Build your business with an established software ecosystem

With the fast-paced adoption of technology by modern businesses, the need to administer the right software solutions has become a challenging task. It has become even more challenging in recent years due to the expansion of the software market. Of course, even after businesses select promising software solutions, most have a tough time implementing and optimizing these solutions.

This article analyzes three core business operations, and best practices for optimizing them and adapting them to a digitized business model. Read on to learn how your business can overcome common obstacles, and learn from the real-world example of a business that found peace of mind using our way. 

In this blog, we'll cover:

  • Best practices for implementing inventory management software

  • Boosting productivity and profitability with finance management software

  • Effective ways to use people management software

  • Ways to use business management software for hassle-free business operations

Best practices for implementing inventory management software

Inventory management software helps business owners keep track of their inventories, identify shortages and surpluses, and assign products to the right opportunities and accounts in their CRMs. When done manually, inventory management involves developing and producing stock, housing stock in a warehouse, and shipping orders to the corresponding customers.

A business operating without inventory management software typically manages their customer database and stock information on a spreadsheet. They handle cross-checking and item management through manual effort. They must vigilantly track perishable goods managed to ensure quality of the goods and to stock up in response to customer demand. As soon as an order is placed, the goods are packed, shipped, and delivered, typically requiring involvement from at least four or five employees. This can result in multiple Points of contact(POC), overshooting cost caps, and a decline in productivity.

Digital transformation has made inventory management significantly more efficient. It has introduced businesses to a centralized repository for customer and inventory data—in most cases, a CRM. As soon as an order is placed, the quote is matched to the product in the CRM. Then, it's marked and sent to the next POS in the delivery workflow.

To fully embrace digital transformation, it is important to let go of manual efforts, especially when it comes to documentation. Manually documenting processes often result in data inaccuracies, creating room for duplication and, sometimes, sales of non-existent stock. An order management feature helps segregate and automatically manage stock in your inventory. A centralized inventory hub and an efficient warehouse are also important. Most inventory management software come with inventory controls and warehouse management features that help you achieve your goals without much hassle.

Communication and collaboration can also be optimized through digitization. To achieve this, inventory tracking along with an Item Kitting feature should be used. Sometimes, variables, such as competition or shifts in demand, come into play. To navigate these, it is important to use a trend analyzer along with channel performance management features. These help with better production planning, resource allocation, and increasing overall business value.

Boost productivity and profitability with finance management software  

In the past, bookkeeping involved keeping multiple hardbound registers to track expenses, profit, and loss and to set up budget quotas and commissions. But with manual bookkeeping, businesses can't predict trends or take precautions in case of a trend dip. Between this, the errors that occur during manual record keeping, and manually mailed invoices, the overall inefficiency of the process, manual bookkeeping and account management infrastructure have fallen out of favor.

With the application of technology, bookkeeping has become more efficient, accurate, and seamless. Automations that trigger payables and receivables can be set up and e-invoices can be sent with the click of a button. But modern bookkeeping is complex and tackles much more than just core accounting.

With bookkeeping software, you can stay on top of cash flow and cash management, make prudent decisions by getting estimates, and regulate projects with drip workflows. You can also set up client portals, track sales orders and purchase orders, and even coordinate automations and reporting with your inventory software. Most important of all, quality software keeps your business tax reporting processes compliant by ensuring data security.

Effective ways to use people management software  

Human resources management systems (HRMS) also known as people management software, can be used to ensure employee satisfaction and track management, recruitment, time and attendance, and benefit administration. They are also used to track individual employee performances.

HRMSs have proven useful, and as technology has advanced, they have evolved to cater to more nuanced demands. Apart from providing thorough database management capabilities, HRMSs help with tracking attendance, shift schedules, and analytics. They typically include both traditional and smart HR automations and assist in tracking everything from employee performance to business growth to quarterly goals.

Some businesses provide corporate learning to develop their employees, while other use it to onboard their recruits. Either way, it's wise to invest in an application that provides a corporate learning platform.

Lastly, surveys are key to employees' satisfaction. Find out how you can improve their experiences and increase their trust in your business.

Ways to use business management software for hassle-free business operations

When implementing a software solution that displays its eccentricity from an extensive market, many businesses face setbacks due to a lack of resources on how to optimize a product to its maximum and manage the solution to their advantage.

Many businesses opt for multiple products, which means they are required to work with inconsistent UI. They often spend hours training new employees, and spend $$$ money to provide these trainings. Overall, stalling productivity.

Therefore, it is ideal to choose a business management system like Zoho One, which has a consistent UI throughout all its applications and breaks down data silos with a unified repository. Zoho One provides fluid cross-application automations, without the need to install multiple integrations. Like how inventory requires a bookkeeping application to maintain the receivables and payables, and how to manage the people that tend to these factions a people management software is required. This software should also have all nuanced applications from an inventory management application to a list making application to run a businesses—and that's exactly what you can do with Zoho One.

Listen to PartsBaba, one of our customers who unified their business processes and saw tremendous growth. 

The Zoho One suite  

The Zoho One ecosystem offers a wide range of applications, including inventory management, finance management, and people management software. These applications are unified on the platform, instead of having to be integrated. Zoho One also unifies automations across its 45+ applications without the need for integrations, making it the ultimate operating system for business. Try Zoho One for FREE today to scale your business and increase productivity and efficiency. There's no need for multiple applications—just One.

Designs by Vivek

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