The Fastest Way to Grow your E-Commerce business

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With a market valued at $6.3 trillion in 2023 alone and 20.8% of retail purchases taking place online, e-commerce is an undeniable way for fueling growth by connecting your business to customers not just nearby but around the globe.

Growth in retail e-commerce sales worldwide from 2019 to 2023
Growth in retail E-commerce sales worldwide (2019-2023)

E-Commerce operations usually lead to significant growth provided you have built a strong proven web presence within any industry you operate within. As you grow so does the complexity of the business. Having different systems managing different processes can not only impact your customers but also management. Managing a disconnected system that is not wholly integrated can be an immense laborious task to manage for both you and your employees.

So how do you solve this issue of having growth but also spending most of your time and resources on axing away at business processes that take you away from growing your product and service offerings?

The answer is an ERP solution. An ERP solution that solves the complexity of your business processes by connecting all the disconnected nodes into one central system that effectively integrates with the rest of your business systems.

Not only giving you seamless integration but also future-proofing your business through technology, making this your first true step in Digital Transformation.

Dedicated E-commerce function

Instead of relying on multiple levels of accounting software that require multiple hours of work to manage, put your trust in software that is not just built to grow with you but also helps de-clutter your business through technology.

Here at triumph we have built and developed a dedicated e-commerce module that is native to our ERP solution to solve exactly these issues.

As a simple add-on to our base pack*, our e-commerce module utilises your company data to seamlessly integrate your business with key stakeholders within your business. This not only helps you with things such as forecasting in the next quarter but also helps support various transactions with omni-functionality across B2B and B2C spaces.

We also provide you with your very own web shop that you can customise to your liking, from colours to even the design of the customer portals.

A level of flexibility that is both functional and design orientated to personalise the customer journey

Tackle both B2B and B2C customer groups with Triumph ERP

An ERP solution with an e-commerce integration enables you to implement innovative methods of improving sales, helping you experience growth every quarter. Here’s how our ERP solution can help you innovate and grow your sales funnels.

Our team is dedicated to bringing you the latest technology and transforming it into an easily accessible format with an easier user interface. Our e-commerce module not only supports merchant facilities but also gives your customers a level of security where they can securely transact business with you simply through a web browser.

With unique pricing and discount arrangements, moving high-volume products and managing inventory, our e-commerce module is the ideal solution for B2B businesses.


Major benefits of incorporating our ERP solution with your e-commerce platform include:

  • Enhanced operational efficiency: Automate tasks, reduce errors, and streamline workflows across departments
  • Cost reduction: Lower operational expenses, optimise inventory levels, and improve resource allocation.
  • Data Driven decision making: gain valuable insights from integrated data to make informed business decisions.
  • Increased sales and profitability: reach new markets, offer competitive pricing, and improve customer satisfaction, leading to increased sales and revenue.

Functionality Enhancement:

Integrating ERP software with E-Commerce stores provides the dual benefit of having the real-time storefront data in ERP and back-end data in e-commerce. This means customers are able to view and access the information in terms of available inventory, latest order status, and also track shipments using tracking numbers. In terms of syncing up with the back-end of your system, your operations, sales, finance, HR and other teams now have immediate access to customer order information from your e-commerce platform. This helps you reduce the cost of operations and improve the overall customer experience.

Inventory Cost Reduction:

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All information about sales within your E-Commerce storefront appears within your ERP system instantly. Your ERP solution such as Triumph ERP will automatically update your inventory based on transaction information. With reliable constant updates to the system in terms of inventory and online sales, your warehouse team can immediately start fulfilling orders accurately. This is in turn, reduces inventory costs when teams have to navigate guesstimating fulfillment.

By Implementing an ERP solution such as Triumph ERP, you can not only just track inventory in real-time but also predict and plan how much inventory you need in the future.

Generating Financial Reports:

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photo by rdne stock project

An ERP solution like Triumph ensures you have a financial overview of your business through automated financial reports. Equipping you with a balance sheet, profit/loss statements, trial balance, cash flow and much more.

By integrating an ERP solution with your e-commerce platform, you can ensure your end-user transparency in term of online payments and financial data that goes through your business.

Accelerating Productivity:

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photo by elevate

Implementing an ERP solution in your e-commerce platform ensures a system unifies business processes, helping your employees ease away from performing manually repetitive tasks

It’s a logical solution to solving the impact of manually repetitive tasks that is better suited for computer software. Examples could include inputting shipping information, inventory level and production information. Triumph ERP works within this parameters to alleviate repetitive tasks by automating data input through a centralised point of information, saving your employees time and you money. Additionally, all online sales order get through the system promptly, ensuring your employees abilities to track and start fulfilling orders instantaneously, giving your business a more productive and efficient workflow.

Data Consistency:

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Through the integration of Triumph ERP to your E-Commerce platform, any data ranging from customer details, orders, payments and shipping information is transferred and synced across your platform, helping you and your employees access accurate data anywhere at any time to fulfill orders immediately. Additionally, product inventory details can be uploaded from the ERP to the e-commerce platform, thus overcoming the need to re-enter the data.


By combining a strong proven web presence with an ERP system like Triumph ERP, you have access to not just our proprietary e-commerce platform but also various other features that integrate from payments down to inventory. Our business systems ensures you a level of automation with the ability to broaden your product and service offerings, increase your reach, and remain open online 24/7.

Helping you boost sales and take your business to the next level with Digital Transformation.

5 Tips for Digital Transformation in 2024

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Digital transformation is the way forward for any business looking to grow, administering and implementing essential new technologies within your business has never been more vital then today. It is a digital world that requires organisations to undergo a Digital Transformation.

The following are 5 essential tips or rather steps that can help you not just grow but become a more agile and efficient business.

1. Defining your Digital Transformation goals

Blue and Yellow Phone Modules

Before you start this digital journey, you must have a clearly defined goal.

Why?

Because goals are essential if you are looking to maximise an ERP implementation. Goals helps you to hone your focus on the vital objectives you have set for your business and keeps you on track as you implement digital transformation.

A goal can be infinitely more clear once you assess the current state of your business. This will include an analysis of the infrastructure running your current technology, identifying any gaps, and understanding how your employees use your current technology in day to day work. This assessment will help you target and identify the vital areas which require the need for Digital Transformation.

2. Building a Roadmap for Digital Transformation

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A roadmap will give you essentially an overview of how you will achieve the goals you set up in the first step.

Your Digital Transformation Roadmap should include specific steps, timelines and milestones that you can undertake in order to achieve the goals/objectives you have set for your business.

It is recommended to bring in an external consultant to help your identify areas for improvement through an audit. Once you get the results of the audit, you can begin the process of selecting an ERP solution which will help update your business processes.

It is vital in this process to involve key primary stakeholders and employees within this process, as not only will it help them understand how to maximise an ERP implementation but it will also ensure that the roadmap built is both realistic and achievable.

As you begin implementation, communication is essential with your employees. It is important to provide training and support to help your employees to adapt to new technologies. In the same breath it is also important to keep your customers informed if during implementation any changes may affect them.

By keeping everyone in the loop, you’ll be able to not just ensure adequate support but also ensure an ERP implementation is successful in the long run.

Ultimately, digital transformation is not only about implementing new technologies it’s about transforming your business into a more agile, efficient, and customer-centric organisation. With a clearly structured and well planned roadmap, combined with effective communication, you build a path to success to transform your business into the digital age.

3. Embracing “The Cloud”

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If you are looking to scale your organisation and have managerial access to your business operations across the world, look no further than an ERP solution with a cloud offering.

Here’s why.

Cloud technology increases accessibility for your business as an ERP solution with a cloud offering means you can access your business anywhere, at any time, making it easier to manager your business operations within any setting.

Additionally, cloud based systems help you to scale your business, allowing you to easily add or remove resources as you go through your digital transformation.

This level of accessibility, scalability and additional flexibility, enables you to better manage your resources, reduce costs, and improve your overall business performance.

Within a fast paced digital age, cloud technology is the key to having that competitive edge so your business can scale exponentially, be accessible anywhere and fit within any new setting.

4. Automating Efficiency

Gray and Gold Steel Gears

Automation is the quintessential topic of the year, with Triumph ERP you now have the power to automate almost any business processes while you focus on your business goals. An ERP solution has the power to not just reduce human errors, but also increase efficiency across all business processes that were manual previously

For example: Fixed asset accounting is usually run seperate, but imagine having it part of your overall ERP system. This integration running along with an automated ERP solution is a great method of maintaining and locating your fixed assets while giving you the capability of breaking down components of the asset.

This level of automation can be a monumental relief as components within your assets can change the asset value over time, helping you not just keep track of your assets but also their value.

5. System Integration with ERP

Black and Blue Electronic Tools on Green Circuit Board

By integrating an ERP solution with your existing systems, you now have a singular point of central processing that has the ability to automate data entry and various other business processes.

In turn, reducing errors and boosting data accuracy.

This not only just save you time, but also saves you money. Key factors when you are looking to grow as a business.

Triumph ERP automates your systems, so they work for you instead of you working for them. Helping you to focus on the more important thing, the idea that started your business.


So, start your digital transformation today and revolutionize the way you manage your business

Get in touch today or better yet try our demo to see how you can unlock the true potential of your business.

Proven Strategies to Increase Sales and Profitability | Step by Step

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It’s an undeniable fact that Growth and Sales are tied together like a scouts knot in business, without sales or rather making new sales opportunities your business will not reach its fullest potential. To look for growth, just simply look at the customer base you’ve already built, there’s an immense amount of data already present there and with the right ERP solution you have the key to unlock and utilize existing data to reach levels of sales you haven’t experienced before.

Why would I go with an ERP solution instead of just using excel for sales analysis?

Triumph ERP isn’t a spreadsheet, it’s a centralised platform for all your business processes, communicating with each other in a data-centric symphony that provides quick access to data for sales reps in terms of information on customer history, order status, and pricing information.

ERP sales reports are intrinsically advantageous when the goal is to grow and expand your market share. As a business, if you are not running analysis on sales reports on a consistent basis, you are essentially limiting the potential growth of your sales and ceteris paribus therefore your business.

Our Sales Analysis module can be seen as an informative and visual node that connects to your customer and business network, utilising existing data and helping you predict and identify opportunities for growth faster but also more smarter.

Through data, your sales reps will have the ability to make better-informed decisions and administer better customer service on a scale that fits the vision of where you want to take your organisation.

So how will an ERP solution help me boost sales?

ERP solutions are essential, view them as integrated tools that have the ability to manage your business operations and add valuable insights into those very same operations. As mentioned before one of the most sought-after aspects of an ERP solution is it’s integrated reporting ability, especially for sales.

For example, sales reports give you a bird’s eye view of your repeat customers and their purchase behaviors. It’s important to analyse and investigate when there is an anomaly in their purchasing behavior and this can be something as simple as them not purchasing a product or service that they usually purchase every month. This can also range to them suddenly increasing the number of their orders.

Here your sales reps can go ahead and contact the customer and make special provisions to continue selling the product and also in some cases up-sell if the customer is looking for more. When customers change their purchasing behaviour, you can view it as a golden opportunity to further understand their needs and wants by solving any issue they have with their purchases.

An ERP implementation means that your business can utilize these reports, improve sales performance, increase market share and ultimately taking your business to new heights.

Let’s Break these down into 3 Key Steps

Step 1

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Your first step in utilising an ERP solution for the purpose of sales report is to ensure that the data being retrieved is comprehensively accurate. This will only aid the ERP solution in creating more robust and precise sales reports, which should include:

  • sales transactions
  • customer behavior
  • preferences
  • product performance
  • market trends

By utilising this data through an ERP solution, you have the ability to empower your sales reps with a deep understanding of their performance and the business, enabling them to make decisions on how they can improve sales to modifying product/service offerings.

For example, your sales reps can use these reports to identify which products are selling well and which ones are not. They can also use the data to identify which customers are making the most purchases and which ones are not. This information can then be used to develop targeted sales strategies and marketing campaigns that are designed to increase sales and expand market share.

Step 2

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One of the key benefits of using ERP sales reports is that they provide your business with real-time data that can be used to make informed decisions. The viability of ERP sales reports is incredible, as your business can quickly identify sales trends, customer preferences, and market opportunities. Your team can even then use this information to make adjustments to their sales strategies and marketing campaigns in real-time. This can be especially useful if your business is in an ever evolving industry where market conditions can change on a dime.

Sales reports give you a bird’s eye view of your repeat customers and their purchase behaviors. It’s important to analyse and investigate when there is an anomaly in their purchasing behavior and this can be something as simple as them not purchasing a product or service that they usually purchase every month. This can also range to them suddenly increasing the number of their orders.

Here your sales reps can go ahead and contact the customer and make special provisions to continue selling the product and also in some cases upsell if the customer is looking for more. When customers change their purchasing behaviour, you can view it as a golden opportunity to further understand their needs and wants by solving any issue they have with their purchases.

Step 3

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Another advantage of using our ERP sales reports is that they help businesses to optimize their sales performance. By analyzing sales data, your business can identify which of the sales channels you have are the most effective, and which ones are not. Our software can also identify which products are the most profitable and which ones are not. This information can then be used to make strategic and informed decisions about product development, pricing, and sales channels.

By optimizing your team’s sales performance in this way, you can drive up revenue and market share.


In addition to improving sales performance, ERP sales reports can also help your business to improve customer satisfaction. By analyzing customer behavior and preferences, your sales team can identify areas where they can improve their customer experience. This could include improving product quality, offering better customer support, or providing more personalized services. By improving customer satisfaction in this way, sales teams’ can build stronger relationships with their customers and increase customer loyalty.

Optimising Sales through Data

ERP sales reports are a powerful tool that businesses can use to improve their sales performance and expand their market share.

By collecting accurate and comprehensive data on sales transactions, customer behavior, and market trends, your sales team can gain valuable insights into their sales performance. They can then use this data to make informed decisions about sales strategies, marketing campaigns, and product development.

By optimizing their sales performance in this way, you can drive up revenue and market share, and also improve customer satisfaction and loyalty.

Optimise and Boost your Sales Today!

5 Reasons for Digital Transformation

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Adapt and Evolve with Digital Transformation.

It’s a mantra adopted by successful businesses that is implemented, streamlined and poured across every level of the organisation, a mantra that keeps them running not just in the present but also keeps them in the mindset of anticipating and joining in with the digital future. All of this is possible by taking the necessary steps toward your organisation’s digital transformation


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Marianna Bradford

Without change, performance would never improve.

Modern ERP, Marianna Bradford

Even before the onset of the pandemic, we were offering a helping hand to growing businesses in anticipation for the digital future, a challenging process made easier through our proprietary ERP (Enterprise Resource Planning) solution, Triumph ERP.

But, how does an ERP solution help you towards taking the steps towards Digital Transformation?

ERP solutions like Triumph ERP connect every aspect of your organisation into one system, a system that is smart enough to analyse, interpret and transform data into insightful information that provides you a deeper understanding on how your business operates.

Think of it like this.

If you’re business is experiencing increasing growth, the level of data you have increases and so does the expenditure on business software, if you are still stuck using basic accounting software and relying on a stack of spreadsheets that keep increasing every week just to track your business, and on top of that relying on various plug-ins for the software to run on, you will regretfully face a solid brick wall of confusion and expensive mistakes.


Here are 5 reasons how Digital Transformation will ‘transform’ your organisation

  1. Improved Productivity: Digital transformation helps to streamline processes, reduce manual labour, and automate mundane tasks. This increases productivity and allows organizations to focus their resources onto more innovative and profitable areas.
  2. Customer Engagement: By leveraging digital tools like Triumph’s eCommerce module, your business can better engage with customers in a meaningful and targeted manner through personalised experiences led through data.
  3. Cost Savings: Digital Transformation can reduce costs associated with manual labour, data entry, and other time-consuming processes. This can result in considerable savings and help businesses become more competitive.
  4. Increased Profitability: By leveraging digital tools and technologies, organisations can increase their profits by expanding their reach, creating new products and services, and improving customer experience.
  5. Agility: Digital transformation allows organizations to quickly respond to changing customer needs, market conditions, and a competitive landscape. This allows organisations to stay ahead of the competition and remain competitive.
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Suffering from Stock Shortages?

Do you want to know how much stock is needed for your product instead of dealing with shortages? Do you want to know how many items you have in stock already, across multiple stores? Do you want to track your product as it goes through the delivery phase? Do you want a unified customer experience, that ensures satisfaction and return customers?

Digital transformation is an essential part of any organization’s success and can help them stay competitive and profitable in the long run. By leveraging digital tools and technologies, businesses can improve productivity, customer engagement, cost savings, profitability, and agility

This is just touching the surface of what an ERP solution is truly capable of, for a detailed outlook on how an ERP solution can inherently transform your business for the better contact us for a consultation today!

To find out more, try Triumph for free or better yet get in touch with us!

5 Benefits of Integrating an ERP Solution with your e-commerce platform

Blog Banner 5 Benefits of Integrating ERP Solution

So What is E-Commerce and How does it work?

Essentially electronic commerce or E-commerce, is where you have the ability to buy and sell goods/services, send/receive funds/data over a network which is primarily run through the internet.


How do you define E-Commerce?

As said above, but honestly e-commerce has a broad definition as it is a huge platform on the internet. Most of the transactions taken on such platforms happen either as B2B (Business To Business), B2C (Business To Consumer), C2C (Consumer To Consumer), and finally C2B (Consumer To Business).


E-Commerce
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How does E-commerce work?

I’m sure you would’ve definitely have had some sort of an interaction with an e-commerce platform. The most popular type of e-commerce platform you would be familiar with is on retail websites, who are routinely powered by SaaS (software as a service) providing sellers the ability to rent these online store infrastructures.

Ok, you can now define e-commerce but it goes a little bit deeper than that, as the whole process is quite fascinating. It would be much easier to understand from B2C (Business To Consumer) perspective, let me help you through the following technical steps that are taken, so you get your order in time; so:

Step 1: You have placed an order on the site, your web browser communicates with the server hosting the website

Step 2: This data from the order goes through a central computer known as the order manager

Step 3: This data is then forwarded to databases that manage inventory levels (where an ERP system can come in) where a merchant system that takes care of your payment information and a banking computer

Step 4: This data is now circled back to the order manager mentioned in Step 2, just to make sure you have funds and the store’s inventory can provide you with what you have purchased

Step 5: The Order has now been successfully processed! And you usually get an email confirmation or notification on the site itself

Step 6: The order manager from Step 2 will send your order to the warehouse so your product/service can be dispatched and shipped to you


E-Commerce
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B2B Applications

Ok, now you know how an e-commerce platform works through a transaction, and helps you get your purchases on time.

Lets get into what B2B means in an e-commerce setting.

Business to Business (B2B) is where the electronic exchange of products, service and/or information is specifically between businesses rather than consumers. 

A good example of this would be our eCommerce module which supports business to business (B2B), web shop as well as a business to consumer (B2C) interface. This means that you can optionally sell direct to the public, with the purchaser not requiring a debtor account with you.

However, E-Commerce is an incredible market for your business to tap into here are a few incredible statistics that prove it to be so

  • In the span of a decade (2014-2024) just from a retail perspective, sales are expected to grow from USD$1.3-$6.39 Trillion (Statista 2021)
  • By 2024 e-commerce will take 21.8% of Total Global Retail Sales (Statista 2021)
  • Australia is the 11th largest e-commerce market globally, and is predicted to make USD$32.3 billion in the next 3 years (Trade 2020)

Yes, not only is e-commerce an incredible financial opportunity it can also give your business a competitive advantage in a rapidly adaptive global market, provided you are able to manage customer satisfaction and product inventory seamlessly. This is where integrating an ERP system into your e-commerce platform comes in.

Having the whole picture through ERP integration with solutions such as the Triumph e-commerce module ensures you as a business owner, is guaranteed more transparency.


The 5 Benefits of Integrating an ERP Solution with your e-commerce platform

E-Commerce
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1. Inventory Management

With most companies on an e-commerce platform, inventory happens to be a primary item within the e-commerce ecosystem that is built for the company.

With the integration of an ERP solution such as Triumph, you have the ability to automate fulfillment, keep prices updated and ensure availability of stock for the product/service sold with real time tracking. This gives your management team an optimal and intuitive automated process that is quite optimized for effectiveness and efficiency.


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2. Customer & Supplier Management

An ERP solution such as Triumph, ensures that the integration with your chosen e-commerce platform is well optimized. As with the help of real-time integration, you are able to have better and closer relationships with customers and suppliers, ensuring the optimal management of your database.

Moreover, due to automation of tasks and processes, you can just as easily collect your customer’s data, ship and collect products they have ordered effectively and efficiently.


3. Automating Financial Processes

Primarily, looking at financial processes such as accounting and invoicing for your company, the addition of an ERP solution provides your business with a balance sheet, profit/loss statement and trial balance etc. An ERP integration with your e-commerce platform will ensure when an order is placed, the system generates a delivery note, as invoice and accounting is all done automatically.

Moreover, an ERP integration ensures errors and delays are minimized as the financial processes are much more efficient and less prone to human error as they are automated.


E-Commerce
Image by Josh Appel

4. Reduce operational costs

Two primary ways an integrated ERP solution is able to reduce time and costs is through:

  • Eliminating the duplicate entry of data, now your company’s order is being fulfilled faster with much less of an error margin. With the integration of ERP software, data such as customer details, their payment and shipping orders is automatically uploaded from your ERP solution to your e-commerce platform, ensuring you do not need to re-enter data (which is considered a very error prone process if done manually)
  • Automating most management processes you save huge on operational costs and also importantly increase productivity due to automation of input of data such as inventory levels

E-Commerce
Image by Isaac Smith

5. Scale company growth

Essentially an ERP integration enables your business to have one whole picture of your total sales output, this is primarily achieved through the unification of business processes offered by an ERP system. Helping you scale your company’s growth, as there is less room for error as the e-commerce platforms seamlessly connects you with inventory, manufacturing, CRM, financials etc.


So…

Instead of having snippets of your sales, having the whole picture through ERP integration with solutions such as the Triumph e-commerce module ensures you as a business owner, is guaranteed more transparency.

Providing you with the ability to manage business processes more effectively due to a unified ecosystem (such as Inventory, Financials, Manufacturing, CRM etc.)

I hope this has helped you better understand how beneficial an ERP system can be when building your e-commerce store, if you would like to see how such an integration works a free demo is available.

4 Reasons to upgrade your Basic Accounting software to an ERP Solution

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Well, here at Triumph, we could give you 36 reasons why you should upgrade your accounting software to an ERP solution. But for today let’s stick to 4 Major ones that can have a tremendous impact on your business within the next decade.

Imagine you have an incredible car you put your time, effort, and sweat into building, but it runs on an older engine that guzzles fuel and after a while, it starts to concern you, the solution is an up-gradable engine that powers your creation efficiently making it in the long term, a cost-effective investment.

ERP Solution and very clean car engine

It is the same with your business. Spending years of hard work and trying to pursue ideas that made you start your business in the first place should always be your primary focus. We know it can be a messy challenge dealing with various arduous business processes, this can be especially the case with basic accounting software where basic transactions and data is captured. If you are a small business this would be perfect as it meets your basic requirements.

ERP Solution can help with inventory and delivery

But if you are experiencing growth and wish to expand your business in the coming decade, basic accounting software will not only make your life a confusing mess, but it will also cost you heavily in the long run. The time spent on managing information within a system that isn’t automated like an ERP solution can be spent furthering your vision and company instead.


Ok then, what sort of signs should I be looking for to upgrade to an ERP solution?

There are some clear benefits for you to upgrade to a platform that grows with you, but here are some very clear signs that should alert you to upgrade from basic accounting software to a fully-fledged advanced solution, which ironically is much more user-friendly.  

Sign #1 Multiple trading entities

ERP Solution can help with companies having multiple businesses

If your business is experiencing and you are looking to expand not just locally, you are looking at a state-wide maybe even a global expansion for your business. This would mean you will have to look at creating multiple businesses that are operated across different regions, and for an SME like yours, this can be especially challenging.

On the left, you have the time-consuming and cumbersome process of integrating 3rd party applications with your existing accounting software, and on the other hand, you are running lap after lap meeting different accounting standards, and tax regulations and managing differing exchange rates across your businesses as you expand on a global scale.

This is where an ERP solution like triumph comes in, the solution is not just implemented to aggregate all this data into something comprehensible and easy to follow, an ERP solution automates currency conversion, regulations, and reporting for different subsidiaries across various regions or countries, all this in real-time. Helping you make quick and informed key decisions during key moments for your business.


Sign #2 Incomprehensible Data 

How is it that Google and Facebook can target you with relevant ads so well? That you often make purchasing decisions based on them.

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This is only possible because as you used these platforms more, the amount of data given to these platforms by you has grown as well, helping identify and helping you become aware of products and services you would use or have an interest in.

It is the same with your business data, it grows as you grow. 
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What you do with data will forever change the way you operate and run your business, it is a gold mine of information on how your business works internally and externally, in today’s market, data is currency as it directly correlates with increasing business performance and improving customer satisfaction.

However, with basic accounting software, important key data can be spread sparsely across various areas, especially with a business that is expanding like yours. This means keeping track of this data over your various subsidiaries or even departments through 3rd party applications and confusing spreadsheets that are incomprehensible as the data hasn’t been processed in real time for insightful reporting that can help you make informed decisions.

An ERP solution like Triumph provides you with a one-stop shop for your business data, and it isn’t built into a spreadsheet but designed to give you access to your data in a visual manner that is easy to understand and even easier to act on, in real time.

What’s great about an ERP solution like Triumph is that having real-time data accessible simply through a dashboard, gives you greater transparency surrounding not just how your business truly operates but also how customers interact with your business. This helps you essentially spot critical deficiencies across your business and gives you the ability to not just identify them but make actionable changes that will help you further become a major competitor in a busy market.


Sign #3 Micromanaging Inventory in Multiple Locations

Ship with containers, Track with an ERP solution

It is quite common for businesses to adopt an omnichannel strategy when looking at expansion, especially in a post-internet world where orders can come from various locations, making the supply chain for your products a complex system. This is why businesses usually implement a multi-location system to carry stock, this not only cuts down on delivery time increasing customer satisfaction but also saves money on shipping and handling across various locations to reach one destination.

Relying on basic accounting software which can only handle total stock across various locations, will not only be a huge task of guesstimating but also incredibly unreliable if you want to make key decisions in real-time based on available stock. This can often lead to ensuring extra stock is kept if there is stock-out at any one location, costing you more and in the long term affecting the value of your stock as it depreciates.

Accounting Software

If you are looking to expand your business in order to fulfill your vision without any costly hiccups across your supply chain, then it is best to start thinking about implementing an ERP solution like Triumph, Triumph ERP is a heavily modular system that grows with you, but importantly Triumph includes the Multi-Location stock module, helping you allocate each location/store to have its very own price, quantity, and items which can by synchronised across all of your locations.

Having the ability to accurately forecast and plan for stock can be a challenging prospect without an ERP solution, this can lead to poor customer satisfaction and retention in the long term as well. Moreover, the Multi-Location stock module is so advanced it also gives you automated sales, inventory, profit, and loss reports from each location. To learn more, click here.


Sign #4 Waning Supply Chain Management

Birds eye view of shipping dock

If your software doesn’t give you a complete picture of your supply chain, including taking into account, accounting regulations, tariffs, and regulatory requirements on a global scale, this can impact product delivery and potentially cause financial and reputational damage.

If you are looking at expansion you will come across such a challenge, instead of relying on spreadsheets to keep track of your supply chain or installing additional plugins to keep up, general accounting software will not cut it.

Basic accounting software usese Excel sheets, which are very time consuming compared to an ERP solution

Not only does it put you at a greater competitive disadvantage, but general accounting software also cannot act as a central hub for all business data, this would include tracking orders through 3PL partners. Moreover, while you have the convenience of a 3PL partner fulfilling orders, accounting software will not be able to report on inventory, orders, vendors, and customers through a unified perspective, this is where an ERP solution shines.

ERP solutions like Triumph have the transformative ability of unifying your supply chain under one system, a central hub for key stakeholders within your business to easily access through an easy to read but detailed dashboard. Furthermore, unlocking the full extent of your supply chain with Triumph not only helps give you real-time information on the supply chain, but you can build backup plans, and quickly adapt to a constantly evolving market.

To find out more, try Triumph for free or better yet get in touch with us!

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5 Reasons why ERP leads to Growth

People working on ERP system

As accessibility to digital technology grows exponentially each year, Digital Transformation has become the key for many organisations looking to compete in a global market that is in a continuous state of change. With a market value of $43 Billion in 2020, the ERP market is predicted to reach $117 Billion by 2030 with a consistent CAGR of 10% annually.

All in one Management tool for Growing Organisations

The key to managing any growing organisation is through a centralised perspective, there is no other highly effective tool that offers amazing utility to organisations like an ERP system. An ERP system is able to manage a multitude of key business functions under one central but integrated system that is accessible to key stakeholders within the organisation.

The reason why ERP systems are used across various industries from healthcare to manufacturing is due to their automated centralised structure that securely manages a rich variety of data from various business functions like CRM, HR, Business Intelligence, Inventory, and so on. This data is not only organised but can be further simplified into visual analytical reports that give key stakeholders on areas they can improve for the business.


Here are 5 Reasons why ERP leads to Growth:

1. Incredible ROI

Happy Businessman due to digital transformation

Yes, Implementing an ERP system can be costly, but that’s only at the start of your Digital Transformation journey. When implementing an ERP system, instead of looking at the immediate future for results, you should be looking at the next decade, as technology is being constantly updated, you would want an ERP system that is highly modular and run by a dedicated team like Triumph.

Here’s why you can expect an incredible ROI with an ERP system in the future:

As an ERP system is a centralised point of information, staff are able to utilise their time more efficiently. Instead of spending money on training staff on various systems and them wasting time to look for a piece of information across several systems, an ERP system greatly simplifies this process. Spend less time and money by training your staff on one system, and they in turn can spend more time on helping your business, instead of being information detectives.


2. Rich Analytics

Rich analytics reports due to digital transformation

With an ERP system being a centralised information database, this means it’s an incredibly rich resource as a business intelligence tool, that is highly functional for developing various reports that would otherwise take days to compile to just mere minutes, additionally ERP solutions like Triumph, provide visual dashboards for data that key stakeholders can access and make informed business decisions for the future of your organisation. 

What does this mean for your organisation?

Spending less time compiling information from various software, mean you are able to make informed decisions for your organisation quickly. This is more important than ever especially in an increasingly competitive global market, digital transformation through ERP implementation is key to keeping up or going further than the competition. The key is quick, valuable, and secure data that is automated into visualised reports that are understandable to key stakeholders within your organisation. 


3. Increased Customer Satisfaction

Happy customer due to digital transformation

Offering goods and services with the needs of the consumer in mind is the best method to increase customer happiness. There are several ways that ERP offers this. Firstly, most enterprise resource planning (ERP) systems come with or can be easily connected with a customer relationship management (CRM) solution. Your CRM gets access to data from all corporate operations thanks to an ERP.

An integrated CRM can provide facts like order history and invoice information in addition to contact information. This enables your team to view your clients more holistically and comprehend their needs and wants better. Your sales strategy for improved lead generation is formulated with the support of the increased client visibility.


4. Simplify Compliance and Risk Management across your business

Appropriate level of risk averse due to data from digital transformation

Staying on top of everything while your business continues to grow can be messy and confusing, especially when you start providing your business on a statewide or global scale. Challenges just don’t stop at supply and logistics, they can start with complying with cybersecurity, HR and even environmental regulations, these rules can impact a growing business in unfamiliar territory

ERP solutions are made with these regulations in mind, helping you to keep your business operations in check, this includes auditing and recording tax obligations for example. Simplifying this process through such an automated system not only saves you an incredible amount of time and unnecessary stress but also money, money you can spend back into your business

Managing risk without data can be stressful, leading to uninformed decisions on future business operations, this is where an ERP system comes in. An ERP solution provides financial management through data analysis, meaning less accounting errors and more accurate and dependable information. Furthermore, having a high level of financial managements helps you reach deadlines, secure budgets and continue plans for product/service development


5. Synergistic Production Planning and Resource Management

Resource management due to Digital Transformation

ERP oversees manufacturing in addition to inventory management. Moreover, an ERP system offers insight into every aspect of manufacturing, including shop floor operations. This gives users, your employees the ability to maximise capacity by optimising production schedules, machinery, and labour.

Your Bill of Materials (BOM) and fixed assets are also managed by ERP. Users may simply create and amend BOMs with this software, and they can also keep track of all past changes. Fixed asset management enables users to plan equipment maintenance to minimise unplanned downtime, enhancing your profitability and connections with your supplier chain.


So…

If you choose the proper solution, the value of ERP far overcomes the initial expense, time, and effort required for implementation. For further details on features and functionalities, implementation objectives, and queries, see Triumph

If you do sufficiently thorough study and give it enough thought, you’ll discover ERP uses that offer all the advantages mentioned above, which will help you understand why ERP is crucial for a company.

The First Step to Digital Transformation

6 Ways Cloud ERP can save you Time and Money

Cloud ERP Saving Money

In a global market experiencing rising cost pressures due to inflation, it’s important to look at how your organisation’s infrastructure is built from the ground up, in an effort to cut costs, and still manage to keep your company profitable in the long term by switching to a Cloud ERP solution.

If you have already subscribed to a legacy ERP system that only offers on premise, it might be time to change. With cloud technology kicking off for the past 5 years, it has become more secure, more reliable and furthermore much less expensive for businesses of all shapes and sizes to adapt. 

Switching to a Cloud ERP system is much more cost effective and efficient compared to having on premise systems, here are some key areas where you will be able to save compared to on premise system:


Licensing Fees

Licensing Fees Meeting for Cloud ERP

With a cloud solution you can operate an ERP solution almost immediately without investing in upfront operational costs at the start especially when purchasing the software. Cloud solutions help with cash flow planning and management for small businesses much easier at a lower costs.

Hardware & Servers Costs

Hardware and Server Upgrades for Cloud ERP

With a cloud ERP solution, spending money on manually hosting your solution through your own servers and on top of that, having an IT team to maintain the hardware and software, is really a thing of the past. As a cloud solution is already hosted and taken care of by a team of specialists, your operational costs are much lower. Not to mention upgrades are almost instant and since it’s covered by your Cloud ERP solution this forgoes any additional upgrade costs.

System Maintenance and Upgrades

Cloud ERP

With on premise solutions, upgrades can be quite costly and furthermore can get complicated as on premise solutions usually require an IT team to implement the software as well as maintaining the solution on a daily basis. Switching to a Cloud solution means the providers of the service are solely responsible for the maintenance and upkeep of the system (including upgrades), this cuts costs financially but also time-wise as updates are quicker and automatic.                                                                                                                                                                                                                                 

Customisation

Tailoring your Cloud ERP solution for your business

Any growing business needs a degree of flexibility with their ERP solution as they take on more complex business processes. While an on premise solution can be modified to an extent, they are still linked to existing software code that can get wiped when the system is upgraded, then you have the IT costs to re-implement the customisations one more time. Cloud ERP solutions offer you more flexibility as when software upgrades it does not affect your base code. Similar to Triumph Cloud, you can add and remove modules as you see fit for your business. 

Scalability

Measuring in terms of services for Cloud ERP

Scaling your business means scaling your ERP solution aswell, as processes get more complex your ERP system is going to need more hardware and infrastructure to run, this can be costly especially with On Premise solutions. Whereas a Cloud ERP solution can be scaled up or down depending on your business, giving you the option to only pay for the functionality you require for your business, saving you costly infrastructure costs that are covered by your Cloud ERP provider.


Let’s Sum It Up

Cloud ERP solutions offer your business consistent regular updates, upgrades, lower upfront and operating costs, improved usability, and importantly disaster recovery (as the data is stored outside the business). A Cloud ERP solution is super beneficial for a growing business without being anchored by a costly On Premise solution. Overheads such as infrastructure, hardware and installation costs are all dramatically reduced for companies using cloud-based ERP systems.

Implementing a cloud-based ERP such as Triumph Cloud, has many financial advantages. Your ERP system changes from a capital cost into an ongoing operating cost, preventing the need for large-scale capital upfront.

While a cloud ERP may include initial setup costs and training, you can achieve economies of scale much faster compared to on-site infrastructure. Cost-effectiveness is one of the major reasons businesses are choosing to move to a cloud ERP, rather than stick with an on-site system.

Conclusion

Cloud ERP solutions offer companies some powerful benefits such as agility, better security, lower costs, and flexibility. They remove the difficulty of maintaining and updating systems, enabling companies to make a move and invest their time, money, and resources into fulfilling their fundamental business strategies rather than focusing on the maintenance of IT infrastructure.

What is Fixed Asset Accounting?

Cover image for Fixed Asset Accounting

To better understand how Fixed Asset Accounting works, let me take you through everything that entails/makes up a fixed asset, as it is a vital component of any successful organisation

A Fixed Asset is primarily a tangible product that you as a business or organisation already owns or is looking to own and manage in an attempt to build an income. This includes PPE which stands for Property, Plant and Equipment (not related to safety equipment.

A popular fixed asset you as an individual might already own would be your house, if you are providing it as a serviceable accommodation this would help you generate revenue. Even the objects within your house can be considered a fixed asset, this could be furniture, toilets, and even the bedrooms that go towards the maintenance and upkeep of your house.

Fixed Assets are usually never sold/consumed until the next ‘calendar’ year (a whole 12 months from January to the end of December) if the business wants some sort of liquidity and security if they cannot meet their financial obligations. 

Fixed assets also differ from your inventory, and this inventory can be divided into four primary categories:

  1. Raw materials

This is the raw components that go into the production of a product. For example, for furniture you would need wood.

  1. Finished Goods

These are the products/services available withing your inventory that are ready to be sold. For example you are a telecommunications provider in order for customers to access your service you would provide an additional product through a sim card to access the final service. 

  1. Goods & Services in Progress

These are goods/services still in the production process, which include all the raw materials, labour, and material used to make the product or service; this can also include the packaging that goes into making the goods/service. For Example, this can be something as simple as a barista making a coffee, the barista would be the labor, and the process of making the coffee would include grinding the bean, whisking the milk, and pressurizing the espresso shot to get the final product. 

  1. MRO (Maintenance, Repair & Operations Goods) 

Supply inventory that helps during the production process of the product and/or helps with the upkeep of a business. As your inventory includes all your finished goods as well as the materials you’ll need to make them, fixed assets are what you’ll use to create, house, and ship those finished goods.

The Balance Sheet

what is a Current Asset?

Current Asset
Stocks are considered as a Current Asset

A current asset is usually sold within the span of one calendar year, they appear on your organisation’s balance sheet as an annual financial statement.

A current asset can be stocks, securities just liquid assets, accounts receivable, inventory, and prepaid expenses. Fixed assets are depreciated, while current assets are not.

What is a Non-current Asset?

Fixed Asset,accounting
Manufacturing equipment is considered as a Non-current Asset

A non-current asset is usually an asset that has a considerable long term investment that you cannot liquidate within the calendar/financial year, as they are quite hard to liquidate due to their nature, this can be for example a house, manufacturing equipment and raw materials

Fixed assets are a form of noncurrent assets. Other noncurrent assets include long-term investments and intangibles. Intangible assets are fixed assets to be used over the long term, but they lack physical existence. 

As a general rule of thumb, audits are often included within your organisation’s accounting records after the fiscal year. Auditing helps you identify differences within these assets whether they be minimal or substantial and helps your organisation be more transparent (incredibly important for public companies who want to attract retail investors)

Capital Assets

Fixed Asset,accounting
Warehouses and trucks like these can be considered as Capital Assets

Fixed Asset Accounting is a method of keeping vital and incredibly detailed financial records through booking in terms of the capital assets of your organization/business.

A capital asset includes any sort of property held by your company, it can be tangible or intangible. Examples of this include the property, machinery (if you are manufacturer) and company vehicles you have, these assets are supposed to generate income over time (giving a room for rent, or as a manufacturer making enough products that the profits over time offset the cost of production and the cost of capital) 

Moreover, a capital asset has important characteristics such as 

  • The asset is useful for more than a year 
  • Acquiring the assets is more than the capitalisation amount
  • Not sold as a regular product
  • Cannot easily liquidate into cash (e.g. stocks are not capital assets)

Hopefully, this will help you understand and identify capital assets within your own organization. 

The Life Cycle of a Fixed Asset

Fixed Asset,accounting
Fixed Asset Lifecycle Diagram

Acquisition

The acquisition cost of the asset can be found through a variety of costs such as shipping, invoicing, installation, etc. These are any expenditures spent to prepare the asset for its intended use. However, things excluded can be cash discounts. 

To record the purchase of a fixed asset, debit the asset account and credit the cash account with the same amount.

Depreciation

Your asset periodically declines in value, calculated within a particular method.

Enter depreciation on the books for the entire asset pool or by asset type. The amount of accumulated depreciation is used to calculate any loss or gain on the asset’s disposal.

Depreciation can be classified into four types:

  1. Straight Line: This option evenly distributes depreciation over the useful life of an asset.
  2. Accelerated or Sum of Remaining Years: this method deducts a larger portion of the cost in the early years and a smaller portion in the later years.
  3. Depreciation by Units of Production: depreciation by units of production deducts an asset based on how much it produces.
  4. Double Declining Balance: this method accounts for the cost of a longer-lived asset that loses value quickly or becomes obsolete. Computer equipment, expensive cell phones, and other technology that has more value at the beginning of its life than at the end of its life are examples of assets that should use the double declining methods.

Revaluation

An assessment to record its current fair market value.

Impairment

Also known as writing down, this serves as the recorded reduction in value due to events or circumstances.

Disposition

Selling, scrapping, or another form of disposing an asset at the end of its service life.

Revaluation 

The revaluation of fixed assets aids in reflecting the fair market value of volatile assets or changes in an asset’s usefulness. Revaluation analysis describes the asset’s carrying value, or book value, or its value over its life.

Models 

Cost: Subtract the accumulated depreciation and any impairment costs from the original cost price in this model.

Revaluation: deduct the accumulated depreciation and impairment costs from the current fair market value.

Asset impairment is similar to advanced depreciation in that it reduces the potential benefit from an asset. When a significant change in circumstances occurs that may reduce a fixed asset’s gross future cash flow to an amount less than its carrying value, an impairment test should be performed.

Assignment and/or transfer dispositions can also be completed for accounting and tax purposes to obtain relief from any associated taxes or other liabilities. It can also refer to the sale of an asset used as collateral for a loan.

Disposition can occur in a variety of ways. The sale of stocks or bonds on the exchange market by an investor, for example, is referred to as the disposition of stocks. Insider trades are reported by a company as a disposition of shares to executives and the board of directors. The disposition of loan assets occurs when banks review loans and sell the collateral in the event of a borrower default. Donations to trusts or charities can also be referred to as a disposition 

Dispositions involving an assignment and/or transfer can also be completed for accounting and tax purposes in order to obtain relief from any associated taxes or liabilities. It may also refer to the sale of an asset used as collateral for a loan.

There are numerous ways for disposition to occur. The disposition of stocks, for example, refers to an investor’s sale of stocks or bonds in the exchange market. Insider trades are reported as a disposition of shares to executives and the board of directors by a company. The disposition of loan assets occurs when banks review loans and sell the collateral in the event of borrower default. Donations to trusts or charities may also be referred to.

So…

Fixed Asset Accounting is a vital and key bolt when building a successful organisation or even running one.

Instead of running it separately having it as part of your overall ERP system is great method of maintaining and locating your fixed assets, while giving you the capability of breaking down components of the asset, which can a relief when differing components within your asset change in value over time, helping you ensure that you can keep track of not just its location but also its value.

Informing business decisions through Sales Analysis

Sales Analysis

What is Sales Analysis?

Sales Analysis is a critical and vital analytical tool for any business looking to grow, not only does it show the performance of your business, but also gives you detailed reports on product revenue, in-depth customer data (demographics, geographic and consumer interactions, etc) to the performance of sales for not just your business but also, more importantly, your sales team.

Utilizing it will give you key data-driven information that can help you make informed decisions on sales and product strategies, which will lead to better returns and better growth.


Why is Sales Analysis Important?

For a growing business, sales analysis is essential for growth be it in a crowded marketplace or as a first-mover, running sales analysis through an ERP system will not only be beneficial in terms of understanding your customers but will also give you the advantage of understanding key market data and trends that can help increase your market share

Sales Analysis is Important as it gives key insights on:

  • Utilising long term data

As a business tracking data from the origin point can be incredibly beneficial as you experience growth in the years ahead, tracking your sales for the long term can help give you comparison points that can be beneficial.

For example, if you introduce loss leaders to stimulate other products/services offered, you can compare the sales data to a time when you did not implement loss leaders and contextualize it within a report to see how much profit was generated from both sales strategies.

Moreover, this can be great for accruing investments, as a long-term sales report on your company’s growth can have a positive influence on data-driven investor decisions.  

  • Customer Analytics

Having the ability to understand consumer behaviour is key to not only understanding what makes your customers tick, but analytics gives you furthermore data-driven information on your customers that can lead to incredible conversions that result in better sales, and give you key information on customers that can help retain them better.

By analysing sales performance, you can make data-driven decisions to find the needs of potentially profitable customers and formulate strategies that fit better to their needs leading to exponential growth.

  • Market Analysis

Sales analysis gives you key insights on market trends through past and current data, helping you identify key opportunities, analysis of sales performance of product/service offerings, and giving you the ability to foretell sales revenue and inventory sold in certain periods of time

Sales analysis gives you key data points on your audience to help you build awareness and create better marketing campaigns that can lead to higher conversions and more sales


Key Types of Sales Analysis

There are a number of Sales Analysis Techniques you can implement with the right software to better your business, however, to keep it short and succinct let’s go through the 5 Key Techniques that will infinitely help you improve your business operations once implemented

  1. Sales Performance Analysis
  2. Product Sales Analysis
  3. Predictive Sales Analysis
  4. Marketing Research

Let’s methodically dissect each technique to get a better understanding of why it would be hugely beneficial to your business

1. Sales Performance Analysis

Sales Analysis
Image by Lukas

Perhaps the most indicative of the worker performance within your business in terms of the sales team, you can use this technique to essentially monitor your sales team’s performance, from not just the sales accrued via your reps but also incur a financial-based analysis on revenue/profit generated from a collation of departments

Our reports can specifically target and focus on the important results you would like to see, this can be from revenue to profits, to indicating poor sales performance of teams/individuals. With this information, you can tailor and trial differing strategies to see which one will give you the results you expect from your sales team. Or even more, you can use this analytic technique to find gaps and offer better prices etc.

2. Product Sales Analysis

An essential tool if you are offering multiple products at a time, this can be essential if you are a retailer and have a variety of product offerings in your timeline, implementing this technique can help you do a routine check on offerings that aren’t giving you the revenue or demand you would want, from there you can re-strategize a plan to either improve on the product or its marketing to inform future decisions on whether the product should be promoted or discontinued

Implementing product sales analysis is highly vital, as you can use this data and pinpoint areas to target through demographics, popularity, costs, and revenue generated with each offering, from there as said before helps enable you to make more informed decisions about your product offerings that can add considerable growth to your business

3. Predictive Sales Analysis

Sales Analysis
Image by Cottonbro

This technique can be incredibly beneficial for making strategic decisions with your product/service offerings acting as sort of an algorithmic fortune teller that foretells the future depending on your current and past sales reports. You can use these reports with even existing customers increasing their CLV (Customer Lifetime Value) by targeting areas of opportunity where you can upsell, cross-sell by tracking customer behaviour.

By integrating this analytical software you can utilize data-driven decisions to either improve or stall sales strategies

4. Marketing Research

Being on top of market trends is essential for an evolving business landscape with a global level of consumers who have differing preferences, market research can also stem from the analysis of competitor methods, this can be how they price their products, to even how customers interact with them and vice versa. Using this you can dissect their strengths and weaknesses, implementing them into your own strategy to improve it or keep it the same (in the case it’s already quite successful).

It is highly beneficial to do this research routinely to maximize data-driven decisions and implement them into product offerings to maximize your sales.


Sales Analysis
Photo by Athena

It is highly beneficial to do this research routinely to maximize data-driven decisions and implement them into product offerings to maximize your sales. 

You might be wondering how would you go about utilizing these analytical techniques and applying them towards reaching your sales goals, let us go through a step by step process


Sales Analysis
Photo by Thirdman

Step 1 – Outline your Sales Goals

This is the process where you start asking yourself what the end goal of your business is and how you can achieve it, here are a few things you can think about while discussing goals with your sales team

  • Determine initially what the sales goals are to be
  • What is your best product/service offering depending on sales data acquired through the analytical process
  • Build a profile on the customer, including a basic outline of their needs and wants in terms of your product offerings and how it could benefit them
  • Is there a negative pivot within the sales process you administer and teach your team, what steps can you take to mitigate it, this can be instilling e.g. a new script if you are a telemarketer
  • Develop an observational data report to see how well employees have done after doing their sales training, if it isn’t causing growth in sales you might need to change strategies
  • Improve price points and value on product/service offerings depending on analytical data
  • Refining your product offerings

Whatever your sales and business goals are, the first step is to outline them. 

This will help you figure out the exact data you needed so you can track it over time, like a longtitudinal study and analyse the effects of different strategies within your sales pipeline. So, be very clear on what your sales goals and what metrics matter most to your business. 


Step 2 – Choosing a Sales Analysis tool 

Deciding which metric to track through your sales dashboard can be a complicated project, so its important to discern and divide the results to a more tangible metric you and your team can keep track of and understand, through this process over time you can slowly input new data points and keep track of them at a steady pace provided your whole team has been through enough training to understand the data provided by analytical tool and they are trained to apply and implement them as part of their sales strategies

Data such as customer metrics and insights into lead generation can help supervisors and managers re-evaluate and refine their sales process based on data driven decision making for the benefit of the organisation down to a quantitative level. Key metrics you can look at to evaluate your team can be through revenue generated by sales, product, or even the lead you use.

Moreover, understanding CLV (Customer Lifetime Value) also helps you prioritize where to spend your efforts. Using CLV enables you to make decisions as to how to best allocate our resources.

The customer lifetime value is a clear indicator of what a company can expect in revenue from each customer. This can be beneficial in a number of ways, including comparing customer service costs to income from products and services.


So…

Sales analysis is a huge part of developing and growing into a successful organisation as it gives your business the ability to expand and sell using proven data driven strategies that can ensure the growth of your company, maintaining and building new customer relationships.

More importantly, Sales analysis keeps your business relevant and applicable to new and emerging market trends, helping your organisation in a competitive global market