Category: Digitalization

Digitalization and transformation are on everyone’s mind. Yet we often encounter very different definitions of these terms. The reason is that every midsize company is at one level or another in terms of digitalization.

Introducing digital technology into your own company is anything but trivial and poses a challenge for many companies. The introduction of an ERP system, i.e. a software solution for enterprise resource planning, requires a lot of preparatory work before the actual digitalisation of processes and workflows can begin.

But first: why an ERP system? An ERP system bundles real-time data from all departments in one system and thus provides a comprehensive overview. This makes it much easier to plan, control and monitor relevant business processes in a focussed manner. Trends and patterns in these processes and among stakeholders are recognised and potential problems are visualised at an early stage. This up-to-the-minute transparency across all areas of the company enables company managers to make the right decisions at the right time on the basis of solid data.

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In order for a company and its organization to be future-proof and marketable and to be able to constantly question, develop and change accordingly, it needs, among other things, a lively learning culture. Nowadays, with all the fast-moving changes and requirements, organizations and their employees should continuously learn and tap into their knowledge. The focus of change is therefore shifting more towards the employee, and with it the continuous learning of the individual and the development of knowledge and skills. Can the company’s current knowledge and learning tools provide employees with the necessary resources and opportunities for continuous learning and knowledge reference? Or do other formats, tools and methods need to be used and practiced?

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From staff shortages to inflation: in the future, companies that perform well will be those that are efficient. Automated and standardised processes are an important basis for this. Data-centred, digital processes create efficiency and transparency in all areas of business. Routine tasks can be automated through digitalisation and processes can be monitored, controlled and continuously improved. Transparent, digital processes enable companies to identify potential and improve overall performance. Weak points can be recognised early on, errors can be reduced and the company can react quickly to changes or new requirements in the market. In short, the digitalisation of processes is a crucial component of a company’s competitiveness. Read more GmbH from Heidelberg and THE MAK’ED TEAM GmbH & Co. KG, with locations in Nuremberg and Karlsruhe, have agreed to cooperate. With this step, both companies are extending their value chain in all relevant questions of digitalisation and digital transformation in medium-sized companies. The synergy of management and process consulting on the side of THE MAK’ED TEAM and innovative technology on the side of INCTEC, as is called, leads to tailor-made concepts for the requirements of our two client companies. These can be realised with future-proof technology in almost all functional areas of medium-sized companies.

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Companies that exploit the full potential of digitalisation can increase their efficiency and optimise their processes. So far – so good! But: Where is digitalisation potential in the company? When we work with SMEs on their digital transformation, the first step is to analyse the processes. This usually gives us specific process patterns: Are there processes that have a media break? For example, is an automated process interrupted because manual intervention is necessary? Are there particularly complicated processes that need a lot of accompanying attention or that have not yet been digitalised because of their complexity? Are there processes in the company that take a particularly long time to process? Are there processes in which errors frequently occur and which therefore require repeated interventions? Or are there processes that cause high process costs?

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Change management means planning changes in an organisation and implementing them in a structured process. Selected measures are defined to transform departments or even the entire organisation from an initial state to a defined target state. And this is particularly important in the case of digitalisation. Many companies focus on digitisation projects. But they can introduce the best systems: If the employees are not involved in the change processes at an early stage and thus acceptance for the planned transformation is not promoted from the beginning, the system will not work in everyday life.

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Planning, controlling, monitoring – ERP systems are becoming increasingly important in the course of digitalisation in medium-sized companies. ERP solutions are at the heart of the digital transformation in the company and have an impact on all business processes. At the same time, ERP transformation projects present companies with numerous challenges.

ERP – what does that even mean? Behind the acronym is “Enterprise Resource Planning”, which can be translated as “operational resource planning”. ERP stands for software that is used in companies to digitalise all relevant business processes from A to Z and thus to manage and control the multitude of business transactions. Be it in logistics, sales or purchasing. Here, the right preselection, the professional system check and the correct configuration are decisive for the success and profitability of the ERP systems.

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E-commerce, customer relationship management, data analysis, chatbots: even today, sales without technology is unthinkable and digital developments are advancing in leaps and bounds. If sales is digitalised, routine activities are automated, processes are made more efficient and adapted to customer needs.  This can significantly improve the entire sales process from planning to execution and control. The new technologies can also support sales at all levels in finding, winning and retaining customers and ultimately increase turnover. Digitisation of sales offers great opportunities for medium-sized companies. Read more

Do you have a majority shareholding in other companies? Are there economic interdependencies between parent companies and subsidiaries? Then your group of companies has reached a level of complexity where it is worth considering consolidated financial statements for the group of companies. Viewing all the companies in the group as one company (consolidation) shows the economic situation at a glance. This makes it easier to control the group of companies. In many cases, banks or investors demand more comprehensive reporting in the form of consolidated financial statements when the group of companies reaches a certain level of complexity, since individual observations are time-consuming and can lead to incorrect assessments without detailed information. And if a group of companies reaches a certain size, § 290 ff. of the German Commercial Code (HGB) applies. German Commercial Code (HGB), the obligation to prepare consolidated financial statements applies.

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No figures again? No up-to-date evaluations again? In many medium-sized companies, things are not running smoothly in the accounting department. The effort required to enter, print and check incoming invoices and receipts is often high and involves a lot of manual work. Staff shortages add to the stress. It is not uncommon for accounting to lag behind what is happening in the company. Then the entrepreneur lacks an overview of the economic development of his company – which makes decisions more difficult and involves risks. Every entrepreneur is familiar with the modern and sustainable solution, the digitalization of processes. However, the concrete implementation is lacking in many places. The digitalization of the accounting system is not a free skate for companies, but a duty, otherwise the company cannot be actively managed.

Runs: Digitized Processes save Time and Resources

Digitization of accounting aims to automate routine activities and simplify individual process steps. And it succeeds quite pragmatically. Whether it’s invoice receipt, invoice approval, archiving or invoice issue, reminders or automatic account assignments: With the right tools, accounting processes can be managed efficiently, on a daily basis and transparently. To do this, the first step is to revise the processes: What needs to be changed, what needs to be redone and what can be retained? This is the core of digitalization in accounting, because if only the manual path of a paper invoice is digitalized, this does not lead to an improved process. In the course of digitalization, the opportunity should be taken to really improve processes and structures. Subsequently, based on the requirements, it can be clarified which tools can be used for the respective company. For example, this could be new accounting software, a document management system with font recognition. The right, GoBD-compliant tools significantly simplify the workflow through automated processes and can also be implemented as a first step as an isolated solution with manageable effort.

Less Effort, more Capacity – the Advantages of Digitalization:

Digitized accounting works quickly, avoids errors and reduces the use of human resources. Cooperation with tax advisors, auditors and banks can be noticeably facilitated. On the other hand, management has an overview of the status of liabilities, receivables and its own liquidity through up-to-date evaluations. With a custom-fit solution, medium-sized companies can achieve efficiency gains and information advantages.

When THE MAK`ED TEAM supports its medium-sized customers in the digitalization of their accounting, pragmatic recommendations for action are developed on the basis of the individual starting conditions and the company’s goals. We have a high level of expertise in the establishment of new structures and the transformation of accounting and finance and know the decisive parameters for a successful and efficiently implemented digitalization.

Read more about accounting and digitalization here:

Accounting Compliance as a Basis for the Annual Financial Report