Wary of Integrations When selecting systems, a key area to be wary of is the term “integrate”. Software providers have identified the need to connect to other systems to enable the Modern ERP approach, but how well a system integrates can vary hugely. A system may say it integrates when it utilises an export template, which still requires manual intervention and is prone to error, or it may have a deep two-way integration that elevates both platforms. The latter is what is needed to get the most out of a Modern ERP and it is critical that this is explored and tested before rolling out any system. Getting Information In Modern finance tools utilise AI to extract information from invoices to automatically pull them into finance systems for review. This is the single biggest efficiency gain in a business and removes the process delay, bringing the possibility of real time data for the business. There are hundreds of options in this space, including Dext, AutoEntry and Ezzybills. Selecting the best tool will depend on the operational and accounting tools you use, the nature of your team and the processes you want to replace.
Reporting and Forecasting Accounting tools can generate basic reports that most businesses will need, but you can now go far beyond this by utilising tools that enable KPI reporting, forecasting, cashflow management and scenario planning. These overlay the financial tools, pulling data in real time and delivering insights as you need them, rather than in arrears. Fathom, Futrli and Syft are examples of tools in this space. They enable collaboration with your advisors so that decisions on fleet renewals, financing, expanding into geographical areas and even preparing for sale can all be done as and when they are needed. They also enable challenging budgets to be set with key stakeholders in the business, enabling them to see the statistics they need to focus attention on and push them to deliver more for the business.
Dashboards Utilising cloud systems with APIs enables key information to be extracted by advanced reporting tools. The most critical area for this is in live dashboard reporting. Many businesses are customising dashboards for key roles as well as putting them on screens in the office to focus the mind of the team. Tools such as PowerBI and Tableau have led the way, but the right tool will depend on whether they have connectors to the systems you use. These are just a few examples of systems to consider as the Transport and Logistics sector evolves. These solutions, if implemented in the right way, will save considerable amounts of time and money and allow business owners and allow employees to focus on more productive tasks. We always advise speaking to an expert to ensure that you select the right system for your needs, get this implemented correctly and have someone to reach out to for support if things change. The SB Digital team can assist with all of this so please reach out to Ryan if you have any queries by calling 0330 058 6559 or by emailing hello@scruttonbland.co.uk
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