Top reasons why you need to upgrade your ERP

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With technical innovation becoming part of our every day, ERP software has also grown and evolved in recent years. High-tech features like artificial intelligence and blockchain are serving as catalysts for digital transformation. Some businesses are leveraging ERP software to enhance the customer experience and drive targeted revenue. As a result, companies of all sizes are considering whether it’s time to upgrade to a newer ERP software.

Till a few years ago, ERP’s utility was initially thought of as limited to accounting, HR, manufacturing and the supply chain, but that is no longer valid. With time companies came to rely on ERP systems for a wider scope of capabilities and began to rely on ERP to facilitate superior business collaboration. It evolved in response, expanding to include enhancements like interchangeable modules, customization and user interfacing.

ERP software is actively evolving today in response to businesses changing needs. Emerging technologies like the cloud, blockchain, and artificial intelligence have risen to prominence in the recent five years, shaping how ERP software’s are designed and kind of value businesses can expect them to deliver. The cloud is a major reason of ERP modernization. A recent survey of midsize companies in discrete manufacturing indicated that cloud computing is viewed as the new technology that will add the most value to the business, even compared with other emerging technologies such as AI, mobile, and the Internet of Things.

How to know when to upgrade your ERP Software:

With the widespread popularity of ERP in the recent years, its no surprise that business leaders are considering different ERP solutions.

As the Forrester study found, 51% of SMBs report that their ERP solutions aren’t up to the task of delivering on their business goals. 63% understand that keeping up with tech innovation is an essential aspect of their business, so they are constantly attempting to stay relevant with the latest tech capabilities and solutions. But businesses aren’t sure where to begin, or when to upgrade ERP software.

It is advisable to let your business priorities guide your approach when choosing an appropriate ERP solution.

Here are Top 4 reasons to believe your ERP needs up-gradation:

1. Revenue Growth — Companies seeking revenue growth likely already have a strong foundation of products and services and a solid operating model, but they know that the long term path to success involves continuous improvising. These businesses take a somewhat cautious approach to the cloud and make moderate investments in updating their ERP systems. Deciding to transition to a new ERP solution can be a big decision. However, for most organizations it can bring significant gains.
2. Reducing Costs — Manufacturing companies focus primarily of reducing costs and expenses. These businesses are essentially concerned with internal processes so they often make mistakes by not making significant changes to their core applications. However, these companies should also consider the opportunity cost, over the long term, of not pursuing technology improvements. This can be done easily with a complete cost analysis with the ultimate value of access to innovative technologies as well.
3. Enhance Customer experience — Customer experience is a key differentiator in winning repeat business and long term customer loyalty. Accordingly, such businesses that give priority to customer satisfaction use digital tools to enhance and most likely to select a hybrid ERP over its on-premise competitor. However frequent software updates can also pose a burden for the IT staff and requires new methods of managing applications.
4. Staying at an edge — Companies that are digitally automated and mostly function with soft wares need to keep upgrading to avoid stagnancy and falling behind in the rat race. The more advanced you are technologically the more you are at an edge above your competitors. Recognition and growth comes easier to such companies.

Expand ERP recommends following some tips while transitioning you’re your ERP system;

1. When determining the ERP strategy, that is rightly suitable for your business, it’s recommended to start by getting the complete analysis and feedback of your current system. Your previous system may not be sufficiently equipped to support your current business needs. Therefore its best to consider the specific areas in which you can get the most value out of a cloud ERP investment.
2. Consider how much to control. Businesses that are used to a legacy on premise solution may find the prospect of giving up control a challenging adjustment. For some the ownership of data may also be an issue. Only your business can know what level of control is right for you.
3. Education and training of your ERP technology to the staff in a necessity — Many SMBs consider staff training as a concern when it comes to both legacy and cloud ERP systems. Consider investing in staff/user training in new technologies to keep them abreast with all the latest updates. Your workforce will be better equipped to realize the value of those technologies and understand how to apply them to your business.

Many companies are already reaping the benefits from these up gradations, leveraging them to create an improved customer experience and drive increased revenue. However, asserting when and how to upgrade your ERP solution isn’t an easy decision. By making a precise assessment of your organizational priorities and how well the ERP system can support them now as well as long term, you can make an accurate decision about upgrading your ERP software.

Expand ERP cloud software solution is constantly growing along with your business. Our system never fails to upgrade itself and provide your business the best in class software technology to manage your business online with complete ease. Our Biztech experts work incessantly to keep your software abreast with the latest in the market. We also offer constant customer support for training and knowledge anytime anywhere. Take a product walkthrough with a free demo to see how your business fits into our ERP software, now.

To book your demo call… 09007026542 or visit: www.expanderp.com