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In the fast-moving world, every company is moving toward automation as the pain of performing them manually is increasing day by day.
All business functions use some software or tool to make their life simple for example finance team uses accounting software, the warehousing team is using some module of Inventory management, and the sales team is using CRM.
Each of these systems individually does a great job of streamlining its business process in respective departments. But together they can be a nightmare because each application stores data separately & we wind up with siloed systems that don't communicate storing duplicate data.
Research also shows that 80% of organizations show a high degree of data silo which leads to a reduction in data accuracy & consistency.
So what is the solution to all this problem?
The solution is Integrated Business Solution.
What is Integrated Business Solution?
Integrated Business Solution provides multiple software modules that automate processes and store data in a single repository which means important information is accessible to your entire organization.
What are the Advantages of Integrated Business Solutions?
- It helps to Improved Productivity: Because they store all of your data in one place, integrated business systems eliminate the need to manually re-enter data into multiple systems.
- Eliminates Inaccurate Data & Decisions: Inaccurate data leads to poor decisions that hinder business success. A centralized data repository eliminates inaccuracies and inconsistencies by eliminating rekeying.
- Reduce IT Costs: As the integrated business salutation reduces duplication it will also reduce costs for hardware and software, integration costs, IT management and maintenance for multiple applications, and upgrade costs for multiple applications.
Hence, because of the above reason, ICAI has introduced Integrated Business Solutions in CA Final paper 6 (Multi-disciplinary case study with Strategic Management).
