The biggest risk in our view is doing nothing! Do nothing and the extra time and costs of doing things twice, knife and forking data between spreadsheets will continue and get worse. The time window will close as the markets ramp up, and any competitors who took the opportunity of reviewing their underlying business efficiency and cutting edge will have an advantage.
The first step is not a new system, it is re-aligning the processes in your existing one with the ‘real’ processes in your business (i.e. excluding spreadsheets, double keying, workarounds etc. that only add cost and time), alongside data cleaning and correcting the setup and parameters to best suit.
So, you need to weigh up how critical it is to protect the business and ensure it can hit the ground running when times improve – taking full advantage of the new normal that is likely, then.
Survive and Thrive or Struggle and Strive?