2024 is set to be another year of change. Businesses of all sizes – but particularly those with a global reach or big funding plans for this year – will be working out how they can ride the storm of national and global economics, elections in the USA and UK and ongoing world events, including the wars in Ukraine and the Middle East.
What do businesses need in order not just to survive in these volatile times, but to thrive? The answer is simple – they need control.
It may be a cliché to say that the better prepared you are, the more resilient you will be – but it is absolutely true. Businesses who don’t have the ability to understand what the impacts of various events will be, are unable to prepare for those events.
What will put you in control? In our experience, there are several key areas that businesses should be on top of if they want to grow. These are important even in the easiest of economic and market climates – but they are even more critical when life is subject to unexpected change.
Businesses can’t plan for tomorrow if they don’t have visibility of what’s happening today. As organisations grow, they inevitably add systems to help them manage or automate different functions.
This means that most growing companies have a number of disparate systems, all collecting valuable data, but not talking to each other or sharing the data.
This lack of visibility means it’s virtually impossible to plan or forecast reliably, as data is either unavailable, difficult to acquire or out of date.
Getting control of your data is essential to stable business growth.
Many large businesses adopt an enterprise-wide system to help manage multiple functions and improve planning. There are many excellent, tried-and-tested ERPs on the market and these certainly help businesses to become more efficient and streamlined.
However, it can take a long time to get used to a new ERP system, and to work out how best to use the system to manage the analysis you need in the critical areas you’ve defined. This often takes businesses many months and can be a difficult transition that affects insight gathering, analysis and planning.
In volatile times, your biggest weapon is understanding how fast-changing market and economic conditions could affect your business.
This scenario planning relies on up-to-date, accurate data, and having the professional skills in your team to manage this type of forecasting. Often, although the professional skills are present, the lack of good quality data and analysis means that scenario planning can take several days – or even longer.
This impacts decision making, and means that the business cannot be 100% sure that it is planning or forecasting accurately.
How can you position your business for guaranteed growth?
Tackling these three areas of necessary control could transform your business’s resilience, strategic planning and ability to not just survive in volatile times, but to thrive.
Our unique platform is already set up to centralise your data and build the analysis capabilities you need – it starts working for you this minute it’s in your business, and you can also choose our AI technology to manage your scenario planning and forecasting automatically – freeing up your team to manage other important tasks.
And, because it sits across all your current systems, there’s no downtime, no wasted resources and no need to change anything you already have in the business. Contact us to find out more.
To find out how we can help you get the competitive edge you need – faster than you think – book an exploratory call today.