Managing a business is a stressful job. To keep up with the trends, changing demographics, implementing profitable policies, and managing the data require a higher level of managerial skills. Although a dedicated team to keep up with little things and following the day to day chores is handy, the decision making responsibility is crucial in driving business. A fleet without a captain is like bees without a queen. They all are potentially dead assets for the company.
Innovations in the field of information technology accompanied by the evolution of data science, have eased the managerial tasks to a great extent. Making decisions based on precise data that can reveal desired prospects of any operation is a lot easier than to base decisions on intuitions. The past three years have observed an extraordinary transition for the data based operations. Tools for accumulation and prediction of data are easily accessible and more efficient at the task.
1. ERP For Resource Management
Resource management is a very crucial task for any company in order to sustain growth and development. There are various modules to resource management such as time management, stationary replenishment, human resource management, accounting, and finance related operations. All of these modules are interdependent on each other and should work in harmony. Enterprise Resource Management(ERP) is a software that brings all of these modules together and provides a common platform to share and extract information. Easy user interface and extensive use of data analysis make this tool perfect for resource management.
2. Radio Tagging For Logistic Management
A company always needs to keep track of its assets and property. It is even more important to track any mobile asset than stationary ones. Gone are the days when products and shipments were jeopardized in transit. With the technical advancements at its best, tracking the products has become a matter of clicks. Radio tags, aka RFID tags, have simplified logistic management. Every movement of the asset is recorded with the help of radio transmissions that these tags give away. The industries that are most benefitted from this technology include textile, FMCG, retail, automobile, and defense.
3. Auditing Tools For Quality Control
Quality control for any company is the most crucial aspect that drives sales. Compromises with the quality could mean a sudden decline of any business. For constant quality control, a need for continuous auditing is sensible. Different industries have a different tolerance for quality control. Where some industries may accept up to 5% defects and failures, others may not even accept a 0.1% failure. This has called in for better solutions to monitor and control the quality. Responding to market demand, software companies have developed auditing software that can maintain the quality control data accessible from anywhere at any time. There are online and offline auditing modules, there are data analysis tools, and there are tools to extract and respond to the information on quality control.
4. Software To Boost Sales
This is something unique that has struck the market only in the past half a decade. Understanding the drivers for sale and making sales strategies accordingly could never have been easier. There are numerous outcomes to sort and assist the sales process with the help of sales software. Brady Anderson from SalesRabbit.com says that one of the keys to mastering sales is using e-contracts, which allows you to cut down on paper costs and to sync all paperwork across your company. This simple integration of just the necessary tools and modules with data science has resulted in incredible outcomes for exponential sales.
5. Virtual Workspace For Ease Of Accessibility
This isn’t something new, but just an old concept with tweaks of technical advancement. Cloud computing, advancement in communication, and accessibility of data and information across varied platforms has led to the omission of physical workspace for companies. Companies can now operate from anywhere, without having to compromise with the efficiency or data security. While co-work stations have been in trend for almost two decades now, the introduction of virtual workspace has taken this notion to another level.
While there is still much more to be accomplished, these technologies will stay around for not less than two decades. That is plenty of time to evolve and adapt to the ever-changing business world. With the help of these simple yet efficient and cost-effective tools, every business can benefit and increase profit substantially. The market scenario will keep on changing as long as there is the existence of mankind on this planet.