Especially in the aftermath of a crisis like COVID-19, resilience is of significant importance for people, countries and businesses – as pointed out by FM Global, an industry property insurance company, whose business model is based on ownership protection through risk analysis and risk mitigation. But what does that mean for businesses and organisations? And where does GetMyInvoices come into it?
Countries listed among the upper positions of the FM Global Resilience Index 2020 generally have a good basis for recovery after the pandemic, according to FM Global. The countries with high commercial resilience include Norway, Switzerland, Denmark, Germany, Sweden, Finland, Luxemburg, Austria, and the central and eastern regions of the United States of America. But even in those countries, every individual business faces the challenge to build up and extend resilience.
First steps towards resilience
Entrepreneurial resilience describes a company’s capacity to successfully handle external upheavals or distortions of the social, commercial or political environment, and to adjust to the new conditions. This capacity can be systematically promoted. One component is the permanent observation of market trends, technological developments, social and political changes, etc. To do this, businesses need time.
Time can be provided to you by a software like GetMyInvoices. Our invoice management solution automatically retrieves invoices and other documents from thousands of sources, gathers those in one location in the cloud, and transfers them – also automatically – to your accounting software, the tax consultant, or a different application. Not only do users save up to 80 percent of preparatory bookkeeping tasks; as well as that, the throughput time of invoices is substantially reduced. All documents – and information – are available in real-time exactly where they are needed. This aids further steps towards resilience: a permanent overview of the own situation and timely recognition of commercial (or financial) risks.
To face those risks proactively in a solution-focused way, entrepreneurs also need a progressive culture as well as employees who are adequate to the increasing volatility, insecurity, complexity and ambiguity. Those employees expect to be able to work with future-oriented solutions. None of those professionals would want to waste valuable time and energy on logging into online portals to search for invoices, never mind printing those or copying and typing item lines. Some practical examples can show how such a conversion can work and strengthen resilience.
Purposefully utilize opportunities
One example is the German software company and IT service provider DATEV. According to their own information, the company grew by 4.3 percent within the first six months of the business year 2020, compared to the previous-year period. During the crisis, DATEV was able to react rapidly and create a suitable range of information and solutions – because they recognized early on that a capacity to adjust and react with digital transformations is a factor decisive for the success of businesses. For that reason, they started a transformation process some time back, covering processes, methods and organisation as well as changes in the corporate culture. “Looking at the Corona experience, we can now say that the measures taken in regard to our transformation didn’t just work, they also increased our crisis resilience”, says Dr Robert Mayr, DATEV CEO.
This shows: opting for resilience means being better armed against crises. GetMyInvoices aids this endeavour, by enabling a current overview of own accounts at any given time with just a few clicks of the mouse, by inspiring talented members of staff, and by freeing up time – time to develop sound strategies involving diversification and sustainability. That invoice management can support you in that task – and how – is a story for another time. For now, consider this: the Corona crisis has not yet been vanquished, and the next crisis or change will be at our doors sooner or later.