Many companies have various types of risk management plans in place to address major concerns such as natural disasters or catastrophic business interruptions. More and more companies are now realizing that even day-to-day risks can have serious consequences, and are increasingly treating risk management as a continual process rather than as individual activities. Continuously evaluating risk at all levels can yield great benefits, including better transparency across the company and improved productivity and profitability. Using business intelligence software, such as Microsoft Dynamics® GP, will help you manage and measure operations so that you know where your vulnerabilities are and how to correct problems before they happen.
Moving accounting procedures from simple ledgers and spreadsheets into Microsoft Dynamics GP will provide you a more accurate and timely view of the financial health of your business. The general ledger, accounts payable and receivable, cash flow and collections, and bank reconciliations can all be easily entered and reported on within Microsoft Dynamics GP. Improving fiscal procedures will optimize your cash flow, minimize capital expenditures, and provide the ability to expand operations or capitalize on peak sales times. You don’t have to wait weeks after month or quarter end to evaluate financials. Having access to the real time financials will help you make timely business decisions and ensure that you are financially prepared for potential day-to-day business interruptions or for catastrophic disruptions.
Many business interruptions involve a weak link in the supply chain. The more transparency you have in your supply chain, the better you can manage that risk. All of your sales, inventory, and shipment information can be entered into Microsoft Dynamics GP, which will provide greater insight into your supply chain. As sales are being made, the factory can manage inventory levels and prepare for manufacturing operations. Knowing when raw materials are slated to arrive and when products need to be manufactured and shipped will streamline common bottlenecks within the supply chain. Microsoft Dynamics GP will help you continuously evaluate your supply chain from procurement to customer delivery. With real time access to important business data, you will be able to make more accurate sales forecasts, maintain appropriate inventory levels, increase order accuracy and delivery, and negotiate better terms with your suppliers and vendors. Minimize the weak links in your supply chain and be better prepared to weather possible business disruptions with Microsoft Dynamics GP.
Continuous risk management evaluation and being prepared for common business interruptions will help you minimize or even circumvent potential catastrophic disasters. Microsoft Dynamics GP is a valuable tool that provides insight into all levels of your business from financials to supply chain to customer service. Continuously watching for weak links or bottlenecks at all levels of your business will minimize risk, improve efficiency, and increase your profitability.
By Earl Hunt of The Resource Group, Seattle based Microsoft Dynamics GP Partner