Many functions within transport and logistics companies typically work across multiple sites and locations, along with staff who need to work on the go or from home. Therefore, having the right systems and processes to collaborate across these multiple locations is particularly important when business decisions need to be made quickly. Strong decision making requires accurate data, and cloud software is crucial for transport and logistics companies to have alignment between their strategy and operations.
This article outlines why cloud software is critical for transport and logistics teams working across multiple locations and some of the key things to consider when you're updating legacy systems.
Cloud software is transformative
As we outlined in an earlier article, key technology components that improve productivity and collaboration for teams working across multiple locations include:
- cloud-based software that helps your organisation meet its financial and accounting reporting requirements;
- analytics, communications and management tools that help people across the organisation to be more productive; and
- the latest hardware, including laptops and mobile devices, so cloud-based programs load and operate efficiently.
For finance and accounting teams, those tasked with addressing the many reporting requirements in the industry, including those associated with IFRS16 leases, the time required to update multiple spreadsheets and disjointed systems takes away from the ability to be more proactive and strategic. In recent years, the inefficiencies associated with siloed systems have been addressed through the rise in cloud-based software as a service (SaaS) solutions.
The evolution of SaaS through offerings such as Salesforce's CRM platform, Office 365 and the GSuite, allows companies to access their data, documents and emails anywhere, anytime. From here, the SaaS market has evolved with a focus on automation and seamless data integration across a range of programs through APIs. These developments have made working across multiple locations more efficient, along with allowing companies to use their data in more intelligent ways. For example, business intelligence software has the functionality to analyse your accounting and ERP system data into valuable insights, such as real-time cash flow forecasts, margin analysis and forecasting leave liabilities, to name a few.
Productivity improves with specialised SaaS offerings and integrations
According to Gartner, the global SaaS market is expected to be worth more than USD100 billion this year. The rapid growth in the range of SaaS products available has been driven by technological advancements in connectivity and the many benefits these products provide to companies. Specialist products, in particular, provide tailored solutions to organisations at a relatively low cost, along with increased agility through the ability to collaborate in real-time across multiple locations.
Many businesses no longer run their strategy and operations from a single ERP or accounting software solution. Instead, companies are taking advantage of integrating specialist products into their existing systems, creating a tech stack that addresses all of their unique needs. Therefore, the ability for SaaS products to integrate with other systems is becoming increasingly important.
Cloud software, such as LOIS provides finance and accounting teams with the tools and functionality they need to accurately record and report lease data all in one central location. Our onboarding team of qualified Chartered Accountants work with finance and accounting professionals every day, tailoring the software to ensure it meets each customer's unique data and reporting needs. This data can be used to comply with your reporting requirements, while the program's other features allow organisations to perform in-house scenario analysis. The ability to perform this depth of analysis will give your team a strategic, forward-looking edge, no matter where each person is located.
Better systems and technology helps attract and retain talent
According to PwC's Transport & Logistics 2030 report, which focused on talent management, attracting and retaining top talent in the transport and logistics sector is a common challenge, particularly when it comes to younger, skilled workers. Key reasons for these recruitment challenges include a lack of education and training and the slower pace of technological advancement across the industry. These findings demonstrate that not only is introducing cloud-based software and systems to your organisation an effective way to improve your productivity, but it can also become a way to attract and retain top talent.
Consider a world beyond spreadsheets
Naturally, there may be issues to resolve as your business rolls out new software. Taking the time to identify and address each problem will set up the foundations for long-term productivity in your organisation, rather than the perceived short-term ease of disjointed legacy systems.
According to a report by Deloitte Access Economics, The Economic Value of Cloud Services in Australia, almost 40 per cent of respondents to their research noted that cloud-based solutions are a key contributor to increased productivity. Embracing a world beyond spreadsheets enables productivity across organisations. For finance and accounting professionals, in particular, software can become a key tool in ensuring your organisation’s compliance with ever-changing accounting standards and regulations.
Use cloud software to collaborate and empower your people to be productive
Cloud software is transformative because it enables teams across multiple locations to connect and collaborate in real-time. Not only does this result in higher quality work with fewer errors, but it also results in efficiencies that working only from one central cloud-based system can deliver.
Quadrent's products help organisations manage their assets more strategically, optimise the asset lifecycle and empower other professionals across your business through better information flow. Find out more about how we help transport and logistics companies increase their productivity and profitability here.