Why is speed important for a business to succeed?

Speed in Business

“Speed is the New Currency of Business” – Marc Benioff – Chairman and CEO Salesforce

Why is speed important for a business to succeed?

Business is all about Speed they say!  But before we get into how or why speed is critical for any business to succeed, let us understand what exactly is speed in business.

What is Speed in Business?

In terms of Business, Speed essentially means how quickly your business performs. What is your turnaround time? How soon do you respond to prospect queries, clients requirements, customers feedback etc.

In terms of a typical manufacturing business, it will mean your time to production, time to purchase/procure, time to deliver and so on. Even if you speed up each of these processes by 10% or 15% you will be able to achieve significant improvement in your profitability. Essentially, you will be able to manufacture more products, service more clients in the same amount of time. Achieving Speed will effectively improve your profitability.

How can you achieve speed in business?

Companies should always be on the lookout for ways and means to improve speed, efficiency & productivity.

Learn from your current processes. Identify the bottlenecks and see how you can streamline the processes to improve efficiency? Think of how you can transform a manual process into a digital one to speed up the process and save time.

How we help our clients speed up their processes?

Let us now share a story of how we helped one of our clients speed up their processes.

One of our clients from the elevator industry was growing at a fast pace. They were receiving more inquiries than their estimation team could handle. So, the sales teams were not able to provide the quotations quickly to prospective customers. Both, the estimation and the sales teams were in pain because they were not able to speed up the process and respond quickly

We held detailed discussions with the estimation team and sales teams to understand their current processes and identify the pain points to overcome the problematic situation.

Along with our Standard ERP we provided an Elevator Specific Sales solution. We designed an Elevator-model specific Bill of Materials and General Arrangement Drawings (GAD) generation solution and provided Auto-generation of Quotes based on certain parameters. With this solution,  the sales team is able to generate quotes themselves by providing certain basic inputs.

Thus the quote generation task which took them about 2-3 hours is now performed in hardly 2-5 minutes.  Our client successfully achieved speed in Business.

 

With Spectrum ERP they also achieved improved visibility in procurement and supply chain. This enabled to improve their delivery. 

Effectively, we helped the clients, to scale their business and grow it manifold.  They now have a presence in multiple cities all over the country and many satisfied customers.

Do you want to achieve similar results? Read more about Spectrum ERP

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