From global competition to logistics, the SMEs in India fight a lot of business battles, every day. Here are the three key challenges faced by the SMEs in the trading industry and how technology is a solution to all of these:
Logistics: Managing a legacy logistic system, especially in a wholesale trading business, is quite a task. Business owners would never have a clear picture of how much stock they have, what they need to order more, and which product is selling fast. Technology has totally changed the scene. ERP softwares for trading industry now come with a comprehensive supply chain module that gives real time updates on stock movement. Whether you have one warehouse or many, you can now track the status of each and every item, right from your mobile.
Analytics: The only way to know what is working is to dig into humongous excel sheets or to keep a tab on everything manually. Now, if a business owner would spend all his day churning out information from data, when will he take his decisions? Thanks to data analytics and reporting tools, data analysis has become extremely simple for the SMEs. Whether it is sales, revenue, or customer service, business owners now get complete stats in a single dashboard.
Day to day operations: Was a customer call attended? How many vendor payments are due? Are the orders dispatched? These and many more questions keep troubling businesses every day. With the help of a good ERP software for trading industry, you can now integrate all of your operations into one system and easily track them. Using an ERP software like SAP Business One, you can integrate all of your key processes like Sales, Finance, Inventory, Purchasing, and get clear insights into what is going on where.
Investing money in new technology, the success rate, user acceptance etc. are some of the key reasons that have kept SMEs away from adopting newer systems. However, driven by cloud, the technology has now become affordable, more integrated and secure. So when are you joining the tech rush?