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 action a supplier charge back using automatic payments?

tips and tricks

Triumph ERP supports charge backs where by a supplier’s invoices can be journaled to a parent, or clearing supplier, without a payment being made immediately.  To set this up you require the following to be in place.


Creditor Control S-S-C

  • Parents/Children,
  • Charge Back Parent A/c, and
  • Automatic Payments checked.
Charge back

Creditor Account Maintenance C-F-A

  • Corporate Structure Tab set
    • An account as a parent with its child accounts reported combined and the charge back flag checked.
    • Link one or more child accounts back to the parent account
charge back,creditor

Charge backs are processed through the Creditor’s automatic payment options. These options allow you to define, edit and commit, or cancel, a charge back run.  The process is similar to any other payment run type such as cheque or EFT.  There are some differences and these include:

  • Accounts not ready for processing may be placed on hold.
  • Committing a charge back run processes the selected accounts by journaling between the child and parent accounts
  • Unlike other payment run e.g. EFT or cheque no journal against a bank account is posted.
  • If accounts are still on hold the charge back run is not removed once the commit finishes.
  • A charge back run remains until either all accounts on hold are released or dropped from the run.

Create a Payment List (C-S-A-I)

Use this option to create a charge back run.

charge back,creditor

Edit Payment List (C-S-A-E)

Changes to the individual accounts / transactions can be made inlcuding palce an account on hold.

charge back,creditor

Commit or Cancel Payment List (C-S-A-C)

Instead of nominating a bank account charge back require an invoice no.  This is then used to identify the journals between accounts.

charge back,creditor

Creditor Account Maintenance (C-F-A)

The images below show a comparison between the journal posted to the child and parent accounts respectively.

  • Child Account
charge back,creditor
  • Parent Account
charge back,creditor

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!

Successful Digital Transformation through ERP: Part 1

business man and woman high fiving each other

The arrival of a world-wide pandemic has forced major changes on companies through out the world, for a growing business finding new ways to transform their business is no longer a bullet point on a forgotten bucket list but a primary goal. In order to achieve this goal, and keep growing, it often means taking the first step towards Digital Transformation with an Enterprise Resource Planning (ERP) system at the forefront of operations, to boost productivity, efficiency and utilising your company data to gain real insights on the performance of your business.

What is digital transformation and The Impact of digital transformation

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

What is an ERP

ERP also known as, Enterprise Resource Planning, refers to an all-in-one software that manages your day-to-day business operations, finances and accounting. It enables the proper management of your daily operations, streamlining procedures and coordinating activities which helps you focus on the big-picture.

The Major Competitive Advantage of an ERP system

The implementation of an ERP system, provides you and your stakeholders within your business the opportunity to innovate, by bridging the gap between existing technology and business challenges led by improved financial controls and operational efficiency to better understand your data to achieve a transformative outcome.

The saying goes that ‘time is money’ and nothing is more true

– Benjamin Franklin

The advantages of an ERP system doesn’t just stop at tracking transactional data it is also a method of increasing efficiency, productivity and simplifying the way your company does business.

One of the major competitive advantages that an ERP system offers is being a one stop shop for information you need on your clients, vendors, and partners, this leads to an improvement in employee and customer satisfaction, quick responses and increased information accuracy. As a result, costs tend to decrease as your company begins to operate more efficiently.

96% of Emerging businesses that excel in their industry rely on some form of an ERP Solution

– Aberdeen Group, 2015

If you are a growing small business and still wondering why you need to implement an ERP system as part of your digital strategy, data shows that 96% of emerging businesses that excel in their respective industry rely on some form of an ERP Solution, as it standardizes back office operations by 77%, minimises operations expenses by 11% and provides real time data and insights by 48% (Aberdeen Group, 2015)

Advantage of cloud-based ERP systems in today’s world

Cloud integration is a highly beneficial feature for an ERP system that is at the forefront of your company’s digital transformation journey.

41% of Australians work from home

– Australian Bureau of Statistics, 2020

Moreover, Cloud ERP systems are highly scalable with ease as your company can adjust its needs as it grows as it based on a pay as you go model, compared to having an ERP system on premise, as this can add another layer of complexity and maintenance costs for the long term. 


The Implementation of an ERP

OK, now that you know who an ERP system is for and why an ERP system is part of a successful digital transformation strategy, here is how you can deploy it successfully across your organisation and get the most out of your investment. 


1. Aligning your chosen ERP with your company’s digital strategy

digital transformation,successful digital transformation
Image by Charles Deluvio

Aligning your chosen ERP system as part of a digital strategy with your business processes and objectives is essential to serve as the foundational basis for your company’s digital transformation. It is important to note that an ERP system might be a foreign concept for many internal stakeholders, and also its functionality will vary across departments within your organisation. Providing education and establishing a cross departmental team to select the right vendor and ERP is necessary.

digital transformation,successful digital transformation

If your IT department favours one system and your HR department favours another for its features, it is essential to make sure there are assurances written within your contract that these features will be developed later, thus bridging the gap and pushing you forward across your journey towards digital transformation

With the right information you can get started immediately, and be on your way to a successful software upgrade with your chosen business management software.


2. Involving the right people

digital transformation,successful digital transformation
Image by Taylor Gote

If the implementation involves every area of your business, you need to get people from those areas involved in the evaluation process. Ask them what features they are looking for and consider everyone’s requirements. That way everyone affected by the change can feel they were a part of the decision-making process. This may also mean involving your external accountant.

You need to have an understanding of your system in order to assess and analyze whether the features of the business software you choose meet your specific needs. A good place to start is by analyzing what is lacking in your current system. Not all systems provide the same business functions, and each product will have different levels of functionality within different areas of the software. This means it is important to have a detailed list of what you need the software to do in order to assess which system can best meet those requirements.

Break your list in items that are mandatory and items that are nice to have. There is no such thing as the perfect match, however your system should meet 90% or more of your business’ needs.

This is where it is recommended to choose the right implementation partner who is accredited with the chosen ERP software. Who offers training and understands our software along with all its features, knowledge that internal stakeholders within your company usually wouldn’t possess when you first start implementing an ERP system.


3. Hiring a consultant

digital transformation,successful digital transformation
Image by Adeolu Eletu

Consultants can provide guidance, helping you look for new ways to expand your business while avoiding complications. When choosing your ERP consultant, their expertise in the field means they can evaluate your business and recommend the most suitable systems, and then help you evaluate these.

To ensure a smooth process during the implementation, your chosen consultant should be able to help you rewrite the right business processes, this can be for example automating manual processes across multiple functions to make quick and effective low-level decisions, moreover by redefining and streamlining your business processes you can streamline operations and automate tasks like processing invoices for accounts payable.

Now is the time to rethink, redefine and streamline your business processes by combining with the right digital tools such as an ERP system and really transform your organisation.
Rethink, Redefine and Streamline your business
Rethink, Redefine and Streamline your business

If there is a knowledge gap in terms of estimating costs for your chosen ERP software, this gap can be rectified by sending a RFI (Request For Information) to prospective ERP vendors. With an RFI you can also ask questions focused on your implementation strategy such as:

  • The time frame for implementation for a company of your size
  • How are you different compared to other ERP providers in the market?
  • The experience working with businesses within your specific industry

These responses will not only get you your RFI but also will help demonstrate your chosen vendors expertise and help you learn about the upcoming steps in this implementation process.

Once you have moved past these questions you can now submit an RFP (Request For Proposal)

Request for Proposal
Request For Proposal

RFP is much more specific and targeted that an RFI, an RFP should show your chosen vendor your specific needs in line with your digital strategy and a custom proposal to meet the needs you have expressed. Be specific about your requirements and the timeline for implementation asking questions such as:

  • Features and functions that need to be included
  • How will the system be deployed? (Cloud or On-Premise ERP)
  • As a business what Business Intelligence (BI) capabilities are you looking for
  • Ongoing maintenance support, costs, frequency of updates and training for users of the system

The primary purpose of submitting an RFP is for the vendor to show you exactly what they can do, how they can do it, value gained and how much this investment will cost you.


It doesn’t end here…

We’ve gotten this far with explaining the first 3 transformative steps you will take as business to implement an ERP solution that will define the future of not just your organization but also work. I understand this is a lot to read at first, but an ERP solution isn’t just a simple piece of technology or software, having a deeper understanding of an ERP solution means having a better understanding of your business.

An ERP solution offers not just visibility but also agility within your industry. 

Click here for Part 2 which will take you through the next vital implementation steps such as your budget, comparing different ERP solutions, and implementing a change management strategy.

Navigating through challenging times with Triumph Cloud

Triumph Cloud

As we all navigate the uncertainty of COVID-19, being connected is now more important than ever. These unprecedented times have meant businesses are working in different ways and accessing systems and solutions like never before. As Australian businesses are thrust into digital transformation, teams and leaders are adjusting and adapting their strategies to assist with the changes we are all facing.

These changes, however, pose many questions for management and IT around how their business can continue to operate in a secure and timely manner during these challenging times. How can businesses move forward with the need to ensure employees, suppliers, and clients can access the information they need, when they need it, without putting the business at risk?

One way many businesses have adapted is by allowing their staff to work from home. Businesses who set up with remote working capabilities have been able to maintain business continuity in a way that simply wouldn’t be possible if they were still confined to on-premise solutions.

Thanks to the capabilities of cloud-based ERP software, businesses are able to increase efficiency and flexibility, respond to change more effectively, and slash IT costs- all within the one integrated system.

Whether your goal is to optimise your operations, employ leading edge business tools, or maximise your operational efficiency, Triumph Cloud can get you there. With Triumph Cloud, businesses instantly 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.

With COVID-19 causing many businesses to transform the way they operate, moving to a cloud-based ERP system like Triumph Cloud is not only a beneficial move now, but for the future.

Access anywhere, at anytime

One of the biggest challenges during COVID-19 is making sure that you and your staff can access your business software from home or from off-premise locations.

With Triumph Cloud running 24/7 and with a 99.9% uptime since its launch in 2012, you can be assured that you and your team will have secure access from anywhere in the world as long as you have an internet connection and a computer.

In addition, through the speed and security of Remote Application, with Triumph Cloud is on your desktop, you would be hard pushed to tell the difference between running the cloud version or an on-premise version!

Saving time and money

A featured benefit of Triumph Cloud during these challenging times is the capability to be much more scalable than having Triumph on-premise. If you find that your business needs to scale back, or has seasonal fluctuations, you can simply request to reduce the number of users on a month-by-month basis- thus reducing your ongoing monthly cloud subscription.

When your business picks up again, simply add the users back on, as and when its required.

If you find yourself as a larger multi-user business, you most likely know that capable applications require a good server and a robust network to operate on, which can generally be quite expensive. From the initial purchase, through to the ongoing costs with regards to software, maintenance, security updates and insurance, which will need to be replaced every 3-5 years can become a hefty investment.

By having your system on the cloud however, you no longer need to worry about costly setups. With Triumph Cloud, each client will have their own dedicated cloud server hosted by Amazon Web Services (AWS) with access to your system and any time of the day or night.

Connect with your customers

With the Triumph Cloud and the Triumph ERP eCommerce module, having your own online presence and the ability to connect with your customers couldn’t be easier. With the recent enhancements of the eCommerce module, you can not only perform B2B (business to business) tasks, but also B2C (business to consumer) which is now supported.

Multi-location/branch companies also have the ability to create multiple web shops with different names, logos and looks to tailor to their and their customer’s needs.

With the ability to search and purchase products through the web shop, online payment features, emailed invoices with payment options, click and collect, and delivery tracking, or integrate your Shopify, WooCommerce, Opencart 2 or ECorner directly with Triumph- you customers can access your business at any time!

Security, reliability and functionality

With Triumph Cloud, you don’t need to worry about your business falling victim to viruses, CryptoLocker or other malicious agents that might want to attack your system and data.

Employing the best industry standard security measures which is constantly maintained and kept up to date with all of your data backed up daily, as well as all users being set up by our team with a unique login and password, your data will always be safe and secure.

Whether your goal is to optimise your operations, employ leading edge business tools, or maximise your operational efficiency, Triumph Cloud can get you there. If you want to find out more about how Triumph Cloud and how it can benefit your business, contact us today by clicking here.