Technology today is so omnipresent that no business can operate without it. Those who are able to truly harness the power of this technology, though, are the ones who are better positioned to get ahead of the competition, according to Everest Business Funding.
There is a wealth of technology tools available today that won’t be a huge line item on the expense sheet. By finding the right software solutions, your small business can improve efficiency and productivity at the same time.
Below are ways you can harness this technology to streamline various tasks.
Inventory Management
Inventory management is a challenging task for any company, but it’s one that’s made much simpler and more precise with modern technology. Every item your business owns and has on hand can get its own unique barcode, which, when scanned, will immediately update your inventory system.
Every time you sell a product, it will instantly be removed from the database, showing how much of that product you have in your store, for instance. The same can be done for products that you ship. Once they’re packaged, they can also be scanned so that they’re removed from availability.
All of these scans get integrated into a central database, which you can set up alerts for to be notified when certain products are running low. This system can also help you determine if you have too much of a certain product on hand, which helps you optimize your space and your cost outlays.
Customer Relationship Management (CRM)
CRM systems have been around for a while now in one form or another, but today’s systems are more powerful than ever before. This system provides you with a place where all of your customer information — current, past, and prospective — can be held in a central place.
Your sales team can use this information to prospect customers, to follow up on purchases and to pitch certain sales or specials that your company is running. The system can also automatically capture leads from digital marketing efforts such as social media mentions and email submission forms.
Comprehensive CRM systems can also be used to automate many sales tasks, and allows both individual sales representatives, customer service agents and the company as a whole to track data surrounding their crucial tasks.
Accounting
Accounting is one department that is ripe for improvement with technology. So many of the department’s tasks are repetitive and manual in nature that advanced technology such as artificial intelligence and machine learning can thrive.
In its simplest form, technology can be used to set up electronic payment systems. You can use cloud-based systems for accounting software, allowing your trusted team to access the platform wherever they are.
You can also take this one step further, automating processes such as data entry and account reconciliation, freeing up time for your employees to do more valuable tasks.
Project Management
Everest Business Funding says there are plenty of choices for project management software today. These programs can help your teams track how they’re progressing through various projects.
Each team member can be assigned individual tasks, and everyone on the team can see exactly where the project is on a timeline. These platforms can also be used to share information and communicate about projects, which helps everyone stay on task.
About Everest Business Funding
Everest Business Funding provides alternative finance options and revenue-based funding to small business owners. They serve a diverse pool of businesses, from healthcare to retail, to help them obtain working capital to grow, buy inventory, launch marketing campaigns, or hire staff. Everest Business Funding’s clients are treated with respect and receive high-quality guidance and service from its professional
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