7 Business Technology Tools You Can Use to Boost Your Profit Margin
Your key to boosting your business is right in the palm of your hand
If your grandparents, parents, siblings or even you have been running a business for the past few decades, chances are you’ll agree with this statement: running a business before the digital age was a bit more challenging than it is today. These days, managing a business still has its fair share of challenges, but there’s indisputably more flexibility and convenience as far as technology is concerned.
Business technology encompasses every tool, app or platform that you can use to streamline critical processes within your organization. Depending on your specific needs, there are different business technology solutions you can choose from.
Ahead, we detail some of the most useful software, apps and tools you can turn to to make the ins and outs of managing—and profiting off of—your business just a little smoother.
A sound accounting system to manage all your transactions is heaven-sent for any business. Automating these processes can give you real-time status updates on what goes in and out of your account. You can then use this information to mobilize sales and ship more quickly so that your cash flow runs smoothly.
QuickBooks is an all-in-one accounting software that does the work for you, from tracking expenses and payments to creating customized invoices and generating your accounting reports. Many small business owners find QuickBooks user-friendly because it helps them organize their company’s financial data even if they’re not accounting pros.
Ideally, your logistics system should meet customer demands to receive purchased goods or services as soon as possible. The last thing you want is to disappoint your customers with constant delays and problems in delivery.
Globe myBusiness Tracker is every SME’s reliable partner in logistics planning. The system that myBusiness Tracker uses allows you to manage delivery schedules, vehicle assignments and route options for total efficiency. Once delivery is in progress, you can track its activity and location and be able to coordinate with your customers regarding the exact status of delivery.
myBusiness Tracker is available with Plan 599 and Plan 699, with the latter having two years’ worth of historical data, geofencing and email alerts.
Every day, businesses are doing a wide range of financial activities, such as managing employee salaries, processing payments and replenishing of revolving funds, many of which can now be done using business technology solutions.
When it comes to managing cash transactions, Globe myBiz Wallet provides a convenient, safe and secure way of doing it online. This app links with major banks nationwide, enabling you to transfer money from your mobile bank account into your digital wallet and have ready cash in your business account anytime you need it.
You can also transfer funds to other people by using myBiz Wallet. You get instant reports about your cash disbursements, too, so you feel at ease that everything is well accounted for.
Customer Relationship Management
Customer Relationship Management (CRM) refers to a centralized system where you can store customer data like their location, website visits, shopping activity, product preferences,and so on. A CRM system can help you win more customers since it gives you a better understanding of what or who your ideal customers are, allowing you to perform better in marketing, sales and customer service.
Act! is a CRM solution that you can customize to suit the nature of your startup and its ever-evolving needs. Use this platform to beef up your promotions through automated sales and marketing campaigns.
Meanwhile, HubSpot is more than just a contact management system. It also allows you to send email marketing messages to potential customers, publish blog posts and more. HubSpot offers both free plans and premium enterprise accounts.
Supply Chain or Inventory Management
Supply chain or inventory management encompasses activities like the purchasing of raw materials, monitoring inventories and fulfilling customers’ orders. A software like this can come in handy to make sure nothing falls through the cracks in your workflows or process cycles.
Oracle offers a broad range of solutions for your sales, service and supply chain management teams within a single platform and without any need for third-party integrations.
Another tool to explore: SAP. Aside from fundamental inventory management capabilities, SAP’s supply chain management software uses machine learning and data analytics to help you prepare for future trends in your market.
Whether it’s tracking your cash flow, assisting with your marketing or perfecting your supply chain processes, the right business technology can help your company boost effectiveness, efficiency and profitability.