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Business Value Drivers # 1 – Data storage and Management
grow • May 6, 2021
Business Value Drivers: Data storage & Management
Does your company utilize Enterprise Resource Planning Systems to optimize the management and decision making associated with your operation? In today's competitive marketplace, ERP Systems are applicable to nearly any form of industry. With that in mind, it is evident that companies should invest time/capital into a system that keeps your data in one place, allowing you to sift through data necessary for making important decisions both quickly and efficiently.
CHV Group is currently working with a small family business that has produced a great product with potential to be sold nationwide through either retail or digital marketplaces.
After taking a closer look at the Company, two factors stood out
A) Why are the profits lower than Industry standard?
B) Where can our customers be found, especially online?
After checking in on the hourly workload of specific employees, it showed that there was one highly skilled worker doing analysis, while also having to input and sort his data. This can be a very time consuming process!
After researching the Market for an adequate ERP system, the company's owner opted to purchase and implement an ERP system immediately. This new system provided the ability to immediately input and organize vital information in order to track and better understand Key Performance Indicators (KPI) revolving around their sales and finances. On top of this they were instantly able to track/sort their Sales to ZIP code in order to measure the success of geo-specific marketing campaigns, as well as the cost per shipment.
In effect, this system optimized the flow of vital data analysis surrounding the company's operation. This has not only led to a more efficient process, but also has lowered the stress and costs associated with the manual input of data.
How is your ERP System working? Contact CHV Group if you need any guidance with evaluating the current systems your operation has in place.
Creating a Learning Culture within your company or business is a great way to grow the skillsets of your employees. In short, a learning culture can be found in an organization that promotes the development of staff, a healthy collaboration between teams, and employs constructive feedback loops. Purpose is a word that comes up a lot in today’s job culture. While it is important to the individual, purpose means something different to everyone, and shouldn’t be used as an ideology in a business. A lot of business lectures and seminars will talk about having a ‘purposeful culture’ but we prefer to instill a learning culture. Not every person is able to find a job in which they find purpose. In a learning culture, almost everyone has a desire to grow and learn new skills. A learning culture requires a plan to cultivate the right mindset and skillset, but it produces happy and committed employees, which increases the value of a company. The characteristics of a successful learning culture are closely linked to the ongoing strategies employed by the organization to motivate learning. Want to learn more about building a Learning Culture within your company? Reach out to the experts at CHV Group for a free consultation
According to a McKinsey study, companies that combine creativity, analytics, and purpose are growing at twice the rate of companies that only use one or two of those factors. While creativity has been used in marketing for years, data analytics have also become an integral part of successful business campaigns. Now entering the fold is the concept of “purpose”. Purpose is a new addition that can represent the overall mission of the company or product. One of the key takeaways from this study shows that “In the period 2018–19, companies using just one of the capabilities—either creativity, analytics, or purpose—saw an average growth rate of more than 6 percent. Adding a second component saw growth rates climb to more than 7 percent. For those that employed the full triple play, growth rates climbed to more than 12 percent.” Contact the Team at CHV Group if you would like to learn more about how to incorporate the concepts of creativity, analytics & purpose into your organization! If you would like to read the full McKinsey study referenced above, click here!
