Business

Microsoft Dynamics 365 – 6 Signs You Need To Upgrade Your Business Accounting Software

Bobby Varghese

Business leaders are so focused on growing their business that they often neglect the infrastructure needed to support their growing business needs. But, how do you know that you’ve outgrown your current system? Business leaders experience a number of pain points which communicate that it may be the time to upgrade to a more scalable solution, such as Dynamics 365. We’ve compiled a list of 6 such signs and how Dynamics 365 helps you overcome it:

Data Entry, Reporting, and Updating is slow

With the continuous increase in demands, the software systems become slower. A slow performing software acts as a hindrance to your business growth. If you’re continuously waiting for your information to process or reports to be generated, there is a good chance that your software is not able to handle the pressure. Also, if your system freezes occasionally for no apparent reason, that is another sign of your accounting system being outgrown.

Manual entries take up a lot of time

When businesses grow, teams spend most of their time in re-entering sales orders in their accounting software or copying any kind of data between different systems to work on budgets, forecasts and cash flow. These are the signs of accounting systems being pushed out of their capabilities. You should only need to rely on a single system to perform all tasks independently if you want to reduce the heavy drag on time and resources. Also, re-entering the data manually increases the risk of user error.

Reporting is inadequate

An accounting software can store all kinds of information but faces challenges when it comes to presenting the information in the right format. The template-based reporting functionality is very limited to the basic information and as the business grows, the need for a sophisticated, comprehensive, customizable and easy to interpret reports increases in order to suit different business units and purposes. The answer is a fully integrated business management system, like Dynamics 365, that stores and presents the information in the easiest way possible.

Real-time reporting is difficult

Having access to the real-time data is critical to the success of every business. Not having the ability to view your data in real-time increases the risk of errors and missing opportunities to correct errors before they cause too much damage. The right ERP solution can give you your real-time data at your fingertips. It helps business managers make important decisions, effectively manage cash flow and continue to support future growth.

The Data is scattered across multiple systems

The basic, entry-level systems can only support a small number of users. If your accounting system prevents multiple users from operating simultaneously or if it freezes when multiple users are working, there is an urgent need to upgrade your software. Microsoft Dynamics 365 can integrate with 3rd party programs for you to access all your customers, vendors, supply chain, manufacturing, inventory, project, HR and financial data from a single platform.

Lack of useful insights

For any business to succeed in the long run, managers need to know exactly what’s working and what’s not across all operations. If your current accounting system doesn’t integrate with business functions like warehousing, inventory, CRM, etc. there is a chance that it’s holding your business back. An integrated business management system will give your business a 360-degree view of your business while allowing you to perform a detailed analysis to turn information into useful insights which can be used to make important decisions for business growth.

Did you determine that you’ve outgrown your accounting software?

Contact one of our experts today and we will help you find the perfect solution for your business. Write to us at info@sysfore.com or give us a call at +91 (80) 4110 5555.

How Cloud Technology Improves Business Operations

Bobby Varghese

Cloud technology has proven to be helpful to businesses in many ways. It allows different people at different levels to access the same information pool at all times which can be further organized according to the business’ requirements. Being economical, convenient, flexible, and scalable, Cloud technology has taken the quality and efficiency of business operations to another level.

Here are a few ways in which the Cloud technology improves the efficiency of business operations:

 

Backup and Restore of Vital Information: 

One of the greatest resources any company has is the information about its customers and sales which helps drive the overall strategy of an organization. Storing this information in the Cloud protects it from unfavourable events like natural disasters, human error and other malicious attacks and helps the organizations to restore their information quickly and in a highly automated manner thereby reducing the downtime and improving the efficiency.

 

Reduction in Costs:

The goal of every business is to cut down the operational costs and to improve the efficiency whenever possible. The greatest benefit of moving to Cloud is that the services are available at a flat-rate monthly fee for users according to their bandwidth requirements without any upfront costs. Also, moving from in-house servers to Cloud servers eliminate the dependability on the IT support staff further reducing the costs and improving the efficiency.

 

Improvement in Business Flexibility:

Cloud computing allows the businesses to adapt to market conditions with a certain flexibility that is not available when they use on-site, physical solutions. This virtual solution enables quick responses to internal demands. The cloud services can be increased or decreased according to the demand. Thus, eliminating the problem of IT systems overload or over-provisioning.

 

Remote Access:

Perhaps one of the biggest advantages of Cloud technology is that it offers the employees to access their data, programs or anything stored on the Cloud through their web-enabled devices anytime, anywhere. This greatly benefits the employees and in turn increases the organizations’ efficiency.

 

Overall, there are many business benefits of Cloud Technology. It is important for every business owner to always look out for the most effective, yet economical solutions possible to gain maximum efficiency.

Discovering the Potential of the Retail Industry with IoT

Bobby Varghese

The number of connected devices is increasing every day. They are not only changing the way we live our lives but are also bringing dramatic changes in the entire industry. According to Mckinsey, the Internet of Things offers a potential economic impact of $4 trillion to $11 trillion a year in 2025. In the current industrial scenario, implementation of the internet of things is more evident in the retail industry. Retailers have now been able to collect information from various devices and process it to make smart decisions.

Let’s observe how the Internet of Things has revolutionized retail industries:

Improved Retail Experience: Customers can take help from the robots with the touch screen menu to find a product instead of walking in multiple corridors. Smart mirrors installed in various retail stores help the customers to see how a garment will look on their body without actually wearing it. They can also scan the bar codes on the product to get the corresponding information from the internet.

Precision in Inventory Tracking: Employees in production department can get precise data about the work in progress and the finished goods. Retailers can track and manage their inventory to meet their customers’ demands regardless of complications in the supply chain.

Prevention of Fraud and Shortage: Products are tagged with RFID tags which alert the retailer of a theft attempt. These tags also help the retailers to keep a track of their goods which are sold online in large quantities and have high chances of theft/shortage.

Improved In-store Experience: With IoT, retailers have various opportunities to improve their customer’s in-store experience. Customers in the close vicinity of the store receive targeted offers. They also receive special deals and offers while inside store thereby improving their shopping experience.

Make most of In-store Flow: With the IoT, retailers are able to collect insights about customers’ interests, purchasing patterns, etc. Using GPS and locations, they send notifications to their customers’ devices about the available promotional schemes, discount coupons, etc. to enhance customer experience.

Sync between Storage and Smart Shelf: With IoT, retailers are now able to track their goods, available inventory on the shelf and in the storage, manufacturing and delivery times, etc. This helps them to manage their inventory and eliminate the chances of an empty shelf in the store.

This being said, we still see a lot of potential in the retail industry to make use of IoT. The retailers should understand that the IoT isn’t just about sensors and connectivity — it’s about creating new customer experiences, revenue streams, and business models.