Like the old adage says, the only constant in this world is change. This is undeniably true for businesses of all sizes—especially when it comes to Enterprise Resource Planning (ERP) systems. A minimal number of companies hit the ground running with a complete ERP solution suite: generally, capabilities are added as novel needs arise, leaving these programs in a continuous state of flux.
This being said, it can be difficult to determine when it’s time to make adjustments. To help you figure things out, we’ve rounded up 3 major reasons (according to a 2019 report by Aberdeen) for your company to revisit or implement ERP functionality.
1. Your ERP system lacks flexibility.
As your corporation grows, your ERP solution must adapt to handle greater volume, increased informational flow, and new business process requirements. Like stretching your muscles, adding functionality can make your system more limber—and easier to use. The Aberdeen report notes that altogether, this will augment employee engagement and efficacy, enabling profitable growth.
Flexible ERP systems:
• Must be compatible with different language, currency, and accounting standards;
• Can manage multiple company sites;
• Are seamless to implement and run;
• Do not require disruptive enhancements or upgrades;
• And can adapt to changing business models and industry dynamics.
If your business’ ERP program does not meet the aforementioned standards, you may want to reconsider your strategy as a whole. These ERP essentials can be built into your existing system, or can be integrated at deployment to ensure continued versatility. Cloud-based options are an excellent choice for this reason: generally, they support remodelling quite well.
2. You’d like to upgrade your ERP program’s operational capabilities.
Often, businesses will choose to streamline their operations by housing administrative and financial applications within their ERP systems. For this reason, the following should be incorporated into your existing software (if they aren’t already):
• The tracking of costs against general ledger functionality, accounts, balance sheets, and profit/loss generation;
• Purchase order management processes;
• Basic project management functions;
• Workforce scheduling (including workforce management time and attendance solutions);
• And Core HR functionality.
3. Your internal communications are lacking.
A well-structured ERP plan provides a complete system of record for your business. This eradicates data silos and removes disconnected procedures, improving overall corporate communication and collaboration.
For improved informational flow across your entity, consider updating your ERP system with the following functionalities:
• A central repository for KPIs and metrics;
• Controlled data access for individual employees;
• And record-keeping capabilities.
A helping hand
At ERP Advisers, we understand the anxiety associated with updating software solutions. While reforming or reviewing your ERP system’s functionality, don’t feel you have to go it alone: let us help you with our ERP Project Management services. Together, we’ll ensure that your program is offering you everything you need to grow—and more.