The digital age has well and truly arrived, and in 2020 international trade rides upon a tidal wave of digital innovation, driving efficiency, and sparking heady competition across all sectors. While the advantages of onboarding new and exciting forms of technology are well-known, measuring the level of success that your digital growth strategy is bringing to your bottom line can be more difficult to judge.
In this article, you’ll learn how to make use of some of the boons of the digital age – like instant data access and sophisticated financial software – to understand more about your business’ highs and lows.
Bringing in Financial Software
When it comes to big-picture financial planning and execution, you’ve relied heavily upon your CFO and other trained financial experts, who have been able to unbundle your business plan, look at your incomings, and turn your current economic data into predictions that have helped to guide your strategy thus far. These experts have been invaluable to your growth, and important as perspective providers.
However, they’re getting slowly automated out of jobs. That’s because you can now measure your business’ financial successes and failures – as well as what your financials may look in the distant future – through software that costs a fraction of what you pay financial experts. You should seriously consider using some of these programs and models if you’re to measure your business’ success in 2020.
Meanwhile, there are a number of apps and programs that help you to monitor your cash flow on an instantaneous basis. This can be helpful in feeding your larger software, and helping provide data for your more advanced financial metrics – though being able to access current sales data and account information can be incredibly useful for small businesses on growth strategies.
That’s because you’ll be able to make nimble, dynamic decisions – on where to invest your funds, and on how to approach deals with clients – when you have all of your financial data at your fingertips, 24 hours a day. If you sign up to accept payments Quickbooks online, you’ll be able to enjoy this digital age monitoring – and use it as a small business should, to catch up with incumbents in your chosen industry.
Other Workflow Management Apps
Meanwhile, there are other metrics you need to follow if you’re going to divine your success rate in various disciplines over time. For instance, if you’re in a heavy investment phase in your lifecycle, you’re not going to be able to read your current financials as a good indicator of how well your team are doing.
No – you’re going to need to measure other attributes, like converted sales, customer service queries resolved, and the success of your marketing team and your IT systems. All of these fall under the bracket of your workflow management – and this can be measured with accurate and up-to-date software, too. Find the right package to help you monitor your workflow, so that you’re able to reward hard workers, measure efficiency, and put into effect new systems to improve your growth.
There you have it: three key monitoring systems to help you succeed and measure that success in the digital age of business.