Slowing Economy – Right time to invest in Enterprise Solutions?
COVID-19 shook the world and the entire global economic ecosystem is lagging. While a lot of industries are getting back on their feet and bringing the growth statistics back to normal, the economic slowdown is still at large.
A slowing economy is not good for anyone, neither the customers nor the producers. And the biggest question that is hovering around business owners like you is that is it the right time to invest in enterprise solutions?
Let us try to answer that simply.
Slowing economy = bad news
One thing is clear; a slugging economy is a bad news.
During an economic slowdown, nobody wants to spend money. Businesses that are not affected adversely because of the slowing growth, they are particularly cautious about spending money and look for ways to cut their costs.
But before you close the meeting and ask everyone to throw out the thought of investing in an enterprise solution, read through these series of questions that will help you in making an informed and smart decision.
Here we go:
1. Does your business need it?
To begin with, you should know the needs of your business. Just because your competitor and you earned nearly the same revenue last quarter and they are implementing a new ERP suite is no reason for you to jump on the bandwagon.
If your business is disoriented, non-synchronized, and difficult to manage, then you need an ERP suite (preferably SAP Business One). Because if you do not get things in order and manage them effectively, then all your money-saving techniques are going to bail on you.
2. Do you have the resources?
It means do you know a good SAP implementation partner, have enough budgets despite the circumstances, and have the adequate human capital to make this project a success, then bingo! Go ahead with this investment because the right time never comes.
A quality and successful implementation need two things – money and time. If you have both to endure a digital transformation of your business, then this investment is the right choice.
3. What other options do you have?
If you are sure that your business needs this implementation, then superb! But we know that every penny counts for a business. That is why we suggest ask you this – is there any other alternative to this implementation? And no, we do not mean procrastinating the implementation as an option.
Evaluate all the options you have and all the ERP suites that match your business needs. A word of advice here – keep a forward-thinking approach (i.e. look for a system that is scalable and can grow with your business without implementing a new solution later on).
If all the above questions point toward the fact that your business needs this enterprise solution, then look no further than SAP Business One – a holistic ERP suite that is made especially for SMEs. We have helped hundreds of business heads on the path of growth and we can help you too. Reach out to us for a free consultation.
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ABOUT THE AUTHOR
Tauhid Ansari is a tech blogger and digital marketer with 4 years of experience in the software industry.