Investing In Technology To Support Business Growth
As a CFO, we are not known for our love of spending money. With a careful eye on the balance sheet, every purchasing decision is carefully analysed and justified. And one of the most painful expenses of all? Technology.
But technology can offer substantial business benefit. It can help automate our processes, ease our administrative burden, and consolidate our information. It is important to acknowledge that efficiency gains cannot be achieved on people power alone and process optimisation needs to be supported by technology. But the right technology; software which by it’s very nature is built to support our workflows such as enterprise resource planning or accounting software.
A recent report from the analyst IDC, titled ‘Successfully Managing a Consulting Business in Challenging Economic Times’ , addresses this very issue of how project-based firms can benefit from adopting purpose-built technologies to help them meet business challenges such as increasing revenues or maximising profits. The report discusses how a single consultant will average a loss of 6-10 hours of billable work per week due to unnecessary administration bought about by unsuitable technology systems. Think what the aggregate of that reclaimed time could mean to your business if you decided to make the investment in technologies suitable of supporting your workflows.
And investments should not be made without thorough consideration. As I mentioned – careful analysis of cost versus benefit is always required, and know that you are taking a considered decision that is going to deliver measurable value to the business. As ERP vendors, we are proud of our own ability to prove this to our clients. A report from the ROI analysts Nucleus shows that 93% of all Deltek clients receive a measurable ROI from their ERP implementations. That is ROI from; increased employee productivity, improved visibility from dashboards and reports, streamlined financial management and accelerated billing, and reduced IT costs from retiring disparate and disjointed systems. That is a whole lot of benefit back to the business.