Information is the Oxygen of Your Business
In today's business world, information is the oxygen that powers the engine of success. Without it, companies drown in a sea of uncertainty, unable to make informed decisions, navigate shifting market trends, and ultimately, thrive.
The digital age has revolutionized the business landscape, providing unprecedented tools for collecting, analyzing, and managing data. However, many companies still haven’t fully leveraged these tools, falling behind in a world that moves at lightning speed.
Below, we explore some of the consequences of lacking information in the digital era, as well as a proposed solution to help bring clarity to your company's daily operations.
The lack of information is killing your business
It’s not an exaggeration. A report from the Universidad Veracruzana states that 60% of companies that lose data go bankrupt within six months, mostly due to vulnerabilities in IT systems or hardware failures such as hard drives or USB memory devices.
On the other hand, wasting time searching for information instead of focusing on product development or production causes losses of $20,000 to $40,000 per hour for mid-sized companies, according to a report from data recovery company InfraScale.
More broadly, the lack or loss of information impacts companies in the following ways:
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Poor decision-making: Without accurate, up-to-date information, businesses are forced to make blind decisions, increasing the risk of costly mistakes. This can affect everything from choosing suppliers to launching new products, directly impacting profitability and growth.
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Operational inefficiency: A lack of visibility into internal processes makes it hard to identify bottlenecks and optimize resources. Companies without a structured information system waste time and money on unnecessary tasks, while their better-informed competitors operate more efficiently.
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Lack of adaptability: In a dynamic environment where trends shift constantly, adaptability is key. Lacking real-time information prevents businesses from spotting new opportunities or reacting to threats in a timely manner. They remain at the mercy of the market, unable to take control.
The cloud to the rescue: how to get your company’s information in order
A widely repeated phrase on the internet is that “having your data backed up in the cloud allows you to access it anytime.” While true, companies need more than that—they need to know their information is secure from cybercriminals and backed up across multiple servers so that even if one fails, their data remains intact.
One option is to build your own infrastructure and hire a large team of IT and cybersecurity specialists. This comes with a hefty price tag—hundreds of thousands of dollars—and the risk of doing it wrong, which could endanger the financial viability of your business.
The second, smarter option is to subscribe to one or more specialized cloud platforms (known as SaaS, or Software as a Service). These are more cost-effective, require fewer in-house resources, are easy to use, and come backed by trusted companies like Oracle, which offers tailored solutions for various business sizes and industries.
Whichever path you choose, to keep your information secure, available, and up to date, we recommend these five essential business software tools:
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A cloud platform to centralize your documentation: This should be the foundation of all your operations. In addition to preventing unwanted information leaks, cloud suites offer extra tools like video calling apps, calendars, office software, and even AI. Google Workspace and Microsoft 365 are market leaders.
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An internal communication platform (intranet): While the chat feature in your chosen cloud platform might work, there are dedicated solutions that allow for better team and client collaboration without the security risks of tools like WhatsApp. Examples include Slack and Monday.com.
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A firewall or proxy to block unauthorized web access: Whether by accident or internal threats, it's critical to control the web traffic from your company's computers. Choose solutions that comply with ISO 27001, which focuses on information security.
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A CRM to manage customer relationships: Customer information is your company’s most valuable asset. Losing it can mean lost revenue and expose you to major risks. A good CRM also helps streamline your sales and service processes. While the right CRM depends on your industry, NetSuite is one of the strongest options for manufacturing and retail.
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An ERP to consolidate company information: Making strategic decisions without a real-time view of cash flow and liabilities is dangerous. An ERP provides a clear, comprehensive picture of your financial situation—tracking income, expenses, assets, and debts. NetSuite again stands out as one of the top SaaS-based ERP solutions on the market.
Complete your digital transformation today!
Ultimately, lacking information in the digital era is a risk no company can afford to take.
Investing in technological solutions like NetSuite is a strategic move that will drive your growth, boost your competitiveness, and help you navigate today’s fast-paced business landscape.
If you're looking to place your financial and customer data in good hands, NetSuite is the ideal choice for high-potential companies—and at Efficientix, we know how to implement it using best practices.
Learn more about this powerful business tool in our free demo or contact us to find out what your company needs to take the big leap forward.
