Any company regardless of size, industry, or location, wants the same thing; sustainable growth and long term profitability. So how does your business grow? According to a recent survey of Sage ERP customers, the top strategies implemented to increase overall profit and growth include increasing their customer base, reducing operating costs, and increasing revenue. The survey goes on to ask customers what their biggest barriers are in attaining their growth goals, here’s what they had to say.
According to the survey, the top challenges companies face when it comes to growth include:
Costs are outpacing revenue growth. Any savvy business person knows that it costs money to make money, but finding that balance is not easy and many companies will growth themselves straight into the ground if this goes on too long.
Inefficiencies in processes are eroding profit margins. When inefficient processes reign, you have to hire additional employees or work extra hours to get things done, all of which takes money away from your bottom line.
Financing new investments is challenge. When you think about it, there are really only two ways to finance your growth; you either borrow from a bank or you generate the money internally. Getting a loan is not easy for small and medium sized businesses and not always best in the long term.
So what can you do when you don’t have the money to invest in your company, are suffering from inefficient process, and are afraid operating costs are keeping you from growth? You invest in technology. Of all the investments you can make, technology, if chosen correctly, can help you overcome those challenges and make your growth goals a reality.
A modern ERP system such as Sage ERP X3 comes equipped with features and functions to support growth initiatives and overcome challenges. In fact, Aberdeen Research found that best in class ERP systems provide performance boosts such as:
- 57% improvement in inventory turns
- 20% faster cycle times from order to shipment
- 18% improve complete and on time shipments
- 18% reduction in operational costs
- 16% reduction in admin costs.
Watch this video to learn about the specific features and functions in Sage ERP X3 that can help you see similar results! Additional information is available in our Sage ERP X3 Resource Library.
productivity tip- jump to 9:09 to skip the intro and get right into the demo.