Driving success with an intelligent ERP system
To achieve an improvement in their financial position, consultancies need to concentrate on areas such as automation, analytics, and real-time revenue recognition.
It is key to choose user-friendly tools for employees and consultants in order to record their time. Many businesses are losing out on revenue due to consultants not recording billable time correctly. Furthermore, tools with a self-service capability can help to drive efficiency, which ultimately results in higher profits.
In this context, using an integrated ERP system, such as SAP S/4HANA Cloud, can provide business data and insights of the costs and actual revenues, coordinated with the profitability of customers' accounts, a project undertaken and lines of business. It’s also helpful for businesses to identify pre-sales costs and costs of sales generally.
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A fully integrated system can inform a business everything it needs to know about the firm’s current profitability, as well as enabling it to examine specific problems, and benefit from better forecasting and predictive insights.
Access to this kind of data can really make a difference in terms of setting the business up for growth or stagnation. This level of visibility and insight can enable businesses to focus on growth in the areas where they can be the most profitable, specialise in the areas that their customers are most satisfied with, and identify areas that they might have previously thought were profitable but in reality, are not.