The rapid digital transformation seen in the past few months has changed the workplace forever, and small and medium enterprises (SMEs) have needed to adapt their business models to suit the needs of the new business environment. With the current economic uncertainty, real-time visibility is crucial to maintaining stable business operations.
As businesses adjust to a new way of working, they must refine their business continuity plan to continue to understand potential weaknesses or threats in times of a crisis, so that they are in a better position to adapt. While many SMEs have rapidly adopted technology to meet immediate needs, long-term success depends on ongoing transformation and improvement.
In the new business environment, online, cloud-based business models will prove to be more successful than manual systems that rely on paper-based processes. Cloud-based systems help SMEs to become more agile during periods of rapid market change.
One of the key benefits of a cloud-based system is that it gives SMEs real-time visibility into all aspects of the business’s expenditure in context. This can help manage cashflow and reduces the risk of management making ill-informed decisions that can have negative consequences for the business.
Visibility into cashflow and expenditure is even more critical in times of uncertainty. Cashflow is affected by various factors including sales revenue, procurement, employee payroll and expenses, supplier invoices, and more. Real-time insights into all of these factors is the key to informed business decisions. This is especially important for SMEs that are operating on tighter margins with less room for error.
There are three ways that real-time financial visibility helps ensure business continuity, even in uncertain times:
Proactive business owners are recognising the limitations of their current processes and assessing how they can build a resilient business today to ensure strong future success. Knowing what is happening in the business is critical to success, so real-time visibility is non-negotiable. By investing in low-cost, cloud-based solutions, SMEs can gain real-time data insights, letting them save resource costs, increase process efficiencies, drive innovation, and protect the bottom line.
Fabian Calle, General Manager – SMB, SAP Concur ANZ