2021 was a year when I confirmed the idea that no business school or previous leadership experience can prepare you for volatile markets, changing environments, and real-life business. Even my ten years at Cisco Systems Canada and seven years at Flawless Inbound couldn't help because the last two years were 100% learning in the arena. Lesson learned: it does not matter if you are leading a team of 60 or 600; building and working with cross-functional teams is a critical skill.
Here are some lessons I learned in 2021 while still applying my servant leadership style.
When ERP systems first appeared in the 90s, the number of solutions a company had to choose from was much more limited than today. If you enter “ERP” in any search engine, you’ll end up jumping from one product to another, not knowing which one can meet your business requirements better. It’s especially overwhelming if you’re about to start your first ERP implementation ever because while you know that ERP systems should help you manage and integrate essential business processes, you’re probably not sure which functionality is necessary for every part of the business. One good thing about ERP is that it’s scalable, so you can start with the most critical features and add more functionality later as your business grows and you set more ambitious goals.
Consumers expect orders to be delivered quickly and accurately and won’t settle for less. Last year, eCommerce sales increased by 44%, and, as a result, warehouses and fulfillment centers are now under pressure to deliver more orders, in less time, without an increased budget. Today’s consumer has many choices, and they have high expectations. They also want more flexible delivery options.
After a year’s postponement, new lease accounting standards will take effect in December 2021 for private companies and non-profits operating in the U.S. Under ASC 842 and IFRS 16, long-term leases must now be captured on the balance sheet. This is a significant change and makes accounting for leases much more difficult. Let's look at how to make it less demanding.
Let’s start with the basics. B2B e-commerce, short for business-to-business electronic commerce, is the sale of goods or services between businesses via an online sales portal. In general, it is used to improve the efficiency and effectiveness of a company’s sales efforts. Instead of receiving orders manually, relying on human assets, like sales reps, and communication by phone or emails, orders are received digitally, reducing overhead costs.
The right inventory management solution will give manufacturers the confidence to go about their business, knowing they have a solid foundation that will allow them to quickly adapt regardless of market conditions, challenges, or changing business models.