As more businesses look to digital transformation to cope with Covid-19, it’s important to consider back-end solutions that can help you take control.
By Bhavna Goyal
Several of ATB’s most recent articles have talked about how Covid-19 is speeding up digitisation in many businesses as they come to terms with the business environment that’s emerging post-pandemic, including new health and safety priorities and regulations for customers and staff.
But of course, customer and staff interaction is not the only place in your business for technological advancement. Back-end solutions which manage previously administration-heavy tasks can be of tremendous benefit to help you take better control, and make significant cost savings, after the initial expense of implementation.
Of course, it is always easier said than done to execute a digital transformation with a large-scale piece of software and undertake the associated change management process as well as keeping your business running, so planning is key. However, while many businesses are in lockdown or in scaled-back operations, now might be a good time to tackle a significant digital project, if you are comfortable spending the funds to do so.
Right now, while the environment is disruptive and uncertain, it’s important to do everything you can to take control of your business. For more information about where to start, take a look at our Five-Step Process, designed specifically for SMEs.
Cost should never be a prohibitor of any kind of tech adoption that’s going to propel your business forward, instead it must be considered a long-term investment in the future of the business. However, with business and overall economic confidence low at the moment, it is understandable that for some, it’s not a straightforward decision.
At ATB, as specialists across the advisory spectrum for small, medium and micro-businesses, we’re always on the hunt for technology that will benefit our clients.
One we’ve come to like for its extensive capability is Unleashed, an inventory management solution for manufacturers, wholesalers and distributors.
Whether you’re local retailers, with a small warehouse and a store, or a larger more-complex business that sources inventory from various parts of the globe, Unleashed won’t disappoint.
It’s scalability means that you can manage inventory from multiple locations in real time – which gives you control not just over your stock levels, but also over your total supply chain.
The sophisticated business intelligence in Unleashed allows you access to data that will give you instant clarity into performance across customers, sales, purchase and inventory.
As an example, if you’re a small local shoe shop and just sold the last pair of ladies red sandals in size eight, you can check your own stock supplies in an instant. What’s more, if your business is hooked up to the supplier of those red sandals, you can also check their stock levels too.
If your business is slightly more sophisticated, for example, you’re a manufacturer, then Unleashed offers you the capability to be able to calculate the true cost of goods right across your entire supply chain by adding expenses like services, processing or packaging costs. Even postage.
Not only does this save time and money, it really enables you to quickly understand production costs so you can better monitor margins.
Unleashed is also ideal for anyone working with perishable goods because it is able to provide batch number tracking and serial number tracking features. Recently Unleashed also partnered with Stripe to allow credit card purchases.
Unleashed integrates with both Quickbooks online as well as Xero accounting software. For Xero users, Unleashed will also update Xero in real time providing instant visibility into all stock movements right down to profit and loss and balance sheet.
Unleashed will also co-function with a variety of other software, such as Salesforce Integration allowing all customer information to be kept at one place, resulting in reduced warehouse processing times and faster dispatches leading to happy customers.
Shopify store integration with Unleashed allows for detailed insight into sales margins with freedom of knowing what stock you have and where you have it, eliminating costly stock outs. Unleashed will also integrate with Amazon so you can set up an online store, procure goods, organise products, customise store fronts and more.
With so many features, Unleashed is gaining popularity across many businesses that want better control over their inventory and supply chains. It’s also available as an app which means that business owners can get access to real-time information instantly, from wherever they are.
As more businesses explore digital channels as a way to grow their business and interact with more customers across various locations, as well as streamline operations for maximum efficiency and profitability, Unleashed offers a cost-effective solution for managing all aspects of supply, and sale.
If you need help with preparing your business for what lies ahead, give us a call. At ATB Partners we offer tax advice, accounting services, financial planning and business mentoring for small, medium and micro businesses.
We can help you take control of your business.