Recent research in the Trends and Challenges in Architecture and Engineering found that 78% of business leaders believe that price competition will be the greatest threat for the future in Australian and New Zealand. This is 12% higher than the overall total of countries included in the international report. In fact, the overall result was 14% higher compared to 2013, demonstrating that price competition is not only deemed a threat that is not going away, but it is also getting bigger. What are your thoughts?
The best way to be able to offer a competitive price it to be as efficient as possible. Installing an enterprise resource planning (ERP) system could help you streamline and integrate both internal and external information flows used by your organisation within a single, comprehensive solution.
“Firms across Australian and New Zealand are wasting on average 30% of billable hours.”
A capable ERP system automates business processes such as invoicing and sales and purchase orders within one system. This not only improves forecasting accuracy and reduces inefficiencies, but these tighter controls can highlight where those missing billable hours. Improve your processes and this should result in you being able to overcome the threat of price competition.