In today’s business landscape, if you don’t have growth plans, you're placing your company in jeopardy. Advanced technologies and a more competitive marketplace are factors that are forcing companies to expand their vision, mission, operation and value proposition, if they hope to retain a competitive edge. Similarly, investing in new, updated software solutions is a key way of adopting new technologies that position you ahead of the curve.
Your legacy ERP software could be placing your business at risk
When it comes to ERP solutions, trying to keep up with the numerous options available, is at best of times a challenge. In fact, you might find yourself slipping into an endless spiral of excessive software upgrade expenditure, until you reach a point where the funds spent no longer warrant the outcome, resulting in cost cuts to this part of the business. The result is being bogged down with outdated legacy ERP software systems, that put your operations at risk.
By definition, a legacy ERP system is one that is no longer updated or adequately maintained. Instead, new software solutions that are purchased to patch up issues and gaps in the integration, inevitably prevail. This routine of “putting out fires” is not sustainable. All software degrades over time. An outdated ERP, coupled with other software solutions, will slow down almost every aspect of your operation. When this happens, your processes and productivity are bound to suffer, which can result in data entry errors or manufacturing blunders that amount to losses.
Unfortunately, many companies don’t realise how detrimental the running of ageing, ill-maintained systems can be until they’re faced with a severe issue. Often, companies that take the plunge and invest in a comprehensive, up-to-date, ERP system are stunned at the positive impact they experience. The tricky part is knowing when it’s time to upgrade to a new system.
Traditionally, ERP systems have been built for customisation, meaning that as your needs change so your ERP is customised to meet your new set of requirements. This places a heavy burden on your IT team who can’t always keep up with the changes needed. When a company’s needs can’t be met, the holes in the efficiencies will inevitably lead to an executive-level intervention and the result is always the same - a new, modern ERP solution. So, why not cut out the fray and put aside enough capital to see to your software needs each financial year?
Here’s how you benefit from upgrading your ERP system regularly
The tiny inefficiencies in your processes and operating systems that appear negligible, can eat into your profits. Each small cost adds up. Common concerns that cost you, in the long run, are issues such as bad data and bugs. These create slow, inaccurate systems that hinder your efficiencies and negatively impacts your opportunities for growth or new business acquisitions.
A new ERP system can free up a lot of time that was being spent on fixing a system or waiting on old lagging software. This results in cost savings, increased productivity and the ability to harness the power of having a fast and secure system. New business, new funding and better marketplace positioning can all be positively impacted from having a fast, accurate and robust ERP system. In fact, the way you run your entire business will change for the better when you employ a stellar ERP system. You could offer remote working opportunities for your staff, allow your sales executives to travel to secure new business and even branch out into new locations.
Your modern ERP offers a seamlessly integrated dashboard, accurate data or financial reports that are available at the click of a button. Communication between teams, branches or departments also becomes quick and easy. Furthermore, if you’re pitching for funding or investment, you’ll be able to rely on your ERP solution for accurate and immediate reporting. The data gleaned from a modern ERP system is easily leveraged to create smart company campaigns that directly drive increased revenue. It’s not difficult and it won’t take a long time to see significant ROI. Ultimately, you’re able to spend more time on the activities that bolster the growth of your company and your profit margins.
Most modern ERP systems are cloud-based
This will immediately allow for greater accessibility between your departments and your software solutions. This is true even for on-premise software systems that can quickly and easily integrate with all other cloud-based systems, such as your currently used CRM or marketing automation software.
Nowadays, software solution and system providers are fluent in advanced technologies. The most successful of those providers future-proof their businesses by staying abreast of all upcoming tech trends. Choose a superior ERP solutions provider who can implement a powerful new system for your business and watch your company flourish.