Team Cain : Experience Counts
 Business Value Series
 
With the Slowing Global Economy, companies are looking to spend their time and money wisely on initiatives that will bring a return on investment, reduce costs or increase revenue.

Robert Anderson, Vice President of Research at Gartner suggests there are certain strategies companies need to incorporate to survive the economic slump, and even come out of the downturn with a competitive advantage.

1. Focus on what is important

Reviewing the company main strategies, goals and objectives to determine if opportunities exist to cut out high cost activities that may have low-margin results. Companies need to focus on retaining existing customers with superior customer service. Ensure all projects are aligned with company objectives and investing in the right technology.

BVS #3 - IT Strategic Planning - PDF

2. Reduce costs, increase efficiencies
Improve processes efficiencies such as sourcing practices, controlling inventories and receivables and keeping better control of production, and logistics. Review current operating expenses to reduce costs such as business travel, and increasing telecommuting options.

BVS #1 - Scripted Data Entry - PDF
BVS #2 - Advanced Warehouse Management - PDF

3. Improve overall Technical infrastructure
Anderson states 'Businesses that invest in innovation are likely those that will recover first, and lead their markets once the economy improves.' Investing in technology to be more efficient is a wise decision during a downturn. 

Anderson suggests:

  • Customer facing initiatives such as CRM
  • Business Intelligence helps to steer the business through turbulent times - click for more info
  • ERP improvements to modernize business processes and eliminate complexity, utilize more of the features, functions or modules that you may already own. 

Anderson also states that we need to take advantage of downturns in the economy to position us well for when the economy recovers.
This information was taken from Richard Anderson's webinar, "Small and Mid-Sized Companies in a Slowing Global Economy."

The Business Value Series is a set of emails, that have been designed to help you learn about opportunities that may benefit your organization. These emails contain real projects we have completed that bring greater efficiencies in business processes or achieve cost savings, and many accomplish a full return on the investment.

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