Regardless of size or industry, recession impacts all businesses. With economists predicting another downturn influenced by inflationary pressures, organizations need to take appropriate measures to ensure long-term success in a volatile, post-pandemic world.
Preparing for the future by investing in the right technologies today can position companies for prosperity even during the most difficult of times, giving them the tools to respond to economic crisis.
Digital transformation technologies are an essential part of recession-proofing your business. They can be grouped into three main categories: Enterprise resource planning (ERP), customer relationship management (CRM), and Business Intelligence (BI).
Enterprise Resource Planning (ERP)
Enterprise resource planning (ERP) is a type of software that helps organizations manage and integrate day-to-day activities and core business processes. It can link a company’s financials, supply chain, operations, commerce, reporting, manufacturing, and human resources activities on one platform.
ERP software boosts data integrity and eliminates redundancies by providing a single source of truth, giving companies an accurate view of their resources. It extends beyond managing accounting and operational functions. ERP can generate major time and financial savings by providing organization-wide visibility that spotlights inefficient manual processes and reveals opportunities for growth.
Customer Relationship Management (CRM)
Customer relationship management (CRM) software is used for managing relationships and interactions with customers, prospects, partners, and suppliers. CRM offers a real-time, holistic view across the entire customer lifecycle from lead generation through opportunity, sales, fulfillment, renewal, cross-sell and support.
Business can leverage CRM systems across departments — including sales, marketing, and customer service — to increase efficiency and profitability and deliver a better customer experience.
Business Intelligence (Business Intelligence)
Business Intelligence (BI) software analyzes data and transforms it into actionable insights. By providing easy-to-use reporting tools, dashboards, and visualization tools, BI brings a company’s data to life without the need for programming, technical resources, or time-consuming report generation.
Users gain real-time visibility into company performance across all business functions, from summary to transaction level, equipping decision makers with the information they need to drive change, eliminate inefficiencies, and quickly adapt to market or supply changes.
ERP, CRM, and BI are helping businesses survive and thrive through the good times and bad. Implementing these modern technologies prepares you to be agile and responsive in today’s ever-changing economy.
Unsure which software system is the right fit for you? We have decades of experience guiding businesses like yours in their software implementation journeys. Talk to one of our experts.