The most difficult challenge faced by businesses in the past 12 months is keeping pace with technological and societal development. While for some businesses this situation results in higher ROI and revenue, and many seized to exist. According to a study, during the lockdown business with $10,000 monthly expense was left with only 2 weeks of cash when the lockdown was implemented, and later they seek assistance from the relief funds to support daily needs. This is evident that uncertainty is here to stay and how you navigate through this is depended on your business development strategy.
Here in this article, we have discussed in detail the challenges that businesses are facing including technology adaptation to bridge physicality barriers, keeping pace with the development, building customized Finstack, and employee retention. Along with this, we have given a brief account of how Odoo ERP & CRM can help you optimize your business strategy. Besides you can reach out to Odoo Consultants at Techloyce to get customized Odoo consulting services.
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So, do you think that your business strategy is optimized enough to tackle the challenges of 2022?
Challenges Faced by Small and Medium-Sized Business & Enterprises
Every economy in the world flourishes when the local economy, small and medium-sized businesses develop. It has a direct impact on the economy, mainly because of two reasons, first, it creates a ripple effect and generates new job opportunities for employment. Secondly, it strengthens the economy from the grassroots and results in economic stability. However, there are many challenges that businesses are facing amidst 2021, some of the most significant ones are as follow:
- Sales & Marketing Reports – The first problem faced by businesses in 2021 is associated with sales and marketing optimization. In 2021, businesses were running on hunches and 2020’s reports analysis i.e., how customers are buying, how what type of communication with customers results in higher ROI, email or PPC campaigns results, IT and Finstack acquisitions, and much more. All of these things have resulted in unexpected business expenses all over the world. Therefore, the first thing you need to prepare for 2022 is revenue optimization.
- Employee Retention & Customer – In addition to sales and marketing, the biggest challenge of all times is employee retention. Since the lockdown begin in early 2020, companies have layoff half of their employees or applied pay cuts. At the same time has faced significant churn in customers. Apart from this, another challenge faced by businesses is coping with the employees’ hesitation to return
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- Networking & Communication – On top of this, the global usage of the internet and technology has been upgraded, almost 59.9% of the global population was reported to be active on the internet in early 2021. This has pushed businesses to adopt new communication cloud-based software and expand beyond the virtual borders. Since most of the small and medium-sized businesses are in the middle of bargaining the affordable communication solution to support their remote employees and attend to customers timely.
- FinStack – Last but not least, charging customers fairly and providing secure gateways to receive payment has become one of the biggest challenges for the business from invoice generation to credit card information storage and from payment collection to updating customer information. There are dozens of cloud-applications and integration that are available that one can use, but the question about how to create an ideal FinStack that is auto-updated and can be scaled globally is the biggest concern of all times.
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How Odoo Consultants can empower you with AI?
Like we said above, businesses are looking for alternative ways to optimize business for 2022. Like we said above, keeping pace with innovation, stabilizing revenue, nurturing leads require a lot of resources. And, to save time the reliable solution is to utilize data and drive strategies that fully support the organizations’ goal for 2022.
1. Finstack
One of the best things about the Odoo is, it has developed over 40 applications that one can integrate into their system and get the best results possible. It is open-source that means, one can easily customize it or integrate the third-party application. Besides, if you opt to use Odoo accounts, it is totally free and contains lots of features that can smoothen your accounts, expense, and POS issues, by bringing the bank feed directly to the dashboard. At the same time, you can consult Odoo consultants at Techloyce to get products such as gateway integrations.
2. Employee Training and Retaining
Along with finstack, Odoo also offers Human resources module that contains all essential applications that a business needs to support employees, manage expenses, leaves, benefits, and travel request from a single dashboard. Moreover, all activities can be tracked, and the detailed reports help management in making informed decisions backed by the data. Not only this, but it also offers online training modules that the human resources department can use to host sessions, arrange webinars, circulate information among employees, and track the progress of training sessions in real-time.
3. Remote or Hybrid Communication
Since remote work is here to stay, therefore there is a need for businesses to create a system that is flexible enough to support remote and hybrid work initiatives. For this, you can get Odoo Asana Integration. The combination of these two creates a system, that supports remote employees to shift between devices, share documents with the team members, and communicate freely without any breaches. Along with this, you can also get third-party applications integrated into your system by availing Odoo consulting services from Techloyce.
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4. Odoo Business Intelligence
Lastly, Odoo has a power BI and AI that is pre-integrated into Odoo applications. So, if you are finding it hard to generate reports from the data and spending more than usual time in data sorting, organizing, presenting, then you will find Odoo Business Intelligence highly reliable. You can generate reports with bar charts, tables, and graphs with the help of BI.
Conclusion
It is predicted that the challenges of 2022 are going to be a lot different than the businesses have encountered in the span of the past two years because business has collected a lot of data that is enough to help business executives to predict what things they are lacking on and how they can optimize it. And, a reliable solution that has proven to be economical and reliable is the SaaS application i.e., Odoo ERP and Odoo CRM. It contains all the essential applications that a business need.
To know more about how you can optimize your business strategy and integrate third-party applications into your CRM, get in touch with Odoo Consultants today!
