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Technology: The Two Sides of The Coin
Tech challenges New solutions also set higher standards. Identifying these alongside day-to-day business and implementing them simultaneously can not only be overwhelming, but it can even put them off. But those who ignore technical innovations run the risk of soon letting the competition pass by.
As Director of Financial Management, Frank Mens is responsible for the DACH region and continental Europe at and knows how important it is to be on the cutting edge of technology. In an interview, he reports which stumbling blocks small and large digital companies can face and how they can use the most economically.
What are Currently The Most Significant Tech Challenges For Companies?
The last few months have shown that most companies are not agile enough to deal successfully with the effects of the COVID-19 pandemic. If my sales collapse or I want to save costs, the focus of work has to shifted and processes set up again. However, in many small and young companies, tech challenges have not worked out: For example, the founders manually sign each order themselves. To minimize the effort and the necessary resources and become agile, these processes must first be established and then automated. ”
How are companies Tech challenges Doing These Hurdles?
Many companies fly blind. They don’t even know which customers are profitable and where precisely the sales come from. This transparency is essential because only then are adjustments possible, and nothing stands in the way of quick decisions. And the same applies to future planning: If the basis of decision-making and control-relevant data and information is missing, I neither know where I currently stand nor where I can steer in the future. Then all you take to do is look into the crystal ball. In such cases, manual processes are often set up to get an overview. However, when a business gets going again, these auxiliary solutions are rarely sufficient and have to be converted again to grow. ”
How does Workday help companies get in shape?
On the one hand, we support traditional corporate planning. The question arises: Which goods have to bought in what quantities or how many personnel have to employed? Many make these decisions on their instinct, perhaps once or twice a year. However, this mechanism is no longer sufficient if I suddenly have to reschedule once a month, a week, or every day due to a crisis and short-time work. And this is precisely where we come in: All data in the ERP system, a holistic program for exchanging information within the company, is available for reporting purposes. So I can see in real-time where I stand with my company. And from these insights, the resources can planned much more quickly and in a more targeted manner. ”
How Eactly Does That look in Practice?
Design it is a good example- an international design agency that not only handles data from customers, employees and finances but also from projects. It was difficult for the finance department to see the context from this information. Because CFOs or accountants are often perceived in small companies or scale-ups as the people who responsible for booking transactions and, at best, helping with travel expense accounting.
In doing so, they can support managers and founders in making better decisions and managing operations. With the introduction of Workday two years ago, Design it could also bring together the finance and HR departments in a single systemic solution. Because an attractive employer nowadays offers processes for applications, further training, or general evaluations, for example.
Is Workday Worth it for Smaller Businesses Too?
If I have a significant growth plan or get funding, it makes sense to introduce an ERP system early on. Establishing new structures with 150 people is much easier than with 500 or 5,000 people. And at the very early stage, there is still a lot of trial and error. What does the business model look like exactly? How do you get started in new markets? How can I reach new customer segments? Inevitably, the question arises whether my back office is sufficient for this or, for example.
My German accounting system also supports international accounting. Workday brings over 500 business processes into the company based on our customers’ best practices. Young companies do not have to develop these themselves but can build on them. Not only do the auditors love these processes,
What Technical Innovations are you preparing For?
There are many new technologies such as artificial intelligence, augmented analytics. Or machine learning that can help us automate processes or optimize decisions. Often the full potential of these technologies cannot used because the data behind them is missing. For example, suppose a startup wants to know how likely an employee will leave the company. In that case, algorithms can determine these key figures. Augmented Analytics automates data analysis and helps to translate essential findings and correlations into reliable recommendations for action. It enables the company to identify and react to significant trends more quickly. Many of our customers want their data to ensure that these possibilities can better used.