As of Q3 2021, the good news is that the world has not stopped turning and business is more consistent. Many sectors are achieving record profits. For instance, consumer sentiment led the auto industry and much of tech to exponential growth.
However, for certain global economic sectors, the not-so-good news is that everything has changed. Many supply chains have necessitated a rise in prices. Goods are stuck in bottlenecks due to lack of space to unload goods and a shortage of trained labor who want jobs including physical labor. A great percentage of employees are still working remotely, and this may become a pervasive new norm.
Companies are chartering boats and planes, going around the traditional logistics practices to get their goods to market and meet demands—along with contractual agreements—so other industries can function. Seasonal industries, such as toys, have warned that due to lack of supply, people should buy what they need in anticipation of not being able to fulfill orders with ships stuck in harbors for months on end. Its challenging.
How will companies best manage these issues? What do they do to optimize digital assets, security and communications in order to function? Cloud Enterprise Resource Planning (ERP) solutions like Acumatica offer companies a range of options and capabilities that are uniquely well suited to this unusual moment.
Time to Pivot
The value of cloud ERP is evident for companies that functioned during the pandemic with remote employees who had an Internet connection. Finance departments with a mandate to lower internal costs have notably increased investment in cloud ERP solutions to support their remote workforces and prepare for a considerable economic rebound.
Other businesses were not able to cope as well. They lacked vital industry and in-house information in real time. They didn’t have the kind of rich, dynamic data analytics available to companies with cloud ERP. For example, data-starved companies whose products have expiry and shelf lives risked being badly thrown off by the pandemic’s supply chain disruptions.
In contrast, agile, forward-thinking businesses were equipped to see, and deal, with what was happening. These companies took action. Supply chains, consumer confidence and technological advances required immediate adjustments, planning and flexibility. Companies have had to reinvent how they do business to be competitive with so much constant change. Cloud ERP enables this kind of pivot.
Embrace the Change that Leads to Profits
Acumatica Clould ERP provides a comprehensive way to embrace the much-needed changes that stem from the economic rebound. The solution is designed to optimize manufacturing, material requirements and order management, even as the market undergoes unpredictable shifts. Acumatica fosters direct procurement and supply chains, which are now becoming essential for companies trying to manage in a logistically challenging environment.
The solution further enables responsiveness to the changing economy through its internal and external integration capabilities. Acumatica provides integrated accounting and HR resources, for instance. In addition, its ERP is built to work with the Acumatica Customer Relationship Management (CRM) software, which empowers all aspects of sales, marketing and customer engagement. Businesses can choose all or part of the platform offerings to fully customize the best solution.
Curious how your company can make the pivot and thrive in the rebound? We can help. To learn more about the potential for cloud ERP to help you embrace change, let’s set a time to talk.