Building your business acumen means using your information system to gain real insight into the workings of your company. It’s like the old saying: “If business is the game, then accounting is the score.”
At Acumen Information Systems, we offer scorekeeping tools that range from financial statements to statistical and analytical reports. We believe in documenting the successes and failures that occur throughout every stage of the game.
You may never consider accounting to be anything more than a chore. You may be able to run a succesful business for decades with no information system. But even if you’re able to stay in business, it may never grow to reach its full potential.
So often companies don’t see their software as anything other than a means for printing invoices or tracking descriptions of inventory items. This often includes companies with good systems. They just simply are not thinking about it the right way and missing a huge opportunity to create a competitive advantage for themselves over their competitors.
In order to start accomplish the goal of successfully implementing an information system, you must take a top-down approach. What are your key ratios? What are your key indicators of success and failure? Consider commonly underreported data such as the following:
- Vendor lead time
- Inventory turnover
- Customer loyalty metrics
- Pass-through metrics
- Budget vs. actual comparisons
The solution? Create a system to track the information required to answer those questions. This is the most difficult part, because it is a difficult balance. If you don’t track enough detail, the information you gather and the reports you generate may not be very helpful. However, too much time spent tracking the details of your business can have an adverse effect on the ROI of your system.
At Acumen Information Systems, we offer the kind of expert, third-party consultation that can help guide you through this process to create systems with the most efficient and worthwhile workflow possible. Shifting such work to a different part of the process can save untold hours in the long run.
For example, implementing a customer relationship management (CRM) systems can often lead to resistance from the sales team. Entering the details of lead prospecting and meetings can seem to be a lot of new work – until the next time the sales manager needs an update. With the pertinent data already at their fingertips, the sales team is free to spend less time gathering data and preparing meetings and more time selling.
Data management is only the beginning. The experts at Acumen Information Systems can design processes for inventory management, front- and back-end finances, customer tracking, data mining, consolidation and analysis and much, much more.
The result? Useful information that will help you manage your business, your staff and your customers. We encourage you to work to build your business acumen. You already know that businesses grow and thrive on more than data management. It takes hardworking people, effective management and a little bit of luck. But without great information, great managers have no hope of making great decisions.