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Businesses are more than the sum of their parts. 'Yes', they are brand, product, service, business processes, IP, reputation and data, however they are something else. Something which is more elusive. Businesses are also Institutional memory. Your 'Institutional memory' is the collective set of facts, concepts, experiences and knowledge held by your people. It's the part of a business that you don't miss… until it walks out the door.
Are you at risk of losing your Institutional memory?
'George has been with us for 20 years, and he's not going anywhere'. Then George was gone. You probably have countless 'Georges' in your business, many you hoped to keep for many more years. Changing fortunes and global changes may force you to reduce your team, and with it lose all of those invaluable facts, concepts, experiences, and knowledge that made those people part of your past success. Before the inevitable happens, you have a chance to capture all of this institutional memory in your business software.
Why now is the right time to review your business software
Apart from the need to adapt to remote work and pivot on everything from suppliers to your product or service offer, you also need to capture that knowledge and experience which only resides in the minds of your best people. The details that keep customers loyal. The facts that you haven't obtained but keep things running smoothly. The concepts that are part of your formula for success, that no one has ever taken the time to write down. All of these facts, knowledge, and experience were crucial to your past success and will serve you well in the future… as long as you capture it all now.
Management doesn't know everything in a business
No one person can know everything in a business. If you started your business, there might have been a time when you knew the entire formula and parts to your success, but that was long ago. As you have grown, you've needed to add successive layers of management and delegate responsibilities. While you might have an overall understanding, there's probably a lot that's changed. Some good, some bad. Capturing all of this experience and knowledge in your business software ensures you protect your institutional memory. It also gives you a solid foundation from which to build on. It's a chance to streamline your operations and test new models that will allow your business to survive and thrive.
'Can business software really do all of this?'
The short answer is 'yes'. Business software has come a long way in the past 5-years. Today's mid-market ERP software is transforming businesses the world over. Its capturing institutional memory. Its empowering teams to collaborate and work more efficiently. It's providing Management with the insights and resources to make more informed choices. It's making operations more agile and adaptable. The right business software can be the hope and opportunity you're seeking today. What's more, the latest generations of business software are surprisingly affordable.
'Where do I start?'
The best place to start is at the beginning. Talk to the team at Star. They're experts at business transformation. They can communicate the experience of others in your industry. They'll take the time to understand your business, its challenges, and opportunities and then work with you to implement a business software strategy that has the power of transforming your business and capturing that elusive institutional memory…while it's still possible.