Why Small Business Owners Using Magento Need ERP Software, Order Fulfillment, Supply Chain Management, Finance & Accounting

Focused boss using digital tablet in warehouse

How Big Data Can Help CFOs of SMBs Manage Inventory in Real Time

Focused boss using digital tablet in warehouse

Focused boss using digital tablet in warehouse

Big data is one of the hottest buzzwords in the business world today. When you combine some of its popular applications with the ability to track and monitor your inventory in real time, a whole new world of possibilities suddenly opens up for your business.

From monitoring logistical information and transaction costs to applications like risk management and social media analysis, there is literally no end to the things you can do with today’s modern technology.

Let’s take a look at some of the key ways that combining big data can help you manage your inventory in real time.

Logistics: Anticipating Demand

One of the most interesting applications of big data is the way that Amazon is using it to monitor and move their inventory between warehouses, tracking everything in real time.

The company performs high-level analysis on the extensive amount of customer and order data that they collect. They are then able to use this information combined with their real-time inventory management to anticipate where customer demand will be and move inventory into place ahead of that demand.

Imagine the advantage a restaurant would have over their competitors if they were able to accurately forecast how many chicken wings they were going to sell in a particular week in advance. That is the power that big data and real time inventory represent when it comes to logistics.

Transaction Costs

Penny pinching has a negative connotation, but most successful businesses understand that the best way to increase profits is to stop waste from slipping through the tracks. This is another area that big data can have an impact with your real-time inventory management.

Using big data to analyze every line item in your expenses and real-time inventory to contrast your stock levels, you might find that adjusting your inventory levels at certain points can save you huge amounts in various transaction costs.

Risk Management

Another way that profits could be slipping through the cracks is if your inventory is walking right out the door before you sell it.

Combining big data analysis with your real-time inventory management will allow you to set up fraud alerts so that you will know instantly if this is happening in your company. If so, you will be able to quickly identify the source of the problem and take action.

Pricing Decisions

Do you ever wonder if you should be charging more for those products that you just can’t seem to keep in stock? On the opposite side, how do you make decisions regarding when and how much to discount a product that isn’t selling?

Big data can help you assess your inventory and evaluate where you should be pricing your products according to the laws of supply and demand. Being able to monitor your inventory in real time will keep your pricing right where it needs to be at all times.

Analyzing Social Media

One of the more theoretical applications of big data is to monitor social media in an effort to gauge customer demand and anticipate what their future needs will be.

Few companies make good use of this analysis, but when you combine it with real-time inventory management, you could be quick to reduce your inventory levels when a product is becoming less popular.

As you can see, there are quite a few applications where big data can combine with real-time inventory management to either save your business money or make it more efficient. Being able to monitor large amounts of data to evaluate your inventory levels in real time will keep your company in the best possible position to make a profit and hold onto it.

Warehouse management

5 Things CEOs Should Ask When Considering Omni-Channel Retail Management Solutions

One of the hottest buzzwords in retail management technology today is “omni-channel.” This sophisticated sounding buzzword is meant to represent the idea of providing the customer with a seamless experience between different online platforms as well as in physical stores.

There are a wide range of options that can make your company’s omni-channel dreams come true, but in order to get the most out of the platform you choose, you should carefully consider whether it will be able to properly manage the basics of omni-channel retail management in the manner that best fits your business.

Here are five questions that you should be asking when considering an omni-channel retail management solution for your business:

Can we fuse our online and in-store efforts?

The biggest selling point of today’s omni-channel retail management solutions is the ability to seamlessly integrate both your online and in-store shopping experiences.

You are going to want to be able to offer in-store customers the option to shop your entire online catalogue. At the same time, you are going to want to enable online customers to view products in-store before making their purchasing decisions.

Your ideal omni-channel retail management solution might include the ability to utilize tablets for in-store shopping, and also be able to allow online shoppers to come see products in the physical stores.

 Will inventory be tracked in real time?

5 ThingsReal-time inventory tracking is also a top concern among those looking to implement an omni-channel retail management solution. You are always going to want to know exactly where your inventory is located at any particular moment, but there are also a number of benefits that real-time inventory tracking can provide for customers.

Tracking your inventory in real time will allow you to let online customers know which physical stores have the products they are concerned with in stock. It can also let physical store employees search other store or online inventories to find products for customers.

Real-time inventory management is one of the latest improvements and biggest selling points for Group FiO’s FiO ERP.

Can your solution offer multiple fulfillment options?

Today’s consumers have come to expect the ability to order online and pick up their purchase at a nearby store. They also want to be able to purchase from any of your channels and have their purchase sent to friends or family.

You are going to want to make sure that your omni-channel retail solution has these types of features built into it, because adding them yourself will almost certainly result in employee errors that cost you time and money.

Will the shopping experience be seamless between devices?

You have worked hard to build your company into a successful brand. Your omni-channel retail management tools should do a good job of representing that brand across every platform on which you make yourself available.

Customers shopping on your mobile app should have the same experience as customers shopping on your website.

Can we track customer loyalty across platforms?

Another important feature included in many omni-channel retail management solutions is the ability to allow the customer to log-in and identify themselves. This is key for tracking purchased and offer meaningful rewards points and allowing customers to save and reorder their favorite products.

Regardless of whether a customer is shopping online, on mobile, or in-store, you should be able to identify them and quickly locate their records to ensure elite service.

As you can see, there are more than a few benefits to implementing an omni-channel retail management solution. When you are looking for the right solution for your business, make sure that you carefully consider all of the options and implement a system that will be the best fit for your business.

Recent Improvements

Recent Improvements to the myFiO ERP Software

Recent Improvements

The FiO ERP software is one of the most comprehensive ERP software packages on the market today. It contains a wide range of different modules that address just about every aspect of running a business in today’s fast-paced environment. These modules allow business owners to stay up-to-date on many different aspects of their businesses and allows different departments to share information and interact with each other.

Despite being one of the best ERP options available, Group FiO is constantly working to improve and further develop many of the capabilities of the myFiO ERP software. I recently had the opportunity to speak with Ravi Srinivasan from Group FiO about some of the recent improvements in the myFiO ERP software, and he was very excited to discuss some of the tremendous improvements that have been made which allow for even better inventory controls than previous versions.

Real Time Inventory Visibility Across Multiple Channels

One of Group FiO’s latest improvements to the myFiO ERP software is the ability to view inventory levels across multiple sales channels in real time. In addition to viewing how much inventory is in stock, the software can also help you decide how it should be allocated across different channels.

Ravi explained that if you have a situation where your total stock is limited and you are trying to properly allocate it across eBay, Amazon, and your own e-commerce store, the myFiO ERP software can help you best determine how much inventory should be allocated to each channel in order to maximize your profitability based on your sales estimates and specific profit margins with each channel.

Supply Chain Visibility

Another inventory improvement that has been made recently is the ability to determine how many order to send to a vendor that leverages the level of stock the vendor carries. The software will identify how much inventory a vendor is storing and automatically send the proper orders for units to that vendor as necessary.

Am I Making the Best Choices?

Ravi also explained that one of the core functions of the myFiO ERP software is enabling a business owner to make better choices about how they allocate their resources. This can have a tremendous impact on the business’s bottom line, so it should not be taken lightly.

myFiO ERP software has the ability to incorporate factors like shipping costs into decisions about which location to ship a particular product from in order to maximize profits. The software can also help business owners identify where they are finding new customers and how they can get the right marketing information in front of those customers.

According to Ravi, Group FiO is constantly working to improve the myFiO ERP software and its abilities to be a tremendous aid in critical decision making for business owners.

While many of its competitors don’t amount do much more than glorified database management tools, the myFiO ERP software has the ability to contribute to key business decisions. As you can see, those capabilities are continually evolving and improving, which is why the myFiO ERP software is such a powerful tool for your business.

Marketing System

How to Maximize the Performance of Your Marketing System

Marketing System

Once you make the jump and begin integrating Marketing Solution software into your day-to-day business activities, the options to maximize the performance of the system are nearly endless. When properly integrated, Marketing Solution software can be extremely powerful and provide a complete hub from which you manage your business. Here are ten great tips to maximize the performance of you Marketing Solution system:

1. Get Your Entire Team on Board

Marketing System

For your Marketing Solution system to be as powerful as possible, you need it to handle your entire business. That means that every division or group needs to get on board and begin integrating the software into their routines. Once everyone is on board, then you will have the best chance of maximizing performance.

2. Stop Cold Calling

One of the most powerful aspects of using an Marketing Solution system instead of a more basic CRM system is that the Marketing Solution system will allow your marketing people to integrate their process with your CRM database. That means that you will have the ability to property educate any potential clients about your products before making your sales calls.

3. Better Execute the Timing of Sales Calls

Using the extensive database contained in the CRM module of your Marketing Solution system, you should take keep detailed notes of exactly when the best time are for contacting each of your clients. The more details you are able to process, the better chance your software will tell you to call a particular client right when they are considering making a change.

4. Shorten the Sales Funnel

Another way that you can maximize the impact of your Marketing Solution system is to shorten your sales funnel. Having every aspect of your business interconnected through the Marketing Solution software makes it easy to be sure that your prospects are well educated about your products and that sales calls and emails are being made at the perfect time.

5. Fold Email Marketing into System

Email marketing is one of the best ways to develop potential customers to the point where they are ready to make the sale. Make sure that your Marketing Solution system is tracking how far along each lead is in your automated email marketing series so that you can properly time your sales efforts.

6. Integrate Social Media Marketing

Social Media Management

Where email marketing can develop leads into customers, social media marketing can develop random people into leads. Your Marketing Solution system should be adding anyone who interacts with your social media efforts into a lead development funnel with the goal of getting them into your email marketing funnel.

7. Prioritize Your Leads

One of the most important rules in business is to spend your time working on the highest caliber issues. The same goes for prospects, leads, and customers. Your Marketing Solution system should be prioritizing your leads based on specific factors you identify as important to the eventual sales process.

8. Increase Cross-Promotional Sales Efforts

If you are a larger business with multiple products, you want to make sure that your Marketing Solution system is set up to properly cross-promote similar or complementary products to customers who bought one of your other products. This will increase the value of each individual customer.

9. Get Everything Into The System

In order to truly maximize your Marketing Solution experience, you need to have all of your business information included. You can’t reach the ideal performance levels if you only have half of your business divisions using the system. All of your data needs to get into the system.

10. Push Through the Dip

During the course of your Marketing Solution integration, you will almost certainly reach a point where you are utilizing some aspects of the system and seeing some return on your investment. Make sure you are not accepting “good enough” instead of pushing through the dip into an ideally integrated system. There are a lot of incredibly powerful things that you can do with an Marketing Solution system integrated into your business operations. Getting your sales, marketing, accounting, and supply chain management departments all on the same page can have a tremendous impact on your bottom line. If you are ready to start improving your business today, so is myFiO RMS.

Marketing Automation

It’s Time to Combine Your CRM with Marketing Automation

Marketing Automation

Using a CRM system to manage your connections is a great start, but it is not enough to keep pace with your constantly evolving competitors. The next evolution of CRM will combine your customer resource database with your marketing automation efforts to form a symbiotic relationship that dramatically outperforms a situation where the two systems work independently of each other.

In order to understand the best approaches for combining CRM and Marketing automation efforts, we need to understand what each of them do well on their own. Then we can explore the exponential growth power that can result from combining the two operations.

What CRM Does Well

Ten years ago, just having a CRM system put you way ahead of the rest of your industry and gave your business a huge competitive advantage. Today, CRM systems are much more common, but that doesn’t diminish the value that they can still provide.

CRM systems do a great job of keeping track of an index of all of your customer and lead contact information. This is not just a rolodex though. Your CRM database can include detailed notes on each and every interaction with a customer or lead and what their responses were at that particular time.

Your CRM system can also include other forms of data storage, such as contracts, call logs, and lists of potential opportunities. Basically, we are talking about a great digital filing cabinet that can keep track of everyone your business interacts with.

Where CRM Falls Short

What CRM systems don’t do is actually market your products. They just aren’t built for that because that is what your marketing automation and sales teams are doing.

However, if you integrate your CRM system with your marketing automation strategy, you can create a hybrid system that primes your leads at just the right times and then alerts you when they are ready for a sales call.

Combining CRM with Marketing Automation

Your marketing automation strategy almost certainly includes things like tracking your website analytics, an email list with an autoresponder sequence, some type of social media effort, and a method of scoring and prioritizing leads.

When you integrate those marketing automation efforts with your CRM system, you will be able to track the development of prospects into leads and then know when those leads are really ready to become customers. That means that you will dramatically improve your conversion rates on sales calls.

The (Marketing Solution) RMS

One of the best ways to combine your CRM and marketing automation solutions is through an integrated RMS system like myFIO RMS. This will allow your team to manage all aspects of your prospect development from one dashboard where everyone is working together and on the same page.

Too many businesses these days are struggling because the right hand doesn’t know what the left hand is doing. Why waste your time developing leads through your web, social media, and email efforts if those leads aren’t going to be tracked by your CRM system? And why track any information at all if the rest of your operation doesn’t have access to it?

If you want to take your business to the next level, getting your entire business on the same page is the way to do it, and implementing an integrated ERP solution is the way to get started. What are you waiting for?

Grow Your Business

How myFiO ERP Can Help You Grow Your Business

Grow Your Business

One of the biggest advantages of implementing an ERP software solution is that it will give you more time to focus on how to grow your business. In addition to saving you time by automating a number of different tasks, FiO ERP can also help you work on that growth in many different ways.

The best way to use the myFiO ERP software to grow your business is to approach its implementation on an as-needed basis. The ERP software has the ability to take your business to the next level right from the very start, but that can often be too overwhelming for business owners. Many prefer to implement one step at a time based on their largest pain points.

Every business has a wide range of potential pain points, and whether your biggest issues are with inventory, margins, or supply chain management, the myFiO ERP software has a module that will help you automate a large portion of your business.

The best way to implement any ERP software is to focus on one specific pain point at a time and then continue to increase the quality of the problems you are setting out to solve.

Here are some of the most common pain points that myFiO ERP is able to address:

Customer, Sales and Staff Database Management

Managing multiple databases can be a major pain point for many growing businesses. When you started out, it was easy to keep track of your handful of customers on a spreadsheet and you might not have had any employees at all.

As your business grows, a number of leads, customers, sales and employees you need to keep track of will skyrocket. This is a good thing, but you need to be prepared to handle it!

In order to keep up with all of the information you need to store for each of these, you are going to want to implement some form of CRM software, and myFiO ERP has the perfect component for that. You will be able to keep track of information relating to all of your leads and customers, document all of your sales data, and even store your employee records.

Inventory Management

Supply chain management is often the biggest struggle for many fast-growing companies. Getting a handle on these types of issue early on will no doubt be helpful in growing your company for years to come. Implementing an ERP software will allow you to watch your inventory like a hawk and myFiO ERP give you the added benefit of doing so in real time.

Another way that myFiO ERP can help you grow your business is by allowing you to improve your multi-channel inventory management, making sure you keep just the right amount of inventory available to each of your sales channels.

Manufacturing Management

If your business handles any type of manufacturing, myFiO ERP has a module that will allow you to really dig in and break down your manufacturing processes. This will enable you to identify and eliminate any and all bottlenecks, thus improving your capacity.

Content Management

E-Commerce retailers will be able to dramatically grow their businesses through the way that myFiO ERP allows them to quickly and easily update their product lists and other online content right from the ERP interface.

Finance and Accounting

myFiO ERP software also contains a finance and accounting module that will integrate with all of the other modules and allow you to stay up-to-date with all of your relevant financial information without having to leave the ERP interface. This can be an incredible time saver and can lead to better financial awareness.

As if all of these great functions weren’t enough to help you grow your business, myFiO ERP also offers easy data migration, so you can import data from just about anywhere and get up and running fast. There is no telling how fast your business will grow once you start saving time and capitalizing on all of the great modules built into the myFiO ERP software!

5 Reasons

5 Reasons You Need an Advanced Inventory System for Magento

5 Reasons

Magento is one of the most popular platforms for building an e-commerce business today. However, many successful e-commerce businesses find that they develop certain needs that Magento alone is not built to handle. As your business grows, you are going to want to have more control over advanced inventory management, which will require some additional software.

While there are a few inventory plugins that you can purchase separately to work with Magento, the advanced inventory controls that they offer are already built into your myFiO ERP software. This proves once again that myFIO  ERP is truly a one-stop shop for managing all aspects of your business.

Here are some of the advantages you will gain by utilizing myFiO’s Inventory Management module in conjunction with Magento:

1. Comprehensive Dashboard

Like all of the myFiO ERP modules, the Inventory Management module features a comprehensive dashboard that allows you to get a complete overview of your inventory situation at a glance. This will provide you with a holistic view of your business from an inventory standpoint so that you know that you are not selling products you can’t ship or ordering more of products that aren’t selling.

2. Manage Inventory Decisions

As is true of just about any type of business, the goal for an e-commerce business is to always have enough products in stock to meet demand while avoiding having warehouses full of products that aren’t selling. With all of the benefits of myFIO’s Inventory Management module, you will be placing yourself in a position to make better, more informed decisions about how much inventory to have on hand. RIGHT product RIGHT location RIGHT time.

3. Better Replenishment and Reporting

Another huge advantage of the Inventory Management module is the advanced reporting and planning features. This will help you forecast sales for the coming months based on real data. Comprehensive reports will put the most important data right at your fingertips at the most crucial decision making times.

4. Trace, Track & Adjust Inventory

As your e-commerce business grows and develops, you will find that you biggest problem is not sales or customers, it will likely be finding a way to keep track of all of your inventory. This will be especially true as you branch out into additional products. myFiO will give you the ability to know exactly where all of your inventory is at any given moment, and can be a lifesaver when it comes to making sure that none of your inventory is misplaced, lost or stolen. REAL time stock availability by sales CHANNEL.

5. Track Backorders

Having an issue getting products from one of your suppliers? myFiO’s Inventory Management module will keep track of how many backorders you have on file and can automatically adjust your purchase orders to compensate for those backorders. This will assure your customers the fastest possible delivery once you get the product in stock.

Growing an e-commerce business can be both exciting and frustrating, and as you continue to grow you will constantly be faced with new and different problems. When the problem of advanced inventory management comes up, it is nice to know that your myFiO ERP software is already capable of working seamlessly with Magento to handle all of your inventory management needs.

Sugar CRM

How MYFIO CRM Outperforms SugarCRM


Making the decision on what CRM software package to implement is a monumental task. There are dozens of different software packages that each contain thousands of different options. As if they were trying to make your decision even more confusing, many of these software packages offer different levels of access for different prices.

With all of these variables at play, it can be very difficult to know whether or not you are making the right decision for your company. The last thing you want to do is spend a small fortune committing to and implementing a new CRM system only to find out that it is missing a particular functionality that would make your business run smoother.

One of the biggest advantages that MyFiO CRM offers over its competitors is that it includes more functionality than any other software package. It also includes all of this functionality at one price point, while many of its competitors require upgrades to unlock access to more features.

Let’s take a look at some of the features that come standard with MyFiO CRM that are not included in any of the four versions of SugarCRM:

The Basics

Probably the biggest glaring difference between MyFiO CRM and SugarCRM is that SugarCRM fails to include any module for email or mass email. Email has become a major tool for all types of small businesses and is the preferred method of contact for many of your customers. MyFiO CRM includes the ability to send specific customer emails and mass emails as a standard feature.

Another basic advantage that MyFiO CRM has over SugarCRM is that it contains a section that allows you to keep notes on just about anything you might need to keep track of for your business. While SugarCRM apologists might argue that it is no big deal to keep your notes in another program, the whole point of utilizing an ERP or CRM package is to have everything located in the same place.


The area where SugarCRM really drops the ball is in the sales department. It does not include the ability to handle sales orders or invoicing even with its most expensive package. In addition to those functions, MyFiO CRM also adds the ability to differentiate potentials from leads as well as track price books, tax calculations, and take detailed notes about a particular sale.


SugarCRMOn the marketing side of your business, MyFiO CRM includes already designed email templates. Features like product tracking, creating a customer portal, and maintaining customer profiles are also standard features with MyFiO CRM, but are not available on any version of SugarCRM.


If you offer any type of service package with your products, don’t count on SugarCRM to be able to handle keeping track of that. However, tracking service contracts through the service module is yet another standard feature with MyFiO CRM.


Another huge difference between MyFiO CRM and SugarCRM is that SugarCRM offers virtually no flexibility in terms of implementation. With MyFiO CRM on the other hand, because it is a professional edition opentaps ERP package, just about everything can be customized to your liking. This includes adjusting any of the layouts, tabs, or settings. You can even include your company logo where you feel it is appropriate.

As you can see, there are quite a few details that you might really miss if you chose to go with SugarCRM instead of MyFiO CRM. MyFiO CRM is, by far, the most complete CRM option on the market. If having the options, flexibility, and functionality to meet the needs of your business is important to you, then MyFiO CRM is really your only CRM option.


How MyFiO CRM outperforms Salesforce?


Choosing an ERP or CRM software package for your growing business can be a daunting task. There are quite a few different options available, and many of those options have different levels of pricing. On top of all of that, if you’ve never been through the process of implementing a CRM system, you probably don’t know exactly what features you will really need just yet.

In what appears to be an effort to make things even more confusing, Salesforce.com offers two completely different services called Sales Cloud and Service Cloud. As you might expect, the Sales Cloud contains much of the sales functionality you might expect from a CRM package, while the Service Cloud handles the service side of your business.

Even if you were to implement the most expensive versions of both Sales Cloud and Service Cloud, you would find yourself stuck with a combined software package that still lacks many of the features that come standard with MYFIO CRM. Because MYFIO CRM is meant to handle every aspect of your business from top to bottom, it contains everything you will need in one place.

Let’s look at some of the areas where MYFIO CRM outperforms both Salesforce services:

The Basics

Even if you implement both Salesforce services, you still will not have the capability of handling Business-to-Business (B2B) configuration or Business-to-Consumer (B2C) configuration. You also won’t have Sandbox, Announcements, Notes, or Search features that you might be expecting to find. Of course, all of these features are included in the standard version of MYFIO CRM.

MYFIO CRM also contains the ability to do business internationally with different language and currency options that are simply not included in any version of the Salesforce software.


While Salesforce is supposed to be an elite package when it comes to managing sales, it lacks the functionality to identify leads and potentials. It also lacks essential components like a built-in calendar or the ability to forecast future sales. You might argue that these functions can be replaced by using other calendar and forecasting programs, but the whole point of implementing a great CRM solution is to keep all of your business information in the same place.


SalesforceMarketing is one area where the Salesforce services are severely lacking. They do not contain features like campaign dashboards, email marketing, marketing reports, mass email, newsletter management, or web to lead capture. All of these features are included with MYFIO CRM.


The Salesforce services also lack the ability to handle any type of service contracts or project management actions that you might need to monitor. These features also come standard with MYFIO CRM. In addition, MYFIO CRM also contains features to handle repairs, call centers, and customer support email management that are not included in the Salesforce services.


In addition to being known as a one-stop-shop for all of your CRM needs, MYFIO CRM is also known for its extreme flexibility and customization. Because it is based on Opentaps ERP, users have the ability to customize and modify just about any aspect of the software because they have access to its source code. This level of flexibility simply does not exist with the Salesforce services.

As you can see, when you break down the detailed features that come standard with MYFIO CRM and are not available at any level with the Salesforce services, there really isn’t much of a debate on which is the better software package for a growing small business. MYFIO CRM simply offers more features and flexibility in one uniform, easy to use package.


Distributors face the challenge of matching demand with supply. No matter how many channels your business has, having an optimal demand-supply balance is crucial increasing sales and managing your fill rates. In the OmniChannel game, it is important to play your inventory cards right to avoid Stock-Outs or Excessive Stock. In today’s customer driven market, by integrating GroupFiO’s Order Management Solution, you can allow customers to place their orders at market places such as Amazon or eBay, your business’s website like Magento, your call center, your Catalog operation, your brick and mortar store and much more.