handwritten accounting records. However, these cannot even begin to compete with modern IT solutions.
If you started a business today, would it look exactly like your current business? Why not? Then why are you sticking to tools and processes that have proven to be inefficient?
When you look at start-ups, there’s one more thing you’ll likely notice. They are usually extremely flexible and ready at any time to change their processes without a fuss because the management is even more involved in the operational processes. You can achieve a similar result by optimizing your company’s inefficient processes: With every step towards greater efficiency, you can get a better picture of how business is developing.
5. Openness also leads to smarter business decisions
If you’ve spent some time in a successful, growing company, you probably notice something. The employees exchange ideas. They exchange their data, their ideas, and their working methods and work together on their tasks. Exchange and working together have become second nature to them.
Make sure that all employees can access the data they need at any time. This is, of course, not always possible, but try to be as open as possible. Or even better: use a central platform that is integrated with other systems.
In this way, you can break down the silo thinking and promotes cooperation. It eliminates the need to synchronize and search for documents in different applications. All employees can jointly access the required data.
Encourage your employees to exchange ideas. You can reflect them in key figures, employee targets, or other measures. Ensure that all employees know who they can ask for support and that such requests do not meet with resistance, but are pragmatically checked for implementation options.
Conclusion
In this post, we’ve outlined different approaches you can take to make better, faster business decisions. It is about the possibilities offered by modern integrated cloud solutions and a new way of dealing with information and business processes. Those who want to use their available data and information more effectively receive clear recommendations. This rethinking in the company must become part of the corporate culture and be accompanied by clear communication between management and an example of the new processes.