With the right business risk management solution, small businesses can make proactive decisions with confidence.
Whether you are just starting a new business or updating an old system, implementing a new enterprise resource planning (ERP) solution comes with some risks. You know that the difference between success and failure in any business decision is difference between risk that pays off and risk that doesn’t. In an effort to help minimize the risk of choosing an ERP system, we have created a checklist of the top considerations for choosing ERP. So far we have covered eight items on the list in this series of blog posts:
- Complete Business Management
- Cloud Software Options
- Best Cloud Provider for Your Needs
- Easy to Use Business Software
- Predictable Cost of Business Software
- Business Intelligence Capabilities
- Supporting Future Technology Needs
- Software to Grow your Business
In this ninth and final installment in the series, we are discussing the importance of choosing a business management solution that can help you minimize the risk of implementation and continuing services to help you minimize future risk for your business through risk management.
Business success requires risk, but you don’t have to take blind chances
The right business risk management toolset can help you avoid four major types of risk that exist in business.
Risk is in the Details – managing people, manufacturing or procuring your product, warehousing and distributing it, setting your pricing strategy, engaging customers, competing against other organizations as eager to succeed as you are—all of this creates business risk. With a cloud based solution that delivers real-time visibility across your operation with insight into key performance indicators, customer data, inventory and supply chain intelligence and more, you can make decision with confidence because the details you need are always right where you need them, when you need them.
Disaster Strikes from Behind – economic downturns, disruptive new technologies, changing customer preferences, or Force Majeure events (natural disasters), for example are constant risks that have a way of striking when you least expect it. But the right business solution delivers critical information and provides built-in business intelligence tools to help your team minimize the risks created by sudden market changes. With cloud based a solution and services that provide state of the art back-up and restore routines and industry leading disaster recovery and data ownership policies, you know that your data and your business are protected against risk.
Be Audit Ready – With new regulations coming out of Washington and state capitols across America, the Compliance landscape is more treacherous than ever before. For growing organizations on their way to an IPO, it is even trickier. Trusting your data to a cloud services provider might seem counter to compliance best practices, but with the right cloud provider you can actually reduce compliance risk. Find a provider that delivers compliance validated hosting environments with support specialist trained in a variety of compliance requirements including SOX, FDA and HIPAA. Keep an eye out for providers that operate on internal libraries and audit traceability so documentation is close at hand anytime you are audited.
Change Disrupts – Implementing a new business-wide technology solution is a major change, and change can cause unrest in any organization. If the transition to the new system is too disruptive, the project is at risk of failing. To minimize this risk, choose a cloud solution that gets you up and running fast with a user friendly software interface so you your people are working on the new system ASAP. Choose a cloud provider who has expertise both with cloud hosting and with the software you are selecting. Also choose a provider with a reputation for continued services after sale, and one that provides how-to and instructional material to help you set up the system and learn how to use it. But most importantly, choose a solution that works and feels like the software your people already know and use such as Microsoft Excel and Outlook.
With the right provider and the right solution small business can improve risk management by moving their systems to the cloud.
Customer Success Story:
For years before the opening its new facility, the Kauffman Center for performing arts ran as a start-up with a small staff. They used a cloud based instance of QuickBooks to get started, but as it grew and opening day of the new site approached, the business was about to become more complex. They moved to Microsoft Dynamics GP in the cloud.
“We wanted to be ready with a robust financial management solution that would let us record and manage revenue, perform proper depreciations, manage fixed assets, and work effectively within a complex fund-accounting structure,” said Kauffman Controller Connie Silverman. “We also needed the reporting capabilities to ensure our compliance, in terms of proper payment of taxes, grant management, bond financing, providing informational returns, and general transparency of our financial practices.”
This concludes the series on choosing business management software in the cloud, stay tuned as we will be summing up the entire series in a follow up piece.