Tag: business

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Data Gets Lonely When It’s Isolated

EDI Helps Manufacturers Increase Efficiency and Improve Profitability

More efficient processes yield more revenue, it’s that simple. Imagine being able to seamlessly integrate data across the entire supply chain and then imagine how that integration could increase the efficiency and deliver more revenue to each link in the chain.

Every manufacturing CEO wants to increase operational efficiency and lower costs, helping to boost revenues and improve profitability. Yet there is an area which has often been overlooked by businesses, and this is the area of B2B integration. While some methods have delivered degrees of success, broad-based solutions remain elusive to many.

The problem is in the number and types of data sources a manufacturer deals with on a regular basis. With a network of partners and suppliers, each using their own data formats and transfer methods, the volume and variety of information flowing can be overwhelming. The result is siloed data, increased pressure on information technology and management resources, disconnected workflows and slower processes.

IDC’s Manufacturing Insights’ webcast IDC FutureScape: Worldwide Manufacturing Predictions once suggested that nearly 30% of manufacturers would make significant investments toward increasing visibility and analysis of information exchange and business processes, within the company and with partners. That was in 2015. Today, data integration and process improvements continue at a fevered pace as technology is helping businesses gain new data that brings new insight and sparks change.

The integration of Electronic Data Interchange (EDI) is a fundamental first step in improving how a business works with trading partners as well as internally. EDI has been around for many years and refers to the transfer of structured data between two organizations or “trading partners” using a set of standards that define common information formats to facilitate the exchange. By adhering to the same standards, two different organizations can electronically exchange documents (POs, invoices, shipping notices etc), seamlessly and regardless of geographic location.

Simplifying business processes, reducing operating costs, increasing end-to-end visibility, reducing errors, and speeding up operations and responsiveness… these are the many benefits to be experienced when EDI and non-EDI information streams are processed in the same manner when it comes visibility, exception-handling, notifications, role-based access etc.

Unfortunately, not all trading partners use EDI (or implement it in the same manner). To get their documents into a usable format, manufacturers find themselves using manual processes or writing custom scripts. Either way, it means that documents are flowing through entirely different processes for EDI and non-EDI business partners, which significantly complicates matters and adds unexpected costs and complications. Addressing this is one of the reasons why modern manufacturers are finding an increased need for connecting with organizations like Mendelson Consulting who can help identify and address situations that out-of-the-box EDI does not.

The pressure is mounting for manufacturers to produce more with less resources. Mendelson Consulting understands what makes EDI complicated and has the experience and expertise to help growing enterprises overcome challenges in design and implementation, making broader integration possible and greater improvement achievable.

jm bunny feetMake Sense?

J

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ZERO TRUST – Every Email is Suspect

Electronic mail has become a standard for communications around the globe. Email can contain not just text, but can deliver documents, photos and videos and other media. Email allows people to contact others at any time and respond on their own schedule. Where previous methods of communicating with someone far away were expensive and time-consuming, email allows people to stay in touch no matter where they are as long as they can connect to the internet.

Yet email is not a fully secure communication medium, and a lot of people are just now figuring out just how vulnerable they may be. What was once considered a trusted means of communication has now become something to be suspicious of. For most users today, it is best to approach emails with a high degree of suspicion (zero trust), especially if they ask for personal information or contain links or attachments.

With email, someone could intercept the messages or even store messages without your knowledge or control. The smallest human error can have ripple effects that turn into waves of trouble because messages cannot usually be taken back. And then there are the threat actors, of which there are too many and they are far too clever.

Phishing has become a highly popular method of cyber-attack, probably because it works so well. It involves tricking people into giving away sensitive information like credit card numbers, social security numbers, and passwords. Phishing is fueling (phueling?) opportunities for malware infections and identity theft which can lead to financial loss, reputation damage and more. Any information an attacker can gain helps them get even more information and go deeper into the organization.

Protecting against phishing attacks requires vigilance and following best practices such as using strong and complex passwords, and two-factor or multi-factor authentication (MFA). Also, it is crucial that users avoid clicking on links in emails, and everyone should verify the email authenticity before responding, especially if sensitive information is involved.

To check the identity of the sender, mouse over (put your cursor over) the email address and it may show you the actual sender address. While the email may say the message came from somebody you know, you may find that the actual sender address is an obscure email address you don’t recognize.

Mouse over links in the email but don’t click on them. When you hover your cursor over the link, it may show you the actual url the link goes to. Like with email addresses, links can be named something other than the actual url. If it is a url or website name you recognize and trust, then type the url into your browser instead of clicking on the link, just in case.

Use multiple channels for communication. This means you should not just communicate with co-workers and others using email. It is always a good idea to have some other form of trusted means of communicating with someone, such as via telephone or a messaging application. When you receive an email requesting sensitive information or an email with file attachments, you should communicate with the sender on one of your other communication channels to verify the authenticity of the email or attachment.

Never ask the sender to verify their identity over the same channel as the original communication. If it is a hacker, you’ve just verified to them that they reached their target.

jm bunny feetMake Sense?

J

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Preparing Your Business for Exploding Growth

Preparing for exploding growth in a business requires careful planning and strategic decision-making. To develop the information necessary to support these activities, businesses must implement their processes and systems to properly collect the data required. Unfortunately, many organizations fail to develop the systems which will support increased activity and business growth, only recognizing after the fact that the process support and the data they need isn’t there. To prevent being caught off guard with more business demand and not enough organization to support it, follow these recommendations to set the business up for success over the long run.

Set clear goals and adjust as required. You need to know what the business purpose is… the objective you hope to achieve with all this activity. Establish SMART goals – specific, measurable, achievable, relevant, and time-bound. With a set of smart goals and a well-defined objective, the business has a clear direction and a guide to assist in decision-making.

Build infrastructure that is scalable. If the business infrastructure can’t handle increased demand, the business can’t grow effectively. Scalable information technology and software systems, robust production capabilities with adequate human resource availability, and increased efficiency in supply chains will help the business meet increasing demand, while improved reporting and business intelligence helps to anticipate potential bottlenecks, allowing for plans to be developed to address them.

Make sure finance and accounting are set for growth. Strengthen overall financial management and review your financial processes to ensure they can accommodate growth. Implementing the right systems and software is necessary to not just optimize production and operations, but to provide a foundation for establishing sound accounting and financial practices which will help the business secure funding and manage cash flow effectively. A good way to evaluate your preparedness for growth is to prepare financial forecasts and stress tests to gauge your business’s financial resilience under various growth scenarios.

Streamline operations and automate where it makes sense. Evaluation of businesses processes is an ongoing task if your business is to continuously work to improve efficiency and effectiveness. Where opportunities for optimization and improvement exist, consider using automation and technology solutions to help streamline operations and reduce manual effort while remaining focused on enhancing customer experience and satisfaction through streamlined processes and improved service delivery.

Plan for Risk and Contingencies. You should try to identify potential risks and challenges associated with rapid growth, such as increased competition, supply chain disruptions, or changes in customer preferences. Develop contingency plans to mitigate these risks and ensure continuity of the business and operation. It may even make sense to consider diversifying your revenue streams to reduce dependency on a single market or product.

Monitor, adjust and adapt as needed. Key performance indicators (KPIs) should be regularly monitored, as should market trends, to stay informed about your business’s progress and to stay on top of industry developments. Use data analytics and reporting tools to gain insights and make data-driven decisions instead of operating on emotion. The business that plans for growth must remain agile and adaptable, adjusting strategies and operations as needed to accommodate changes in demand as they occur.

Preparation for rapid growth requires a proactive approach and continuous evaluation of your business’s readiness. Regularly reassess your strategies, make necessary adjustments, and stay focused on delivering value to customers as you scale.

Mendelson Consulting and the Noobeh cloud services teams are advisors and consultants with expertise in scaling businesses, and can provide valuable insights, guidance, and support throughout the growth process and beyond.

jm bunny feetMake Sense?

J

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Data Are Just Data Until You Do Something With It

The business and economic environment isn’t easy. Competition is getting more aggressive, and customers demand more and different options while margins are shrinking, and the cost of operations just seems to go up. Business owners and their CFOs are recognizing the need to change the way they operate, and that they must innovate and adapt with new technology. A more modern approach to business captures data from every aspect of the operation to reveal information not otherwise available, and that information leads to better decision making and deeper insight. Data are just data until it can be transformed into information that matters.

It is possible to change the way critical business decisions are made and to radically improve how the business serves customers, empowers the workforce, and keeps mobile workers working. The key is in leveraging cloud platforms and technologies to enable the collection of data that comes from every business activity.

What if you could identify trends and patterns in sales and customer data, informing your marketing and sales strategies to make them more effective? How about monitoring key performance indicators (KPIs) related to revenues and expenses to improve financial management? Maybe you would like to analyze supply chain and inventory management metrics to find way to optimize those areas of operation.

From software and systems that facilitate field service and mobile work to logistics and supply chain management, business intelligence is developed when the data is available to be combined with other information and reported on in meaningful ways.

Business intelligence comes from all aspects of the business, not just accounting and finance. Particularly in a volatile economy where uncertainty weighs heavily on each and every business owner, it is essential that businesses make the best possible use of their information assets, including finding the best way to identify and capture opportunities which will propel the business forward.

Data is just data, but information is power. We can’t say that often enough.

It takes skill and experience to turn raw data into instant insight, and this is where Mendelson Consulting can help. With a wise and intelligent approach to “enabling” the businesses with tools to help streamline and improve process effectiveness, and structuring systems to capture and integrate data throughout the operation, Mendelson Consulting assists their clients in turning operational and accounting systems into solutions which deliver the data needed to produce actionable information supporting better decision-making.

Cloud platforms enable businesses to take advantage of enterprise technologies without the commitment and spend, and web-based services can solve file sharing and data collection challenges regardless of location. Products like Clearify’s QQube can even transform QuickBooks desktop data for data warehousing or advanced reporting with Microsoft Power BI and more.

Data are just data until you do something with it. Your business should be collecting, analyzing and using all the valuable information it produces.

jm bunny feetMake Sense?

J

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Cloud Platforms for Client Data Help Reduce Workload Compression in Accounting and Finance

Accounting professionals have always viewed much of their work as being seasonal, waxing and waning with the turn of the months. From monthlies and quarterlies to the annual tax return, accountants’ work is focused as much on when as it is how much work must be completed. This regularity in the timing of the work has created somewhat of a false barrier to efficiency, largely because many professionals wait for the workload to appear, and it always appears at the last minute. Instead, we suggest leveraging technology to create new working models with clients to alleviate workload compression and deliver improved service and insight in real time, when it really matters.

Accounting is no longer considered to be a final resting place for financial and performance information. Accounting isn’t passive; it is an active participant in developing and managing data as it flows through a business. Professionals who continue to perform write-up and other time-consuming “re-accounting” tasks will often find that their approach removes them from the truly interesting part of the job. Instead, when the professional participates with their clients’ businesses and information on a regular basis, the accounting data can be adjusted so it is treated properly from the start. Better data provides for more informed decision making, and this is the real benefit the accountant can deliver.

The key for every accounting professional is the technology and how it might be applied to decompress the workload and even things out. Structuring standard processes for client intake, implementing workflow tools to closely manage data and deliverables, and improving the speed and quality of internal communications are all areas where tech can make the work more consistent and manageable. Much focus can be placed on the technologies a modern accounting firm would apply to its own workflows and data handling processes, yet there is often little consideration for how the accounting professional might maximize efficiency as well as effectiveness in working with the client data at the source.

Most fundamentally, accountants typically work in places where the client or data is not. Business is done at the business location, and that’s usually not where the public accountant is. Even in large enterprise, the work gets done and data created by others than those in finance, so it is up to finance to find the way to gain access to the data and ensure its proper treatment throughout the system. This is among the reasons for the emergence of remote access solutions and services. Through remote access the professional can access the information of the client businesses, performing data entry or adjustments directly into the client’s accounting system and avoid lengthy reviews and write-ups later.

While remote access solutions may work for some, the time-sharing approach that leaves the client waiting while the accountant does the work does little to maximize the efficiency of either party. Instead, an online working model that allows the client and the accounting professional to work independently yet collaboratively addresses the needs of both.

Online working models in no way require web-based or online applications as the sole foundation. For many operations, online or web-based versions of accounting and line-of-business applications lack the cohesion and functionality that more robust desktop and network applications can provide. Where some businesses have limited functional requirements that a simpler online app may meet, others continue to rely on the maturity and proven functionality of desktop solutions. For these businesses, the adoption of virtual IT platforms brings the “online” working model, system agility and managed service potential that are at the center of web-app popularity.

Once the accounting professional has access to the clients’ systems as well as the data they produce, the accountant can take a more proactive approach to correction and adjustment, as well as gaining a basis for providing insight and advice. The after-the-fact approach to accounting is the essential flaw in attempting to decompress the workload of an accounting practice. As long as the tabulation and treatment of business data remains a job to be completed at the end of the period, there will always be urgency in completing the task and the value of the work product is unlikely to increase.

However, through the intelligent application of technology – online application services and virtual computing platforms – accounting professionals can not only help their clients embrace transformative efforts to improve business and performance, but the accountant can relieve workload compression while delivering even greater value on a continuous basis.

jm bunny feetMake Sense?

J

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Better Platform, Better Data, Better Performance

Information management paradigms are rapidly changing, so businesses seeking to achieve maximum performance and profitability must look at increased efficiency and innovation in their IT platforms. Cloud platforms help business operations to be more effective and agile, supporting the various processes and workflows which make up the operation. From finance to order processing, shipping and customer service, the platform needs to be flexible enough to handle the wide variety of needs of the company.

Today’s technology-enabled flow of business opportunity requires modern infrastructure and IT services. Where many would believe that web-based applications and “cloud” versions of software solve the problem, more often the business finds the solution lacking features and usefulness. Tried and failed plug-ins and extensions may leave the system attached to a spiderweb of connections and services behind the scenes, reducing or eliminating the ability to fully control the flow of data to or from the system.

The real issue to address is the infrastructure and IT foundation, not just the applications. Certainly, the software matters greatly, but too often businesses believe they must migrate to new applications and adopt new processes simply because they wish to have remote access and more flexibility in how and where users and information connect.

Cloud platforms and services enable many things for a business, not the least of which is collaboration and co-working. With centralized access to applications and data, workers can get the information they need regardless of where they are, and the workflows and processes may be improved and expanded because all users can participate as required.

Enabling connectivity for the platform is as essential as for the applications. When applications and processes can connect seamlessly, the data flows through the business better and there’s less chance of it getting damaged or lost. Re-keying data increases the opportunity for errors, and manual import/export processes can fail due to simple mistakes. With the right integration and sync tools and an IT platform that fully supports them, the business can improve the speed and accuracy of data moving throughout the system.

There is a growing need for accounting and business professionals who understand how these data connections can work and assisting businesses with selecting and implementing the right ones. This used to be more in the domain of the CIO, information systems guys and data analysts, but it is falling more to the accounting and finance teams these days.

For many years, accounting and finance were just the final dumping ground for after-the-fact financial data. Operationally, things could be humming along in the business and looking just fine, but the business was losing money, and nobody knew it before it was too late. Now, business owners and managers have come to understand that virtually EVERYTHING in business has a financial impact and leaves an imprint on the business: every action and activity, every relationship and interaction.

When cloud platforms, applications and integrations are in place for the business, business intelligence comes not just from after-the-fact silos of historical data, but from current and real-time information that is the key to unlocking a deeper understanding of business performance.

jm bunny feetMake Sense?

J