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June 29, 2020
This paid piece is sponsored by Eide Bailly LLP.
As organizations everywhere attempt to adjust to the new normal following the spread of COVID-19 and resulting market shifts, everyone is trying to do more with less. We have gone from a time of growth to one of uncertainty, and organizations need to shift their focuses to operate lean and smart. Efficiency is no longer just the dream but the absolute necessity.
Now is an ideal time to turn to your technology stack for efficiency and cost savings. Over the years, you’ve made strategic investments to support and grow your business. Now is the time to leverage every capability and functionality they can offer.
Your ERP, CRM and data are the tools you need to remain competitive and agile during the economic downturn. Read on to discover four different ways to increase efficiency, save money, and make your tech stack more effective and productive for your business.
In times like these, tough decisions need to be made quickly. Unfortunately, these situations evoke a fair amount of stress and often result in rash decisions. Real-time information is key.
Enter your data.
Organized data means faster processing and that in turn leads to better, more thorough and accurate reporting. This is made possible by leveraging a data warehouse. Data warehouses serve as your business’ solid foundation for better dashboards, reports and analytics. It’s where all of your various data sources are gathered, organized and cleansed for better insights.
Whether you do-it-yourself or pick a fully managed “done-for-you” solution, a data warehouse can make all the difference to your business outcomes. We’d argue it’s a CFO’s best answer to becoming more efficient, productive and effective in his or her evolving role.
If your organization is already further along in your data journey, there are a number of optimizations that you can deploy to improve your speed to insight. To take full advantage of your business data, consider the following tips:
No matter where your organization is on the data maturity scale, using your data to drive timely, informed decisions is probably one of the best practices you can implement right now. Understanding current market demands, your operational health, real-time cash flow and key performance metrics can help you respond more agilely to changing conditions.
How well do your systems “talk” to one another? Seamless integration between your key tools can save you tons of time and money. Reduce manual data entry, duplication of entry and error by knowing when to push or pull data between your core business systems.
The important thing when integrating systems is to make sure your data is clean and your fields are properly mapped. There are a lot of intricacies when moving data between systems, but the end result can save your organization substantial amounts of time and resources.
Follow these top three tips:
Time is money. The best way to save time and drastically improve efficiency is to automate tasks and processes whenever possible.
Not sure where to start? Here are a few straightforward automation approaches in Salesforce that can save your organization a lot of time right from the start.
Focus on your customer:
The best opportunity to grow your business is with the customer base you already know. If you’re running on Salesforce as your CRM, you already have a plethora of data at your fingertips. Take full advantage of this by:
Optimize your marketing efforts:
Salesforce easily integrates with hundreds of platforms, so odds are that what your marketing team is using can be tied into your CRM. This can be a game-changer for driving better client relationships and improving your team’s prospecting and sales pipeline.
Empower your sales team:
Spending time on ineffective tasks can destroy your sales team’s productivity. Given the current business landscape, you want to enable your sales team to be their most effective and capitalize on the right opportunities. Salesforce can help you automate and optimize your sales environment to improve close ratios and focus your team’s energy on the deals that will close.
Finding ways to automate and lean on your existing technology can help you remain competitive and agile during this time of uncertainty.
Want more ideas about how to use your CRM to improve your efficiency, sales and operations? Here is a recording of a recent webinar our team hosted.
Last, but not least, save time and money by avoiding costly mistakes. This may sound like a no-brainer, but we’d bet there are a number of business leaders out there who can relate to the experience of “expense whiplash.” The most painful expenses are the ones that could have been avoided. That’s why it is so important to take proactive measures like evaluating your business’s security risks, uncovering costly waste in your processes and acknowledging when your business management software is holding you back more than it’s helping you manage.
By investing a little time and effort up front, you could save significant money down the road. We’ve made it easy to take the first few steps with these resources:
There’s no denying that we are all facing unprecedented times. But by focusing on the right areas and leaning on your tech stack for support, your organization can survive and even thrive during these uncertain times. And, of course, our team is here to help wherever we can.
Looking for ways to enhance your business efficiency and save money? You likely have the tools you need already, but these tips will help make the most of them.