5 things we learned from the MYOB Exo User GroupsCollaborate and innovate with other MYOB Exo users
From February through April 2019, Kilimanjaro and Enprise united as the major sponsors of The MYOB Exo User Groups. These events target the MYOB Exo User community to encourage the discussion and sharing of insights. Topics covered include MYOB Exo “need-to-knows,” useful business solutions and personal user experiences with the product. MYOB Exo is a sophisticated ERP software that allows users to have a single source of truth. Its original configuration will give back valuable time to focus on the experiences that matter.
What are the MYOB Exo User Groups?
The User Groups are an excellent opportunity to learn about the product in an innovative and collaborative way. Here is a summary of what was discussed during this round of user groups.
Topic 1: Artificial Intelligence (AI) is changing the way businesses operate today
“Business strategy and important decisions should be informed by data. It’s not good just relying on your gut feel. You need to back up your decision” – Richard Kimber
What is Artificial Intelligence?
Firstly, we started by asking, “What is it that humans can do that computers can’t?”
Then, we defined human intelligence as “the ability to acquire knowledge through learning, and to applying that knowledge to solve problems.”
Finally, we then defined Artificial Intelligence as “The use of a program or algorithm to perform a task which requires humans to use our intelligence.” It is an alternative way of doing something that would require human intelligence.
What is Machine Learning?
Taking it a step further, we discussed Machine Learning. Machine Learning is defined as “when Artificial Intelligence is programmed to follow an algorithm.”
What is Big Data?
The last component discussed was Big Data.
“It’s your business acumen, your understanding of your markets and your strategy that dictate how to apply the insights revealed by analyzing your data.”
Big Data refers not only to the vast amount of data that computers accumulate but also to the ability of computers (through Artificial Intelligence and Machine Learning) to analyse that data and to provide you with some substance to your intuition and gut feel.
Today, “humans and machines-each on their own-won’t be enough to drive businesses in the coming decades, tomorrows leading enterprises will be those that know how to meld the two effectively” – Accenture.
How can I (as an MYOB Exo user) leverage these technologies?
If you are already using MYOB Exo, these technologies can help you by improving your data capture and providing analysis and reporting. Consequently, having a Connected Business can give you access to powerful reporting and analytical tools to support your decision-making and thereby lead to improved profitability and growth.
Topic 2: The Connected Business
A Connected Business creates meaningful connections between its systems, data, and people. Therefore, when systems, staff, customers, suppliers, and partners are networked intelligently, information exchange occurs in the moments that matter.
Benefits of a Connected Business
A connected business drives new levels of productivity, efficiency, innovation, and insights. Therefore, it leads to doing better business today and sustainable growth tomorrow. As a result, a connected company will elevate the value exchanged within each interaction. It will empower staff to contribute to higher value activity, provide better experiences to their customers, and transform supplier relationships into strategic partnerships.
The connected business has four key elements: Complete control, Empowered workforce, Experiences that matter, and Real-time insights.
Complete Control means:
- Full control over your costs
- A single view of your financials
- Performance analysis in real time to identify and prevent potential issues
- Rapid response to competition and reduced impact of changes in the market
- Effective allocation of resources to drive the best outcome for the business and for the clients
- Management of compliance, governance, and risk through tailored workflows and business rules
An Empowered Workforce means:
- Automation of manual processes by deploying resources to more strategic activities.
- Empowering of your people to be more effective by giving them access to the right information at the right time
- Fostering a more engaged workforce, empowered to add value and perform at their best, using tools that are easy to use
Real-time Insights means:
- Leveraging data-driven insights from production through to supply, thereby lowering costs and delivering products better aligned to customer needs
- Harnessing information you can act upon to make intelligent and informed decisions immediately.
- Utilising deep insights into your customers to design new products and services that will drive change or disruption in your own industry
Experiences that Matter means:
- Transforming the sales and service experience by improving the way you work with your suppliers and partners
- Improving customer satisfaction by serving client needs faster and more efficiently
- Establishing sufficient visibility over complex processes to optimize and adapt to changing business needs
- Linking finance to every aspect of the operation to eliminate slow, costly and inaccurate financial reporting
How do you create a connected business?
Reducing the complexity in your processes and the line of business applications you operate will empower your workforce, so how do you do this? How can you effectively reduce the ‘friction,’ integrate your systems, and establish a single source of truth?
Certainly, the quickest and easiest results can be obtained by taking advantage of the many add-on products you can integrate into your current ERP system. Hence, it is essential to understand which ones are right for your business. Speak to one of our MYOB Exo advisors to about our portfolio of approved and accredited third-party products.
Here is a quick summary of MYOB Exo Connected Services
Topic 3: Driving Growth Through Digital Marketing
For many years, businesses have used digital marketing to reach and influence their desired audience. Therefore, digital marketing has evolved at lightning speed, and now, digital marketing is no longer regarded as optional – but as essential. During this round of the User Groups, we delved into digital marketing as well as marketing automation and explained how they help to put buyers in control by giving them the information that they are looking for.
Individual digital tactics can be useful, but in isolation, they won’t move the needle towards long-term success. Consequently, a more strategic, all-encompassing approach is required.
Regardless of the industry that you are in, there are multiple touch points (both online and offline) that drive your prospects towards making the decision to buy from you. The Online Marketing Institute states that it takes 7 to 13 touchpoints to deliver a qualified sales lead.
Key factors to ensuring your business can grow through digital:
- Search Engine Optimisation (SEO) – “Over 70% of buyers won’t engage with a salesperson until they’ve undertaken their own research.” When buyers look on Google for the product or services we offer, we all want to be found. Make sure you have a long term SEO strategy in place to ensure potential customers find you when they need you.
- Targeted communication – A shotgun approach no longer works. You need to segment your communications to prospects. You also need to make sure you are adding value through the content you deliver.
- Video – Video is becoming an essential ingredient in any marketing campaign. – Look at your 12-month marketing strategy. Is video getting the proper attention?
- Email marketing – While many predicted the demise of e-mail, it is staging a return in the marketing mix. An e-mail has an impact, is pervasive, and is inexpensive to execute. When executed well, email can undoubtedly be a low-cost driver of actions and revenue.
- Social media – “Remember, the people you are targeting are individuals. They’re real people.” By including social media platforms such as Facebook, Instagram, and LinkedIn in your marketing mix, you can communicate with clients outside of working hours. The distinction between work and private life is not as defined as it used to be, thanks to the pervasiveness of social media.
- Remarketing – This means sending a follow-up, more targeted message to those prospects that have already visited your website. (Sometimes known as “stalking”). In contrast, prospects rarely convert on the first visit on your website, and they need to be recycled through a well-considered, optimised, and segmented buyer funnel and message.
Topic 4: Business Process Improvement Methodology
The rate of technological change presents an opportunity to improve efficiency through the use of new and innovative technology.
Hence, a regular (at least annual) review of your day to day business operations will guide you to using new technology in your business. At Kilimanjaro, we have developed a Business Process Improvement Methodology, which helps our clients improve efficiency and thereby improve profitability and growth. Above all, our low-risk methodology will help you implement “best practice” in your company. With a partner like Kilimanjaro, you can be assured that you are in the safest hands.
If you have any questions or would like more information about the MYOB Exo User Groups, don’t hesitate to send us an email here on email@example.com. Also, feel free to give us a call on 1300 857 464.
Certainly, don’t miss out on our upcoming user group scheduled for September – October 2019. Find out what’s in store here and save your spot now!