Improve Management Information
H & H Associates can show you how to deliver astonishing customer service by making it much easier for other people and organisatioins to do business with your organisation. Effective management information will allow you to be more efficient in dealing with both customers and suppliers. Examples…
Improve Cashflow and reduce debtor days: Up to date reports and information on your cash situation and how much you are owed can help to make your organisation more effective by minimising any negative impact this may have. Managing by exception can be the way to manage this type of management information with reports only highlighting issues that are of importance to these matters – alerts when 30 days credit is exceeded with automatic reminders can be managed by your business software for example, or an alert when overdraft limits are being approached for cashflow management.
Increase productivity levels with quick and easy access to information: With your reporting set up to show each department and decision maker what they need to know (especially if these can be instantly updated from your business software) then you, and other managers wont waste time looking for detail or other information you need to make important decisions. With the added functionality that is possible with some business software the transactions ‘behind’ the numbers in the report can be viewed for understanding and verification.
Do more in less time with multi threading technology: – some business software is set up to run using multi-threading which means that more than one process can happen simultaneously so you don’t have to wait for reports to run while you are getting other financial information or getting on with day to day financial management. This is how reports can be set up to run in the background and delivered automatically so you can continue to run your day to day transactions without any interruptions. Check whether your business software works in this way as it’s an expense in terms of time if reports cannot be generated in the ‘background’ while you are working on day to day financial management.
Improve Communication: – using workflow diaries and instigating paperless initiatives will mean that communication in your organisation and with your customers and suppliers can be improved. When you know what information these different parities need you can set up reports to deliver that information to them and then automate this to be on email or fax for example.
A report to a supplier can be sent automatically and without generating a paper item to be sent and delivered for example. You don’t just have to use your reports to manage internal financial matters. Again, a report can be sent to a customer detailing items they have ordered, or their current credit levels etc, which can add value to your business and the service that you offer to customers. If this type of reporting can be automated using your business software then this is just a one off set up cost in terms of time but will deliver ongoing benefits in terms of customer service and relationship development.