Navigating the supplier maze

As consumers we’re spoilt for choice in virtually every area of our lives. Enterprise software is no different. Even with recent software supplier consolidation there are still a myriad of suppliers, all promising the best solutions.

Overall, businesses need solutions that will help them grow; help them adapt in line with constant business change whilst improving their competitive advantage. All of this needs to be combined with a supplier that offers low total cost of ownership and therefore value for money – not just an attractive quick deal.

Today, there are so many choices and so many proven ways to improve the performance of a business. Here are just six examples:

An effective enterprise asset management (EAM) solution for monitoring and managing the deployment, performance and maintenance of company assets may be the single most important tool for preventing operational surprises and uncovering hidden profits. By monitoring all company assets, ranging from machinery to employees, an EAM tool enables companies to save time and money by highlighting any problems or deficiencies before they occur, optimising maintenance resources, improving equipment and boosting staff productivity. The constant monitoring of assets allows companies to implement effective maintenance schedules to reduce downtime, as well as ensuring better decision-making. This helps improve future asset performance management and, ultimately, profitability.

The benefits of performance management (PM) tools now extend well beyond the Financial Director’s office. Effective PM software now combines financial and operational applications and analytics. Together, these help companies to link corporate strategy to operational plans; address the full spectrum of compliance requirements faced by today’s enterprise; share real time performance information across an organisation and generate insights. These can then be used to increase productivity, control costs, and improve overall business performance.

Business conditions change in an instant. Companies must have the ability to monitor key performance indicators in real time and explore trends in order to prepare for and act on these changes. Few companies have the time to deploy development tools so instead they need pre-built ERP integration, reports, analysis, and dashboards for different departments and business functions within an organisation. Such a solution helps enterprising companies to respond quickly to specific business issues within departments, using built-in best practices and data models for proactive business change, rapid deployment, fast ROI, cost savings, and reduced risk.

A CRM system allows organisations to run sales and marketing campaigns that align with customers’ preferences as well as tightly integrating marketing across all inbound and outbound channels. Sales are ultimately increased as the sales function can respond directly to customer insight and the whole marketing and sales area of the business is managed in a more efficient manner.

Companies increasingly need an accurate picture of demand to drive production, inventory, distribution and buying plans across operations. These challenges are intensified by the effects of seasonality, promotions and product proliferation. A demand planning solution enables an organisation to predict and shape customer demand more efficiently. By combining market knowledge with advanced statistical capabilities, such a tool can ensure a large increase in the accuracy of demand plans. The result is a single view of the ‘truth’ that provides a foundation for sales and operations plans, and helps to achieve measurable service improvements such as one Infor customer that recently saw a 20 – 40 percent improvement in forecast accuracy; 20 percent decrease in production costs and a 20 percent increase in on-time delivery performance.

Arguably a company’s single biggest cost are staff salaries. But managed properly, people can be a source of vital innovation, growth and competitive advantage. A human capital management (HCM) solution can help organisations optimise the entire recruit-to-retire process. Besides streamlined training programmes, payroll and benefits management there are many strategic benefits from HCM. Time and cost savings can be realised by streamlining workforce-related processes and the business can profit from more effective and efficient global operations overall.

Without any doubt enterprise software is no longer just limited to back office administration systems. There are now proven solutions available that address all of the issues faced by enterprising companies on a daily basis.

But when it comes to choosing a supplier, look for an ability to provide business-specific applications - not horizontal software/one-size-fits-all. Above all make sure you work with the right people. Demand professional services people with deep domain expertise specific to your industry. After all it is these people that turn great software into outstanding business performance!

Trevor Smith is Infor's Vice President for the UK, Ireland, Middle East and Africa.