Slowing Economy – Right time to invest in Enterprise Solutions?

Slowing Economy – Right time to invest in Enterprise Solutions?

The Indian economy seems to be experiencing a slowdown. Reasons for this could be many as discussed, debated, explained by several experts. Sluggish economy is certainly not good for anybody be it consumers, producers, manufacturers or traders. Whereas companies that are negatively affected by this will try to take steps to survive and focus on cost cutting, could this also be the right time for companies to consider making investments in enterprise IT solutions? Before throwing this thought out of the window, maybe its worth analysing further.
Enterprise IT solutions broadly cover applications such as ERP, CRM, HR and so on that serve the purpose of bringing more visibility and efficiency in different departmental operations. Any company that seeks to adopt such a solution typically goes through a process made up of following steps:

Assessment of business needs

Evaluation of options (Enterprise IT solutions)

Finalizing solution and possibly its procurement

Finalizing a partner for implementation (if not done already)

Implementation of the solution

Enterprise IT solutions broadly cover applications such as ERP, CRM, HR and so on that serve the purpose of bringing more visibility and efficiency in different departmental operations. Any company that seeks to adopt such a solution typically goes through a process made up of following steps:

Assessment of business needs

Evaluation of options (Enterprise IT solutions)

Finalizing solution and possibly its procurement

Finalizing a partner for implementation (if not done already)

Implementation of the solution

A company considering to make this initiative successful needs to ensure that it is adequately prepared to invest resources into it. Money as a resource is quick to catch the attention for obvious reasons. However, an equally important, if not more, resource needed across board is TIME. Successful implementations need quality time from:
Ok, but how does this relate to the subject of this discussion?
It is quite evident that employees across board are likely to have surplus time during economic slowdown as compared to the booming days. Could this not be a strong reason for companies to consider starting enterprise IT initiatives? No doubt that financial investment is needed, but any good company that is being run by leader with vision would find this decision, though counterproductive for some, easier to make in the long-term interest of the company.
An enterprise IT initiative like ERP which touches most of the business processes within a company will be served very well when the project team can spend good quality time to laydown their process flows, challenges faced, expected outcomes and MIS reporting needs in a well-documented manner. Equally important for the project is that the team can collate top quality master data like items, vendors, customers, price lists, bills of material etc. when they are not under the pressure of delivering on their regular duties. Last but not the least, quality time from the end users will ensure that they get really well trained and are fully prepared to adopt the new solution with minimal teething troubles.
In summary, economies typically experience cyclical pattern that oscillates between boom time and slowdown. If a company takes up such initiatives in slowing economy, its bound to be much more prepared to handle rapid and profitable growth when the winds change direction.
There is a silver lining, as they say, to every dark cloud! Grab the opportunity!!
To know more about how Praxis can help you in implementing Enterprise application like SAP Business One, Zoho CRM, HRMS and Payroll etc. please reach out to us at [email protected]