Innovating for efficiency: How tech will empower business leaders in FY24

By Annexa

16 June 2023

Partner Content

C-Suite leaders understand that the right investments in technology will advance productivity, introduce data decisiveness, innovate once-manual processes, and unlock efficiency's value.

Yet, it’s still common for businesses to operate under disparate systems with complex processes and workarounds. But the bottom line is, if you are a business leader looking to drive growth in the new financial year, you need up-to-date tech to support you.

One business system that will play a pivotal role in improving overall business efficiency during FY24 is the business back-end tech known as cloud ERP (enterprise resource planning).

Cloud ERP is an online software platform that brings together all areas of your business, from financials, CRM (Customer Relationship Management) and sales, to inventory, warehousing, and supply chain.

Let’s take a closer look at what exactly makes these cloud business suites so effective at efficiency. Here are the key considerations for business leaders looking towards cloud ERP in the new financial year.

Cloud ERP efficiency for finance leaders

Cloud ERP platforms provide the finance function with the necessary information, insight, and timely information to unlock efficiency gains while simultaneously reducing costs, enhancing productivity, and ensuring regulatory compliance.

With all data in one unified system, finance leaders gain the advantage of speed to access and consume data, plus reliable data integrity. There's no need to wait until end of month processes, and there's no need for manual reporting to understand and start using that data. You get an instant view of your current financial position and can make timely decisions, drive organisation-wide efficiency efforts, and address issues before they negatively impact operations. But it’s not just insights around static financial data; you can also better understand the driving forces behind those numbers.

Take inventory management for example. With cloud ERP you get an instant view of what's available, what's selling, and what hasn't. Without cloud ERP, an organisation may have different teams analysing the inventory data, with no tie back to financials. Cloud ERP eliminates these repositories (and the considerable manual reporting they require) to provide exponentially faster and greater insights across the business.? ?

Cloud ERP efficiency for IT leaders

The modern CTO sits at a juncture between tech and strategy. They must evaluate and implement IT initiatives, but they must also ensure close alignment with the company's overall business strategy and objectives.

Which is why cloud ERP initiatives are so highly embraced by IT leaders. Cloud ERP provides that crucial foundation that eliminates the challenges associated with complex, costly, and maintenance-heavy legacy software systems. By making use of cloud ERP’s extensibility to customise and integrate, IT leaders can unlock additional benefits that promote agility and efficiency within the organisation. That may mean adding a manufacturing module to your existing processes to manufacture an item you previously purchased from a supplier. Or you may need to offer a customer portal, and again, you can use that extensibility to add that new capability with minimal effort.

Then there's the capability most closely affiliated with efficiency - automation. A well-rounded ERP will allow you to automate repetitive business tasks such as payroll, order processing, invoicing, reporting, data entry, and more. The automation options are almost endless.

Finally, efficiency is a work in process. As Annexa’s technologist/services director, Jarred Spriggs explains: “the only constant in technology is the state of change. So having a system that is adaptable and flexible is always going to support a business in the future. A business is 80% people, so the system needs to play a supporting role to them. It needs to be flexible for the change of people, the change of customers, and the change of markets.”

Cloud ERP considerations for business leaders

Explore all the critical C-Suite considerations for determining the cloud ERP architecture that's right for the CEO, CTO and CFO, their teams, and their entire organisations.?

Cloud ERP efficiency for CEOs

All the points addressed above are critical for the CEO. But to manage operations as effectively as possible, CEOs need complete visibility and control. A robust ERP platform is the CEO's strongest ally, allowing you to monitor critical operational aspects such as production, quality, finance, supply chains, order processing, deliveries, and customer service. Instead of navigating between disparate systems, native modules seamlessly integrated to consolidate detailed sales data, fixed assets, inventory management, revenue recognition, tax modules, and more. This centralised approach fosters efficiency and cohesion within the system and the company.

Then there's the planning aspect. While transactional and operational systems are undoubtedly essential, the inclusion of advanced planning and forecasting takes the capabilities to a whole new level. For example, you might want to know the impact of investments, what this means for performance and how it will position the company. The last couple of years have brought a lot of volatility, hitting some businesses hard. More than ever, you need to be able to plug those ‘what-ifs’ into your models and understand what your business looks like.?

Of course, finding the right solution all comes to back to your growth and efficiency goals. Annexa’s Director Matthew Owens shares, “if particular technologies enable you to achieve these goals, you can begin making a case for the investment. For example, automation capabilities will support a reduction in operating costs, or an ERP will enable the business to expand rapidly into new markets and geographies. Once you understand the strategic goals and core business requirements, you can determine the technology solutions that will satisfy them.”

Final words

As we step into the new financial year, it's important for business leaders to recognise the role the right technology solutions can play in driving growth and efficiency. Investing in up-to-date ERP tech introduces all the capabilities needed to advance productivity, introduce data-driven decision-making, and streamline manual processes, unlocking the value of efficiency across the organisation.

About Annexa

Annexa is a leading Australia and New Zealand NetSuite solution provider who works with forward-thinking Australian companies ready to take their systems to the next level. Annexa is well-versed in designing and implementing revolutionary cloud technology geared towards promoting business growth and sustainability.