According to the UN, the world is going through soaring inflation, especially after the war in Ukraine causing the rapid increase in energy and commodity prices. With the decrease of purchase power, people are only willing to invest in what is high quality, sustainable, and highly profitable.
Here are the challenges that face companies in the Middle East during the current economic crisis:
Avoidable high IT costs:
Companies use many legacy applications. It is reported by WSJ that big organizations use over 130 applications to run various internal business processes. It is more cost efficient to integrate all these applications in one system and have a single end-to-end process to store, analyze and report all business process-related information. Companies report reducing their IT spend over 50% in only several weeks after using SAP Integration Suite to develop an end-to-end process, fully integrated into their SAP system.
The rise of new digital business models
Companies are under the threat of new digital business models that operate faster, smarter, and more resourcefully. For large companies to operate with the same speed and innovation they need to streamline their operations across all their business functions and operation centers. This allows them over 50% more time to focus on innovation and fast product and service delivery.
Costs related to lack of accurate company reports
Companies need a single point to view, analyze and easily acces important company data. Reports show that over 70% of companies don’t have a source for accurate data that allows them to base their decisions on. When companies use intelligent ERP like SAP S/4HANA with SAP Analytics Cloud they have a clear view of all the company essential data. And so they have an impeccable system that allows data-driven decision making.
During a global economic crisis, companies need to prioritize their customers at all costs. They need to focus on sustainability, innovation, and finding new ways to accommodate their customer needs in the most convenient way. To achieve this, companies need to cut unnecessary costs and efforts, and invest these expenses and effort in more efficient customer-oriented processes.
LABS, your digital transformation partner