8 reasons why having a paperless office is best business practice

become paperless

Employers are continuously searching for innovative ways to transform office spaces into environments that encourage productivity, collaboration and growth. With offices workers across Australia crying out for companies to modernise their work processes by replacing paper with digital tools, transitioning to a paperless office is a worthwhile investment.

The average office worker uses 10,000 sheets of copy paper each year, with 45% of paper printed in offices ending up being trashed by the end of the day.

By working towards becoming a paperless office and converting paper files into electronic files via digitisation, will not only help reduce your environmental impact, but can boost efficiency within your workplace. Check out our top reasons for your office to go paperless below.

Australians want to connect digitally

According to recent research, 85% of consumers not only want, but expect to do business digitally. Why? Because they most likely find that paper-based transactions are slow, inconvenient and can be unreliable.

Businesses today need to be able to offer a quick, seamless experience for their consumers- whether they are interacting with your business on their mobile, their tablet or their PC. If your business isn’t delivering what your customers want, your brand and your business could suffer, resulting in less repeat business, less customer leads, and less referrals.

Stay ahead of your competitors

It is recorded that over half (55%) of consumers would rather pick businesses that offer digital transaction methods over those that don’t. Meaning, you may be losing more than half of your customer base if your business sticks to paper-based transactions.

By embracing a paperless approach – whether it be for a sales agreement, invoicing, event registration, work order, service contract or any other form that your customer requires – you alleviate the risk of losing them to the competition.

It saves time, which translates to money

How much time do your team members waste printing, scanning, faxing and posting documents? What about chasing documents that have come back perhaps missing a signature or a crucial piece of information which has caused an additional race around?

Using a digital management platform like Triumph ERP which offers you the ability to attach digital documents to a variety of transactions, your team’s time is freed up to focus on more meaningful tasks like customer engagement and business development.

It reduces your stationery bill

How much does your business spend on paper, printer ink, printer maintenance and postage each year? Not to mention files and filing cabinets! If you find that your business is regularly sending and receiving contracts, bills of sale or other paper-based transactions, then the costs very quickly add up. Digitally linking documents to transactions including Debtor Invoice, Purchase Order Invoice, Receipt Managed Stock and Bank Reconciliation– just to name a few!- will assist your business in going paperless and will eliminate most of these costs, putting more money back into the business.

Increase your space

Paper takes up a lot of room – as do filing cabinets and space to store those filing cabinets. Books and bookshelves are bulky, too. What’s worse, paper keeps piling up, oftentimes accumulating more quickly than it can be sorted and organized. This is particularly true of industries that have long mandatory retention periods for paperwork like the financial industry.

By digitising your files, you are able to store all your documents either on an on-premises server or in the cloud- both of which will most likely take up less room!

Customer data is safe

When choosing paper to power your business processes, you have to invest in locked filing cabinets and paper shredding policies to maintain document security and confidentiality. Even then, you’re left with potential data breaches and the ongoing need to train employees on your records management policies.

However, many cloud-based management systems like Triumph ERP cloud offer high-tech, bank-level data security in order to keep information away from those seeking unlawful access to critical data.

The cloud also provides a legally-enforceable audit trail that shows every action taken with the document, including who signed what, when and where. 

By going paperless, you may find it easier and more cost-effective to meet strict compliance regulations for your industry.

Adhere to Audit Guidelines

As a business, you most likely have to store several years of data for audit purposes. When switching over to electronic systems for document and content management, you’re able to easily and conveniently store as much data as you need while maintaining compliance with audit regulations and guidelines. Additionally, the digitization of your date will generate an audit trail automatically by simply scanning searchable text in order to make the process more efficient.

Promotes the Environment

Manufacturing paper products produce greenhouse gases, causing deforestation and global warming. Recycling can offset some of the environmental impact, but not by much. Most paper eventually ends up in a landfill. Further, ink and toners contain volatile compounds and non-renewable substances which are damaging to the environment. It is much more sustainable to simply reduce paper use altogether by switching to a paperless office.

It’s easy to fall into a comfort zone and conduct business as usual, especially if it’s been working out for years. Although it’s a convenient way of running your business, it also means that your operations may be stagnant, perhaps falling behind your competition.

Don’t overlook the benefits of a paperless office simply because you’re set in your ways as a business.

For more information about how Triumph ERP can help you with having a paperless office, check out our Paperless Picking module.

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

4 Reason to upgrade to an erp solution cover image

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.

Facebook icon in macro shot

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. 
ERP solution, coding

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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Billion Dollar Tax Break for SMEs

Tax Break for SMEs

It’s a great time for small businesses looking to start their digital transformation journey. With an increasing number of SMEs gaining growth through utilising business software and exposure through building an online presence, the federal government has implemented tax breaks in order to not only help businesses still recovering from the pandemic but also recognise the vital importance of a digital economy as the primary key to unlocking Australia’s economic future.

As part of the federal government’s 2030 Digital Economy Strategy, SME digitalisation through digital adoption has been a key factor in increasing profitability and saving time. Giving SMEs an incredible opportunity to change or find a new way to do business.

Covered under the 2022-23 Federal Budget, the government is providing a staggering $1 Billion as part of their 2030 Digital Economy Strategy, through their Technology Investment Boost policy. This will further help support SMEs to adopt digital technology through bonus tax deductions.

$1 Billion Tax Break for SMEs

Moreover, this policy can be further separated into two, (1) Small Business Technology Investment Boost and (2) Small Business Skills and Training Boost

1. Small Business Technology Investment Boost

SMEs,Tax

As an SME if you have an annual turnover of less than $50 million, you can use the Technology Investment Boost policy to get a 120% tax deduction from expenses on digital technology with an annual cap of $100,000 each qualifying income year. Businesses can continue to deduct expenses over $100,000 under existing law.

So how can you claim the ‘Small Business Technology Investment Boost’

Quite simple really, if you have any eligible expenses incurred from July 2022 until 30 June 2023 you can deduct the entire 120% in your 2022-23 tax return

What can you claim under the ‘Small Business Technology Investment Boost’

It depends on whether these depreciating assets and/or services have helped support digital transformation for your business, these include:

The policy will help you to not just invest in new computers, but also encourages you to adopt newer technologies, like a Cloud Based ERP system in an effort to maximise the potential efficiency of your business through automating manual business processes, giving you access to accurate and informative data that can be utilised to make informed business decisions.

2. Small Business Skills and Training Boost

SMEs,Tax

Additionally, as an incentive for you to invest in digital technology, $550 Million from the ‘Technology Investment Boost’ has been allocated towards providing you with the ability to invest and up-skill your employees, making your digital transformation journey easier than ever.

Similar to the Small Business Technology Investment Boost, if your business has an annual turnover of less than $50 million, you can use the policy to get a 120% tax deduction from expenses related to training courses for your employees.

So how can you claim the ‘Small Business Skills and Training Boost’

Quite simple really, if you have any eligible expenses incurred before June 30 2022 and you have claimed as usual in your 2021-22 tax return, you can claim an additional 120% for this period in your 2022-2023 tax return.

What can you claim under the ‘Small Business Skills and Training Boost’

You can claim any sort of external training, but the training must be registered by an Australian entity/entities. Expenses incurred due to In-house/On-the-job training however not included.

This will help you to invest more in upskilling your employees and if needed train new employees aswell, especially with use of any new technologies you have invested in. If you are currently trying to start your digital transformation journey with an ERP system, you will need to train your employees to make the implementation process a success.

To make this process easier, we at Triumph have partnered with CA Management to give your employees a monthly opportunity on how to use our proprietary and highly secure business software to help your business grow (For more info or to book your place please call 9470 9922 or email; support@caman.com.au).

The Digital Transformation Journey with Triumph ERP

Triumph ERP logo

The term Digital Transformation is used quite often as a buzzword with no clarity on what it is or the steps you can take to implement it, as part of your overall digital strategy. In layman’s terms, Digital Transformation is the integration of digital technology into all areas of your company, to streamline and improve traditional business processes, a transformative step that changes how your company operates and delivers value to your customers.

Knowing where, when and how to start can be stressful and often confusing, not just for you but also the internal stakeholders who are the forefront of operations in your company.

Ensure, internal stakeholders understand why your business requires such a transformation, how it would help the future of your company and your customers needs.

Remember that planning a Digital Transformation with an ERP implementation requires you to look at not where the business will be in a year, but in a decade’s time. This requires you to pick an innovative ERP system that not only offers integration but is also scalable in the future as your business grows

SMEs,Tax
An All in One Enterprise Resource Planning Solution

Triumph ERP offers a modern and customisable enterprise resource planning solution that enables you to run all the business processes within your organisation on one simple-to-use system.

Improve your financial controls and operational efficiency while keeping costs low with our comprehensive, fully integrated, and flexible design.

Designed for small and medium-sized businesses that have outgrown their basic accounting software, our ERP system doesn’t just handle the traditional accounting and bookkeeping functions – it takes a whole-of-enterprise approach to monitoring, controlling, and automating all your business processes.

Triumph ERP software is built upon a modular design, allowing it to be customised and scaled to suit needs, regardless of your industry. With the unparalleled ability to add on modules and users, Triumph ERP is the most capable and affordable entry level ERP software on the market today.

All 36 Triumph modules link together seamlessly to share data and information, creating a comprehensive and fully integrated system designed to maximise efficiency and empower better business decisions.

Whether you are looking for Core Financial, Sales, Purchasing, Inventory, Job Costing, Information Intelligence, or anything in between, Triumph ERP has the features you need to save you time and money.

So…

With these new measures brought on by the federal government, not only do you have an incentive to upskill employees but you can upskill them in software than can help you reach the true potential of your business.

There’s no better time than now to start your digital transformation journey!

An ERP solution like Triumph is highly beneficial for you as a small business owner, it has the ability to give you an overview of not just the supply chain but also your whole business, streamlining various facets of your business into a visualized dashboard that empowers you to make decisions on the fly or make decisions that can have a positive impact on your company’s growth, accompanied by taking the next step in your digital transformation journey

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.

How to Solve Supply Chain Disruptions

Supply Chain Disruptions

Even with borders open, businesses are still reeling from the harsh reality of supply chain disruptions during lock downs and stringent border control, this not only led to a shortage of computer chips but also importantly commodities. It can take an event like that for businesses to realise the time is now to take the next step into digital transformation, and forge a new more secure and data driven path for their business.

Before we dive deeper into how SCM (Supply Chain Management) can help you not only run efficiently but also save you costs on inventory and production, let us first understand what an ERP solution is and why its key for many businesses who want to take the next step into what is called a Digital Transformation.


An ERP solution can help you track business performance

Business Performance

An ERP Solution integrates multiple parts of your business, this can range from finances and inventory, to even managing your website as an online retailer. The benefit of implementing an ERP solution is by integrating digital technology into all areas within your company, you are not only able to considerably improve or forgo traditional business processes and practices, but you are also able to streamline all this information into an accessible dashboard that you as a business holder or key stakeholder has access to at all times

It is an essential component, as tracking the performance of your business can help you better evaluate and implement improvements to business processes much faster. By simplifying your business processes an ERP system gives you a considerable competitive advantage as you have access to information on clients, vendors and partners in relation to your business. Helping you again improve by simply having accurate information to make informed decisions.

Inventory Management

Every link in your company’s supply chain is visible with the help of an ERP-based inventory management solution. An ERP enables firms to keep track of inventory levels and schedule shipments effectively by giving access to your complete network of suppliers, clients, and distributors.

This is quite essential if you are looking to improve and survive such supply chain disruptions.


Accessing Real Time Information to Mediate and Optimise Supply Chain issues immediately

An ERP solution gives you and key stakeholders within your organization access to live/real-time information on Procurement, Manufacturing processes, Warehousing, Inventory, Transport and Logistics. Having access to real time information on hand is incredible for businesses during supply chain disruptions as it enables you to be agile

Triumph ERP Stock Item Enquiry Screen shot
Keep track of stock location, availability, costs and much more using Triumph ERP

With the right ERP solution you as a business owner can identity and solve issues immediately, for example an ERP solution can track if an item needs to be restocked in the warehousing process in real time. Having inventory tracking is essential for businesses, as soon as item is missing and you aren’t able to have real time information on the item, than you will enter into a supply chain disruption. Optimising your inventory will help not just to keep your business flowing smoothly but also help manage customer expectations in the case the item is not available as well.


Choosing an ERP solution that can communicate across different software

Steel Vendor

If you are within the manufacturing industry, relying on 3rd party providers is essential but can also be challenging when they do not have the integration you have within your own business, this makes it harder for you to make informed decisions as it will not be real time. But having an ERP solution that works well with other 3rd party providers and the software they utilize, means you now have the ability to analyse key data as inventory movement and warehouse activities as it also available through your ERP solution.  

By streamlining all aspects of procurement an ERP solution like Triumph, can help empower your staff with more time to work on valuable projects to bolster productivity as time spent on those manual processes are now automated, with that giving your business the chance to innovate even during a supply chain disruption that is negatively effecting your competition

The Most Important aspect on how an ERP system will solve supply chain disruptions, is its ability to integrate all your business processes. By integrating these processes and having them talk to each other you are able to have a more streamlined and accurate real time information, this can be something such as invoicing, as ERP solutions will automate invoices for sales and also has the ability to process and send payments.

To Conclude

An ERP solution is highly beneficial for you as a business owner, it has the ability to give you an overview of not just the supply chain but also your whole business, streamlining various facets of your business into a visualized dashboard that empowers you to make decisions on the fly or make decisions that can have a positive impact on your company’s growth, accompanied by taking the next step into digital transformation

If you are looking to take the next step and looking to streamline and simplify complicated business processes try our demo here.

What is Big Data?

big data

The key to understanding big data technologies is unlocking its past, its present and its future.

Information is data, and data only started to make an impact within our global economy with the earliest introduction of a data centre for financial institutions in 1955, for the Bank of America. With the introduction of the ERMA Mark 2, banks were able to handle their accounting and cheque systems around the clock. In a way this could be considered one of the first instances of automation within the banking world during the 1900’s, mere kilobytes of data used to manage whole accounting systems compared to petabytes (1000 TB) of data we have access today.

big data

Ok now let’s switch back to the present

With the global advent of IoT (Internet of Things), there has been ever rising surge of devices connected to the internet, gathering and collating huge amount of user data not just for the benefit of advertising companies but also for a variety of industries such as manufacturing and software development to better understand customers but also an efficient manner to build better products and services. This is driven by collating and dissecting big data, transforming it into dashboards through ERP systems that give usage patterns and performance data on your current product line.

Big Data

The future for Big Data is here, and it is through Machine learning

Analyzing big data through Machine Learning has not only produced more data but has learned as the name suggests, to use this data in an incredibly efficient manner. Machine Learning, is a manner of data analytics that learns computer algorithms that improve based on experiential data and by identifying patterns, machine learning can effectively make decisions without human intervention.

Here’s an easy-to-understand example of how machine learning works in your day-to-day devices, like your smartphone such as a virtual assistant software. Be it Google Voice or Siri, the major key to these assistants is voice recognition, however most individuals have varying degrees of tone, language and also manner of speech. By using big data and specifically your user data as a point of input, your chosen virtual assistant is able to better understand over time, becoming increasingly accurate over time with the gradual eventuality of becoming more efficient and effective than real assistants who can not work at the speed and effectiveness of a service such as Google voice or Siri.

Big Data

How do you identify or describe big data?

You can further characterise big data through the following four characteristics

(i) Volume: Well volume is key, as big data is as the name suggest enormous, the size is crucial to identifying the value within the data. For example: The New York Stock Exchange (NYSE) generates 1TB (Terabyte) of trade data each day, if you collate these over months or weeks, this can generate a lot of information through which analysts can determine market behaviour.

(ii) Variety: when handling any amount of enormous information you can expect a variety through analysis, as such Big Data has different types of data you can further dichotomise. These can be such as:

1. Structured: Data that is processed, stored and accessed is through a stringent fixed format giving it a form of structure. Ok, if it’s a bit harder to understand here is a very simple example of structured data

big data

2. Unstructured: This is data that is in its raw form hence being unstructured, it’s even bigger but isn’t actively managed. A simple example of this would be through social media, while it is semi-structured through the use of hashtags if you were to search for interests, however anything related to the hashtags depending on the platform is most times unrelated, but companies are overcoming this by using many strategies such as combining mentions, hashtags and also tags within their network.

(iii) Velocity: This is the speed at which data is created hence ‘velocity’. However, the value of this data depends how the data generation is processed. This can be through the flow of data through financial processes, but an easier example would be again through social media. For example, twitter generates 500 million tweets a day, an incredible amount of data within the span of just 24 hours, this stat could be constantly changing as its users grow at a rate of 8.4% annually.

(iv) Variability: As with any enormous amount of information there is bound to be faults/inconsistencies within the information provided. This same principle is applied to identifying big data, being a variable in itself, there are multiple types of data and sources as well and due to data having constant changes with new information.  As a result companies have started to use of advanced software not only to sort through the information but also to contextualize them.

Big Data

Big Value through Big Data

Data is intrinsically valuable for all businesses. Today, data is capital as the more data a business acquires, the more value it can output not just to effectively manage business processes, but also to analyse customers to better develop existing or new products.

What is big data used for?

So, the key to unlocking the incredible benefits Big Data is the ability to process it, which is done through a Data Base Management System or DBMS as the tech wizards call it. Another way to look at it is to see Big Data as the cow and the DBMS as the butcher who processes the ‘data’.

This gives your business the ability to improve customer service through analysing data from social media services that give you analytics and the ability to strategize to target and achieve higher retention with customers.

It doesn’t stop here you can further use this to analyse consumer behaviour through consumer responses and identify any defects in products (this can be through BETA testing software) and also better operational efficiency in terms of employee management.

Some of the biggest companies today are based on the value they offer through data storage but also processing big data. We can simply look at tech companies such as Google, with the majority of their value driven through data processing, analytics and storage.

Big Data

Reaching scalability through the Cloud

With massive improvements in cloud technology, not only in terms of architecture, with the application of Moore’s law the cost of storage and computation of data has become increasingly more commercially viable, be it outsourcing data storage centres through providers such as Amazon AWS, Azure or even Google, these services often cost less and offer more security than an inbuilt on premise data center, as a business owner you do not have to worry about maintenance costs and more importantly data security.

The possibilities today with the improvement of cloud computing architecture is seemingly endless. Big data has the ability to scale and also be accessible from a variety of devices. As a business if you have invested in cloud computing such as a cloud-based ERP solution for your business, you and your employees can access your customer and company data for your product/service line anywhere, this is especially beneficial with hybrid work environments that are present in the workplace today.

Big Data

So

Just to refresh your memory, Big data is essentially data that can be identified by its incredible volume, velocity (in terms of information) and like any huge amount of information, its variety. These data sets are so huge they are classified as big data, however using regular processing software is not feasible.

The use of an ERP system to drive solutions through business intelligence in an effort to solve problems is a much more succinct approach towards driving value through big data. This is further explained in the next leg of this big data series, to be released soon.

How do I save data from the Cloud?

how do I save data from the cloud

Triumph ERP Cloud offers many benefits like easy access, rock solid security, daily backups and more. But how do I save data from Triumph ERP Cloud to my workstation? There are a couple of ways to do so and we will be demonstrating them below.

Copy and Pasting

In this example we will be exporting a Debtor Account Listing to Excel on the server. The Excel file has been saved to “D:\Documents”.

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To access the file explorer, you would need to go to Explore Current Folder (S-U-O). This should bring up the File Explorer.

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Browse to where the Excel file was saved, in this case it is “D:\Documents”.

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Right click on the file and click “Copy”.

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Now open up the local folder that you want to save the file to, in this example we are going to save it to the “Documents\Excel” folder.

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Right click and select “Paste”. The Excel file will get copied into the folder.

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Printing to a PDF

Another way you can save a form, report or listing to your workstation from Triumph ERP Cloud is to print it to a redirected PDF printer. In the below example, we will be using the Debtor Account Listing again.

Select “Print” on the Debtor Account Listing.

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If you are using Windows 10, Microsoft has a PDF printer included called “Microsoft Print to PDF”. If not, you can use PDF printers like “Bullzip PDF Printer”. For this example, we will use “Microsoft Print to PDF”.

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The output window from your printer should pop up locally, asking you where you want to save the PDF file. In this case, we will be saving the PDF file to the “Documents\Excel” folder.

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Saving to Local Drive

The final way to save data from Triumph ERP Cloud to your workstation is to save directly to your local drive.

Your RemoteApp should be set up to link in your local drives for easy access to local files and documents. In the below example we will be exporting the Creditor Account Listing to Excel and saving it to a local folder “E:\Documents”.

First open up Creditor Account Listing (C-L-A) and click on “Preview”. We will now click on the export button and select “Microsoft Excel 97-2000 (XLS)” and click “OK”.

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Click “OK” on the next screen.

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I will now select one of my linked drives, “E on SAPPHIRE” and save it to the “Documents” folder.

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Looking at the folder locally, I can see that the file has been saved on my workstation.

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Successful Digital Transformation through ERP: Part 2

business man and woman high fiving each other
Welcome to Part 2 of the Successful Digital Transformation series, our comprehensive step by step guide, on how to start you digital transformation journey through the implementation of an ERP system.

These next few steps are vital towards successfully implementing change and transforming your organization into a fully capable and integrated business, accessible anytime by you with your chosen ERP system.  


4. Consider Your Budget

ERP
Image by stellrweb

With an ERP solution consider not just software license and implementation costs but also other potential costs. To make it simpler here is a brief overview of the costs that your ERP budget should cover.

1. Technical Costs

ERP

Technical costs include the costs of

  • Hardware
  • Maintenance & Support
  • Applications software
  • Chosen Operating System
  • Network communications

The technical costs should generally encompass all hardware, software and implementation costs as part of your ERP budget.

2. People Costs

ERP

These costs are usually during the planning and implementation stage and include:

  • Education
  • Training
  • Change management (a collective approach in making organisational change)
  • External Consultant support

Often most people related costs are considered when preparing a budget, but planning these costs is crucial to having a smooth transition during the implementation of an ERP software.

3. Data Migration Costs

ERP

When migrating data from legacy systems to be replaced by newer applications such as an ERP these costs usually include:

  • Entry into a new system,
  • Cleansing and accuracy of data migration
  • Extracting the data from a legacy system

Once these costs are known, your next step is to get estimates for these, which can be done by compiling and sending out an RFI to potential vendors as explained in Step 3. The estimates as provided by the vendor can be analyzed along with all other costs to build a realistic budget that would fit with the ERP strategy for the organisation.


5. Evaluating Different Systems

Based on your requirements and budget you should be able to identify a few systems that might be primary candidates. On closer analysis of their features, you should be able to narrow this down to two or three packages. You should then have a detailed demonstration of these two or three systems. Provide the software companies with a list of your requirements upfront so they can tailor the demonstration to your needs, and ask to see critical areas.

If you are part of a growing organisation an important factor to take in as part of your overall decision process is to ask yourself is the ERP solution modular? The reason why it is highly advantageous to have a modular ERP solution is primarily to help you get only what you need and no extras, thus shaving of costs and also give the primary stakeholders within your organisation time to learn and use the software one module at a time if needed.

Here are the 3 steps you can take if you believe you have outgrown the essential modules and want to expand furthermore

  1. Specifically, which additional modules you’ll need in your new system
  2. What functionality do you currently rely on?
  3. Boosting employee productivity by additional functionality within the system

Most ERP companies will offer On Premise deployment, however having a cloud-based system is also highly beneficial to daily users of the system, you can also have a combination of both as a way of transitioning to the cloud at your own pace based on your organisational business strategy, resources and your customer needs.

If the decision rests with your CIO, ensure there is an understanding with your chosen vendor about business continuity and disaster recovery plans, service level agreements and which data centers they utilize (for cybersecurity reasons). Additionally, many platforms can have limitations such as geographic and also feature disparity between cloud and on premise software.

By 2025 it is projected half of large enterprises will implement as SaaS (Software as a Service) strategy and run their core ERP systems through the cloud. 
Hybrid Cloud ERP (Blog Part 2)

This is mainly due to scalability, reliability, agility and cost savings.

Having a cloud-based system in today’s environment is advantageous as users can access the system remotely, moreover cloud based ERP solutions are cost efficient, strong safeguards in terms of cybersecurity and offer a platform for deployment of regular updates as the software can be continually updated remotely without the need of sending a support team.

Phasing the deployment can help reduce not just disruption but also costs, often ERP systems like Triumph is implemented by individual modules, which are updated when the business requires more functions as it grows. Incremental adoption also helps internal stakeholders to learn and apply lessons learned from each module to further simplify business processes.


6. Ensure you are comfortable with the product/training staff

ERP
Image by Kaleidco

The phrase “user-friendly” is over-used in the IT industry and it is important that you feel that (with training) you can utilize the functions you require. Are screen layouts clear and concise? Is online help available? Is data entry straight forward? Having a test drive of the system might be a good way to get a feel of it. Ask to talk to some reference sites. This is one of the best ways to get comfortable with the product. Get some feedback from real users who have been using the product for a period of time.

With the change in and adoption of new technology there is bound to be a learning curve. A critical step towards the successful adoption of your chosen ERP solution is implementing an organisational change management strategy to help the primary internal stakeholders within your organisation or the end users of the solution learn.

Here are 4  steps you can take as part of your change management strategy:

  1. Articulate the case for change
    • Clearly articulate the case/reason for change and define actions taken to support the change
    • Communicate and talk about the schedule for implementation, rollout strategy and your wider scope of the ERP system within the organisation
    • Empower key stakeholders who will be end users for the software by giving them authority to make decisions.
  2. Managing opportunity and risk
    • Address the corporate cultural changes the implementation will create (meaning the increase in organisational performance due to ERP solutions providing the ability to contribute, support and improve operations and financial goals as well due to being a collaborative tool)
    • Identifying key stakeholders within your organisation and communicating best way to implement for adoption of the chosen solution
  3. Supporting the workforce
    • Evaluate and assess your current workforce this can be in relation to skills, abilities, experiences and capabilities (As it can have an impact during the transition phase without proper training of staff)
    • Impact your new digital strategy will have on staff, to further close learning gaps it is highly recommended to implement training strategies
  4. Stakeholder communications
    • Ensure before your ERP solution goes live, that all stakeholders (internal and external) are properly informed and understand how their business processes and work will be impacted
Examine the organisation that you are buying the software from

Most software products are not sold and supported directly by the manufacturer; this is normally done through financial software specialists or consultants. Ask yourself “What size is the organisation”, “how much experience do they have”, “how many consultants do they have?” Software consultants are the vital link between you and the software application. They are the key to a seamless and successful installation.


Let’s wrap it up!

Hopefully this has given a greater understanding and a blueprint to help your organisation achieve a successful digital transformation by updating or installing an ERP system, a vital piece of software technology that goes beyond today’s collaborations and remote working but also helps you keep up in today’s increasingly evolving and fast paced business environment.

With an ERP system as the foundation of your digital transformation you now have a profound level of knowledge and access to your business through data and analytics, ensuring your company is competitive and sustainable not in a year’s time but a decade.

If you would like to review Part 1 of this article again click here!

ERPs during the pandemic: facing challenges head-on with your business

Triumph eMarketer-retail-eCommerce-pandemic

ERPs during the pandemic: facing the challenges head-on

COVID-19 has certainly taken its toll on the business world with restrictions and isolation requirements causing disruption to Australian businesses nation-wide. We have all faced challenging times, with businesses of all sizes still finding it difficult to navigate through the continued uncertainty of the pandemic.

No matter what industry you are in, chances are your business has been affected by COVID-19. Although many Australian businesses are returning to normal, there are still many businesses who are continuing to find themselves needing to adapt and change their behaviors for a new way of operating.

Some of the hardest hit industries are retail, manufacturing, and wholesale and distribution, which have had to make some tough decisions and radical changes to business operations over the past several months. Your reliance on the analysis of your operational data is now more important than ever, and the ability to be more flexible with operational capabilities for you and your staff can be the difference between success and failure.

So, let’s turn this negative impact on the Australian businesses into something positive.

If you have ever considered upgrading your sales, CRM, inventory and finance systems to improve the efficiency of your business and automate those manual processes which you are seemingly over-reliant on, then now is the perfect time to improve your business procedures, and enhance your capabilities to allow for growth and success through these challenging times, and through into the new year.

How Triumph ERP can help your business

Chances are, you have heard about ERP systems before. Perhaps you’ve heard it mentioned by other businesses, or you’ve seen it advertised online, but what exactly is it?

An ERP system, or an Enterprise Resource Management system is a process used by businesses of all sizes and industries to manage and integrate the important parts of their business. ERP systems are important to companies because they offer an integration of all the processes needed to run the company within a single system, such as planning, purchasing, inventory, sales, marketing, finance, and more. A whole enterprise approach.

Triumph ERP software is built upon a modular design, allowing the software to be customised and scaled to suit each individual business’ needs and supports business growth. This unparalleled ability to add on modules and users makes Triumph ERP the most capable and affordable entry level ERP software on the market today.

Challenges in Retail

The COVID-19 pandemic saw the forced closure of stores nationwide, and although many states are slowly relaxing some of the restrictions, other states are still on alert. The closure of the standard brick and mortar store during this time has now produced a new baseline for online retail sales within Australia. Australia Post even reports eight months into the pandemic, online shopping purchase has grown 72.9% from last year.

With customers now strongly focused on shopping online, it is important that your business is equipped with the right tools to stay strong during the pandemic.

With advanced mobile, web and cloud technologies, e-commerce and real-time inventory information at your fingertips, Triumph ERP can help your business build and maintain a strong online presence and allow your customers to place orders, perform their own quotes, check the status of their pending orders, reprint invoices and statements, and even pay their accounts, all from the restricted access of their own home.

Wholesale and Distribution Disruption

Although there are states in Australia that are taking steps towards returning to how things were before the pandemic, other states are still working through the challenges of restriction requirements which are still in place.

One of the many industries who have come across these challenges is wholesale and distribution. The industry, like many others, have seen the restriction of staff each day to assist with social distancing, among other requirements to maintain COVID safe practices, in addition to the inability to travel between various states for distribution.

Although certain challenges still remain, the implementation of Triumph ERP into your wholesale and distribution business can assist you in managing your transactions remotely thanks to Triumph Cloud, assisting you with maintaining social distancing, with real-time business analytics whenever you need them to enable you to better monitor and track your inventory costs and stock holdings.

Manufacturing Mayhem     

The COVID-19 pandemic has shaken the manufacturing industries profoundly. With the supply and demand shocked with shutdowns has led to deep slumps. Although various sectors will experience different problems during COVID-19, it is important for companies to review their previous guidelines and begin to look critically at their structures to avoid massive profit decline.

Implementing Triumph ERP into your manufacturing business will assist in managing all aspects of the manufacturing process, and to have complete visibility of all of your resources including assets, inventory, materials, labour, and finances, all within the one integrated system.

Even outsourced manufacturing processes are controlled and monitored as easily as if they were your own processes.

Conclusion

Maintaining an efficient operation while your business changes and adapts to the current situation can be a major challenge. Thankfully, ERP systems such as Triumph ERP can offer your business the ability to thrive with customisation to suit any infrastructure needs. Strengthen your business and get through the challenges of the pandemic by implementing an ERP system, allowing you access to all your business data from anywhere, at any time.

 

5 Signs your business is ready for an ERP system

5 signs your business is ready for an ERP system

It’s late at night, and you’re still stuck in the office, trying to reconcile the day-to-day work processes. You’re having a difficult time keeping up with the order volume and customer satisfaction has been dropping. Your sales forecast has been based on guesswork, rather than precise evidence, and it’s been a long time since you knew the correct quantity of stock which was in your warehouse.

Unfortunately, this scenario can occur when business experience a growth and the former processes are not able to keep up. If you find that your business is experiencing more than a few of these signs, maybe it’s time to invest in an enterprise resource planning (ERP) system. To help stay on top of your business and stay ahead of your competitors, it is important for business owners to seek out the right tools for their market, and investing in an ERP system is no different.

An integrated management system which focuses on the main business processes often in real time, an ERP system collects, stores, manages, and interprets data from all aspects of your business.

Investing in ERP software can help businesses improve their performance and assist with the automation of certain processes within the organisation, making them a worthwhile investment.

Although there is no such thing as a perfect set of rules to identify if your business is ready for an ERP implementation, identifying any issues you are experiencing could be evidence it is time to invest in an ERP system.

1.    You currently have a lot of different software managing different processes

How do your employees record, track, and process information within your company? Do your accounting staff use a system for payables and receivables, and the sales team use another to enter customer orders? Have you found the process of taking the orders and getting them fulfilled and through to accounting a tedious manual process? What about your warehouse team, are they also using a completely different solution to track shipping and receiving?

The problem is, when various front and back end systems are running separately, it can cause major problems on the processes that are meant to ensure your company is running smoothly. Problems can start to occur, such as inaccurate data from sales which can affect inventory management, or not having the latest information from accounting can cause a ripple effect on other aspects of your business, from General Ledger to Job Quoting.

It is with ERP software that these systems are integrated, so that every aspect of a business functionality operates within a single database. This one source of information contains accurate, real-time data, allowing for ERP to break up information confusion, help staff make better decisions quickly, freeing up their time to work on more high-value projects which can help your business grow even faster.

2.    You don’t have easy access to the data and information related to your business

If someone asked you what your average sales margin is, how long would it take you to find out? What about other key performance metrics, like orders per day or sales to date? Companies relying on separate systems and spreadsheets will find that they constantly require updating and need to be reconciled manually.

When your business experiences growth, you will instantly notice the speed of operating becomes faster than it ever was before, which means your employees need immediate access to key data at all times. Through the use of an ERP system, your staff can get the information they need to do their jobs more effectively, such as the business owners getting a holistic view of the business operations at any time, or your sales representatives being able to view a customer’s full transaction history to assist with improving renewal rates while increasing upsell and cross-sell opportunities.  An accurate, fast, and reliable data exchange between departments will assist with the reduction of time spent on duplicate processes and information consolidation, and with an ERP system producing accurate and real-time data, this enables a seamless flow of information across all required departments.

3.    You’re having difficulty and spending too much time with your accounting

One of the first noticeable signs that your company is in need of an ERP system will initially come from your accounting department. Many businesses rely on paper-based invoices and sales orders, causing many hours to be spent every week manually entering the information into different accounting and sales systems. How much time are you actually spending on such tedious tasks that an ERP system can complete in an instant?

The same can be said for financial reporting. If you are finding yourself spending hours consolidating or reconciling financial information across a number of systems and through countless spreadsheets, an ERP system could be what you need to make a significant impact and save you some valuable time. Implementing an ERP system means having all of your financials within a single database, meaning time will not have to be spent cross-posting information, re-keying numbers, or reconciling data manually. This will allow yourself and your accounting team to deliver critical reports without delays and frustration, and offer time for more important tasks.

4.    Your sales and customer experience are suffering

As your business grows, you may find that inventory management starts to become a challenge. Ensuring that the subsequent amount of stock is in the right place at the right time is a vital part of business operations, and inevitably, business success.

When sales, inventory, and customer data are maintained separately, it can produce severe problems across your business. What if you run out of a popular product? This can cause sales to drop until the next shipment arrives. What if a customer calls to inquire about an order, but the employees can’t seem to track the item to see if it is in stock? Customers regularly seek out businesses which can give them the right information quickly, and expect to get their hands on their purchases straight away, therefore, if your company can’t offer the right information upfront, your business can start to develop a poor reputation for reliability and service rather quickly if you can’t keep up with the demand.

Implementing an ERP system into your business will allow for your staff in every department to have access to the same information in real-time, allowing for customer-facing reps to be able to answer customer inquiries without having to hang up the phone or put them on hold to check with another department, meanwhile the warehouse manager can see that stock is getting low and can reorder the stock before it runs out.

5.    Your IT is too complex, time-consuming, and costly

One of the biggest downsides to having multiple systems across your business is that the IT management can not only be a nightmare to handle, but will burn a hole in your pocket in the long term. It can be difficult for businesses to customise these systems, integrating them and maintaining them with patches and upgrades can be complex, costly, and can sap critical time and resources. Rather than adding additional software- and complexity- to an already ineffective, and most likely outdated system, adopting an ERP system can give you the capability to respond to changing business and IT needs rapidly, especially though the use of a cloud-based ERP system.

Using a cloud-based ERP software can increase efficiency and flexibility within your business, allow you to respond to change more effectively, and can slash IT costs. Whether your goal is to optimise your operations, employ leading edge business tools, or maximise your operational efficiency, you can gain the flexibility to manage and grow your business using fewer internal resources and without the installation and hardware investments associated with traditional software packages.

If you are experiencing issues within your business which is causing headaches and frustration, then it may be time to consider implementing an ERP system for yourself. With Triumph ERP, you will be able to manage your information in an efficient and organised manner, gain complete visibility across your organisation and have the assistance to make quick, educated decisions essential to the success of your business. As your business grows, so does its complexity. Triumph ERP has been developed in modules to ensure that we can deliver you a solution that will fit perfectly with your needs today, but also have the ability to adapt to your needs tomorrow.

For more information about how Triumph ERP can help improve your business, click here.