The world is facing a dual crisis today – one of them being related to health, that is COVID-19 issue, and the second one related to the major decline in the global economy. Every business today, no matter how large or small is facing the effect caused due to pandemic and economic crunches and undergoing major challenges related to:
- Reduction in revenue and profits
- Delayed payments by the clients
- Staggered working environment
- Enhanced performance glitches
- Uncertainty with the inventory and stock information, and more
And the struggles just not end here, with the rising number of cases due to infection; the trend for remote working has posed other challenges too related to virtual working culture, like:
- Delayed Information at the critical times
- Lack of team collaboration
- Inaccessibility to data when needed
- Enhanced Communication issues
- Vulnerabilities to data security and confidential information, and more
These challenges are forcing the leaders to take difficult measures in order to protect their data and business from the impact of COVID-19. If you too are facing such issues, then find here the potential solutions to protect your business and continue running the functions as smoothly as before. Let’s get going…
Protecting and Preparing Business from Economic Crunches
Before we start with the ways to implement the potential strategies, let’s first learn the source that has derived these strategies, and it is none other than the reliable ERP software – SAP Business One. SAP Business One with its valuable ERP modules is capable of rendering security and efficiency to the business functions even in drastic conditions, like the one we are facing today.
Below are some of the strategies that will help you reorganize your business as you plan to restart the office due to the Coronavirus pandemic.
- Financial Readiness: Strong financial management is a powerful factor that may help you weather the effect of a storm. And this financial readiness is achieved when you have managed purchasing and stocking capabilities. SAP Business One, with its robust finance and accounting, and other relatable ERP modules like inventory and stock management, warehouse management, cost management, project management, etc. regulate and assigns the fixed budget to the project and helps you monitor the expenses and purchases made. A strong take on the same can help you save a lump sum amount of money that acts as your back in difficult times.
- Efficient Virtual Workplace: Remote working is the new way of working these days. Earlier, there used to be just 1 person working from home, but now, almost 4 in 5 is working remotely and contributing his part in running the business. Since this is going to last for an uncertain period; leaders need to make sure that the employees are equipped with efficient sources to gather data and share as and when needed. To help accomplish the same, SAP Business One allows users to access information anytime, anywhere, and on any device and establishes improved communication across the teams.
- Easy Payment Gateways: With government advisory for the cashless payments and reduced contacts, there has been an emerging shift towards the online payments. The leaders make sure that the payment gateway is easy to operate for the users and is secure enough to transfer money. SAP Business One does this as well perfectly by making the pre-approved payments and reducing the risk of delayed or false payments.
Difficult times often render opportunities to innovate new ways of doing things. But, in this case, the ERP is already equipped with the strategies and functionalities to overcome the situation, all that we need to do is implement it.