The Secret to Accelerating Success for Retailers

Accelerate Your Success Today

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 Secret to Accelerating Success for Retailers

Accelerate Your Success Today

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 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.

l

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 Time is wasted searching for data across multiple systems, reports are error prone due to outdated information and bottlenecks.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

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.

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 in today’s business environment, timely insights can be the difference between thriving and barely surviving.

Manual Reporting Nightmares: Relying on spreadsheets and manual processes becomes a hindrance as businesses scale, leading to inefficiencies and decision-making based on unreliable data. Team members spend valuable time searching for data across multiple systems. Management reports are prone to errors and outdated information. Reports taking an eternity to run, signalling performance bottlenecks. 

Fragmented Business View: Inability to get a comprehensive view across all business units. 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.

Inefficiencies in Processes: Slow and disjointed approval processes. Time-consuming financial consolidation. 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.

Customer Dissatisfaction: Unhappy customers due to bad or outdated information. Billing errors resulting from discrepancies between sales spreadsheets and financial systems. Inaccurate and outdated customer information negatively impacts customer relations, leading to potential billing and communication issues.

If any of these triggers sound familiar, it’s time to consider a transformative solution. Transitioning to a single, integrated cloud-based system, such as MYOB Advanced, can address these issues and provide the foundation for a streamlined, efficient, and future-ready business operation. Don’t be held back any longer.

If any of these triggers sound familiar, it’s time to consider a transformative solution. Transitioning to a single, integrated cloud-based system, such as MYOB Advanced, can address these issues and provide the foundation for a streamlined, efficient, and future-ready business operation. Don’t be held back any longer.

The inability to swiftly deliver information where it’s needed can cost businesses valuable sales opportunities. With today’s customers expecting real-time stock updates, instant delivery confirmations, and the ability to modify orders on the fly, the reliance on limited or multiple systems can leave businesses lagging behind. Here are warning signs that your current approach may be impacting sales:

Customer Service Hurdles

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

Limited Self-Service Options

Inability to meet customer expectations for online stock lookup, order placement, and status checks, leading to missed opportunities and potential security concerns.

Financial System Constraints

Increased risk environment, operational inefficiencies, and manual processes hinder scalability and adaptation to changing business conditions.

Stock Management Challenges

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

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.

Overemphasis on Technology

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

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. 

More from our ERP Blog

Modern ERP Solutions

Modern ERP Solutions

Modern ERP solutions are vital for any business that wants to remain competitive, agile, and secure. Read on if you are considering the move.

read more
ERP food beverage

ERP food beverage

In this blog we look at the pain points faced by Food and Beverage Manufacturers, and show you how to overcome them.

read more