Even when you put quality over quantity in a business, there is a list of quantifiable metrics you should always keep on your radar – Key Performance Indicators (KPIs). Maybe when you were starting a company, some decisions were supported by your gut feeling only, and it’s fine if you still trust your intuition in some cases but running a $5M-$20M business demands more well-informed decisions, the ones based on the insights you get from analyzing the vital KPIs. In today’s blog, we’ll go through the ten critical KPIs to grow your business.
Technology consulting companies often introduce solution architecture to their clients when there’s no established system and process of integrating new software systems or when software engineering projects are too complex and involve numerous operations and risks. However, a solution architect might not be needed for every single project you’re planning to run. For example, after you implement one tech module that can be applied to similar contexts, there’s no need to engage a solution architect for the same projects.
Comprehensive ERP functionalities used to be available only to giant corporations and big-sized businesses. However, no matter the size, each growing business wants to stay relevant and competitive in today’s market. Today, small and mid-size companies can also see how full-fledged ERP solutions make a substantial difference to their bottom line. That’s why an ERP system is a modern necessity, not an option.
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.