What exactly is ERP and why is it so valuable?
ERP Definition = ERP stands for Enterprise Resource Planning, which is a fully integrated software suite. It allows users to view, manage and track core business processes and resources using one single database, all in real-time. Read more
Due to technology’s constant evolution, keeping up with the times poses a real challenge to many businesses. This is especially true when trying to stay efficient and accurate in Management Accounting.
In a survey conducted in 2011, nearly one third of accountants surveyed showed concern towards their business’ ability to incorporate technological change.
For the small and medium-sized enterprises, limited resources is a big reason why acquiring the latest accounting systems is put on hold.
The small business generally lacks efficient management software.
Even if a company has the financial means to acquire one of these systems, they may be facing other problems. Their software solution may not have all the desired features that the company needs and wants, which make it inefficient and laborious. This in turn wastes staff time and efforts, where it eventually leads to more money wasted.
The management of clients is an increasing share of business and represents many challenges for the small and medium sized enterprises.
This post was updated to reflect current trends and information.
Small and Medium Enterprises produce a mass of business data: reports on sales, profitability, financial performance, etc. Most of those companies are not aware that management dashboard and performance indicators exist at an affordable price. To interpret that mass, they most often use a system they have developed themselves, for example from Excel spreadsheets.
However, this system creates a mass of figures rather cumbersome and requires managers a tedious work of research and analysis. In addition, it unnecessarily complicates the tracking and makes data visualization difficult, if not impossible. Not to mention the countless hours spent entering and updating data and risks of deleting or duplicating key data. Fortunately for SMEs, the market offers effective tools that greatly simplify the analysis of business results.
This is a graphical representation of business data using data, pie or bar charts, data curves, etc. gathered on the same screen.
With the management dashboard, the manager may focus on performance indicators (KPIs) which he considers essential.
These enable him to measure the performance of the firm for a specified period and to monitor the results or deviations from his goals, in real time.
Performance management is a continuous process that aims to plan, monitor, control and most importantly, reviews and analyze data on a company’s performance, as much as for internal stakeholders than external clients.
As we have seen, the use of traditional dashboards raises issues of ease of use and availability of data.
However, before changing system, small and medium-size enterprises want to ensure that the cost of a hi-tech management dashboard is not too prohibitive.
Namtek provides a management dashboard specially designed to meet the needs of companies with limited resources.
Activated by Salient’s Intelligent Suite, our management dashboard with performance indicators is one of the most affordable solutions.
It is offered in the context of a Software as a service (SaaS) model. You will not have to pay for a computer system but only an initial implementation cost and pay-per-use fees.
Our solution is particularly advantageous as it gives you the choice between a system deployed on premises or in the cloud.
The main qualities of a management dashboard are to be user-friendly, easy to read, interpret and use.
In addition to being much easier to decipher than thousands of aligned columns of numbers, our management dashboard allows the executive to visualize the data for its key performance indicators (KPI) in the same location.
To facilitate interpretation, the table displays an overview of the situation for each indicator. The business executive short in time can see all the results in aggregate, without having to change screens.
To access more detailed analysis, he will only have to click on one or the other graphics.
In addition to all these advantages, the management dashboard with performance indicators:
In short, it makes all data quickly available to you so you can make documented business decisions in ten times less than your usual system.
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