As organizations everywhere attempt to navigate uncertain waters and prepare for a possible recession, everyone is trying to do more with less. We have gone from a time of growth to one of uncertainty, and organizations need to shift their focuses to operate lean and smart. Efficiency is no longer just the dream but an absolute necessity.
Now is an ideal time to turn to your technology stack for efficiency and cost savings. Over the years, you’ve made strategic investments to support and grow your business. Now is the time to leverage every capability and functionality they can offer.
The way you use your business management tools, automations, and data are the key to remaining competitive and agile during times of uncertainty. Read on to discover four different ways to increase efficiency, save money, and make your tech stack more effective and productive for your business.
In times of uncertainty, it’s important not over-extend yourself or play your hand too lean and miss out on opportunities in the market. Decisions need to be made quickly. Unfortunately, these situations evoke a fair amount of stress and often result in rash decisions made by best-guess predictions. Access to real-time information that you can trust is key.
Organized data means faster processing and that, in turn, leads to better, more thorough and accurate reporting for decision-making. This is often best made possible by leveraging a data warehouse. Data warehouses serve as your business’s solid data foundation for better dashboards, reports, and analytics. It’s where all of your various data sources are gathered, organized, and cleansed for better insights.
One of the keys to being able to use your data successfully is by implementing and following a data strategy. If you jumped in to your data journey without a strategy or if you haven’t reviewed your strategy in the last year or more, it’s time for a data assessment. A thorough review of your data can help you understand what information is available to you, where it comes from, and what actions you can take with it.
No matter where your organization is on the data maturity scale, using your data to drive timely, informed decisions is probably one of the best practices you can implement right now. Understanding current market demands, your operational health, real-time cash flow, and key performance metrics can help you respond more agilely to changing conditions.
How well do your systems “talk” to one another? Seamless integration between your key tools can save you tons of time, money, and manpower. Reduce manual data entry, duplication of entry, and error by knowing when to push or pull data between your core business systems.
The important thing when integrating systems is to make sure your data is clean and your fields are properly mapped. There are a lot of intricacies when moving data between systems, but the end result can save your organization substantial amounts of time and resources.
It’s important to note that if you don’t have a tech team, you don’t have to figure this out on your own. Integration consultants can build custom integrations that will allow all of your systems to speak the same language.
Intelligent automations are key to saving time and money. Business process automation (BPA) and robotic process automation (RPA) can be tailored to your organization to automate manual workflows and free your employees up to make more high value contributions. With automations, their time no longer has to be spent working through inefficient processes or doing repetitive, manual tasks.
There is an opportunity within sales and marketing to automate and customize your business processes within your current platforms. Take, for example, the way your marketing team creates inbound email campaigns. Automating the workflow could include integrating your project management tool, your CRM, and your email platform, optimizing efficiency from creation to execution by automating everything from project flow to automated drips.
RPA, on the other hand, can eliminate time-consuming tasks from your team altogether. Bots can be used to monitor competitor pricing, keep your customer database up to date, report on KPIs, and gather data about customer behavior.
Time is money. The best way to save time and drastically improve efficiency is to leverage your existing technology to streamline tasks and processes wherever possible.
Not sure where to start? Here are a few straightforward approaches in your CRM that can save your organization a lot of time right from the start.
The best opportunity to grow your business is with the customer base you already know. If you’re utilizing a CRM, you already have a plethora of data at your fingertips. Take full advantage of this by:
CRMs like Salesforce easily integrate with hundreds of platforms, so it’s likely that the tools your marketing team is using can be tied into your CRM. This can be a game-changer for driving better client relationships and improving your team’s prospecting and sales pipeline.
Spending time on ineffective tasks can destroy your sales team’s productivity. Given the current economic landscape, you want to enable your sales team to be their most effective and capitalize on the right opportunities. Your CRM can help you automate and optimize your sales environment to improve close ratios and focus your team’s energy on the deals that will close.
Finding ways to automate and lean on your existing technology can help you remain competitive and agile during this time of uncertainty.
It's important to take proactive measures like evaluating your business’s security risks, uncovering costly waste in your processes, and acknowledging when your business management software is holding you back more than it’s helping you manage. Doing this helps you avoid costly mistakes.
By investing a little time and effort up front, you could save significant money down the road. We’ve made it easy to take the first few steps with the following resources:
By focusing on the right areas and leaning on your tech stack for support, your organization can survive and even thrive through any circumstances. And of course, our team is here to help wherever we can.
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