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The Secret to Accelerated Retail Success

Success Accelerated for Retailers 

No matter what you sell or where you sell it, keep your cashflow flowing, easily manage your inventory, finances and payroll all in one place with MYOB Advanced Business Platform.

Read on to find out the solution to your biggest challenges>

The Australian Retail Industry

In the lead up to writing this blog, we asked some of our clients in the retail industry what their biggest challenges were prior to working with us, we found one common theme: managing a tangled web of applications, from accounting to order fulfilment, sales to marketing. 

We find this commonly prevalent among small to mid-sized enterprises, and it creates a cumbersome infrastructure that hinders rather than propels growth. All things which we work actively against.

While this approach may have worked in the past, this simply does not work for businesses striving to keep up with the accelerating pace of development. The truth is, relying on an assortment of disconnected applications lacks the essential capabilities needed for businesses on the fast track to success.

5 signs it’s time for change

Relying on a multitude of disconnected systems and applications to manage critical processes across financial management, revenue management, fixed assets, procurement, order management, billing, inventory management, and services delivery can be a recipe for disaster.

Recognising the signs that your current approach is failing is crucial, and here are five triggers that indicate it might be time for a change: 

Lack of Real-Time Visibility

Difficulty in understanding real-time happenings across the business. In the past, waiting until the end of the month for crucial data might have sufficed, but today, these insights can be the difference between thriving and surviving.

Manual Reporting Nightmares

Spreadsheets and manual processes lead to inefficiencies and decision-making based on unreliable data.

Time is wasted searching for data across multiple systems, reports are error prone due to outdated information and bottlenecks.

Fragmented Business View

As businesses grow, financial data often ends up scattered across various systems, making it challenging to have a unified and holistic perspective.

Manual data entry and reconciliation further complicate the issue.

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Inefficient Processes

Paper-based sales orders and invoicing lead to errors. Sales forecasting and budgeting rely on guesswork due to difficulties in accessing historical information.

Incompatibilities between systems and imperfect integration contribute to inefficiencies, slowing down essential business processes.

Dissatisfied Customers

Inaccurate and outdated customer information impacts customer relations, leading to potential billing and communication issues.

In the current economic climate, hesitations over price increases and the ability to maintain competitiveness is common. This is why the strategic visibility provided by enterprise software must assume paramount importance. Timely insights are essential to comprehensively assessing supply, production costs, and job-by-job profitability.

Customer Service Hurdles

Customers get frustrated with slow processes, which leads to increased churn and abandonment as they seek more responsive vendors.

Stock Management Challenges

Inefficient stock management affects customer satisfaction and hampers the ability to respond promptly to market demands.

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Limited Self-Service Options

Inaccurate and outdated customer information impacts customer relations, leading to potential billing and communication issues.

Ineffective Sales Campaigns

Inability to collect and filter customer data for effective sales campaigns, resulting in missed sales opportunities and difficulties in managing excess inventory.

Financial System Constraints

Inaccurate and outdated customer information impacts customer relations, leading to potential billing and communication issues.

Overemphasis on Technology

Focus on technology concerns detracts from business results, hindering innovation and responsiveness to market dynamics.

Get Your Interactive MYOB Advanced Demo

Transitioning to MYOB Advanced, an always-current, cloud-based business solution, addresses these challenges. MYOB Advanced features the flexibility and agility needed to eliminate the complexities of maintaining underlying technology layers. This allows you to stay ahead of the competition, seize new opportunities, and focus on achieving success. 

At BusinessHub, we are dedicated to helping Australian businesses embrace digitisation, and move toward a future defined by efficiency, competitiveness, and sustained success.

To learn more about MYOB Advanced, click the green button below. We look forward to working with you. 

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