Do you ever question if it’s a good time to upgrade your ERP system? You’re not the only one who feels this way.
According to a widely cited Forrester Research estimate from a few years ago, 50% of all ERP clients were using obsolete software releases at the time, some as old as four years or more. What is the explanation for this? Most small business owners would claim that they don’t have the time, staff, or budget to perform an ERP system update, but there is never an ideal moment to do it.
Upgrading ERP software can appear to be a daunting and costly endeavor, but the benefits of enhanced efficiency and much enhanced operations make it a worthwhile long-term investment. However, long-term investment is still not a compelling reason to switch to a new system. There’s a reason why people remain with old software: it works. Changing your core software has ramifications throughout your firm. There are better reasons for making the switch to Cloud ERP Software than accepting that the time, training, and interruption to a business will be worth it. Here are some indicators that it’s time for a change:
1. Small inefficiencies accumulate:
Many of your company duties are likely to be more efficient if you think about it. The lack of streamlined operations is a hidden cost of technology, particularly for non-cloud software. An out-of-date ERP system also diverts resources to maintenance rather than allowing you to use that money and effort to solve real problems.
2. ERP capability is outgrowing business needs:
You bought your first ERP system to help manage a growing firm, right? However, if you’re paying gradually higher maintenance and limited-user license fees as your team increases, you might be dealing with an ERP system that doesn’t scale effectively. ERP should facilitate and promote your team’s growth, not stifle it.
3. The needs of the customers are not being satisfied:
Direct access to important stats like billing, shipping, and inventory data is expected by customers, suppliers, and partners. They don’t want to call someone for this information, and you don’t want to waste customer service calls. Older systems are less customer-service focused and were not designed for multiple user access. A Cloud ERP solution can give real-time information with fast access from anywhere. Your competitors may have an advantage over you if you don’t provide that business value.
4. The characteristics of your workplace are shifting:
Due to telecommuting or hiring off-site contractors, today’s small business leaders are frequently working with employees or entire branches in remote locations. Operating under a business strategy that relies on a centralized office is no longer viable.
5. Employees are mobile, this information must be as well.
Taking advantage of the decentralized world’s possibilities, an increasing number of people are working from their mobile devices on the go, such as tablets, laptops, and phones. By offering a continuous transition experience from the office to home, to mobile, and back, a cloud ERP system converts mobility into a clear business advantage. Scalability is enabled by the cloud when you add employees from all around the world.
6. Your ERP isn’t keeping up with regulatory changes.
Every year, if not more frequently, tax rules (and various other industry regulatory standards) change. Compliance requirements are continuously changing for many firms. ERP can keep up with evolving compliance information thanks to the cloud. What would happen if your company experienced a sudden demand or ability to leverage? Legacy ERP solutions were simply not created for rapid business pivots; what might happen if your company experienced an unexpected demand or opportunity to expand? Would your ERP system be able to scale to meet the demands of change?
7. Your ERP system isn’t well-integrated.
If your ERP system doesn’t interact effectively with other systems like CRM or accounting, it’s time to modernize. When your ERP fails to communicate with other systems, it results in duplicate data entry and discontinuity in an otherwise efficient workflow. In addition to being able to integrate with other systems, you want your ERP software to work with current browsers, platforms, and protocols. This will benefit the user and improve the customer experience.
8. The system has reached the end of its useful life (EOL)
End-of-life or end-of-support refers to a software product that has reached the end of its useful life and will no longer get updates or fixes. When an EOL is reached, you won’t notice anything different at first; it will continue to function normally for a while, but you’ll run into problems later.
EOL may arise as a result of developers’ focus shifting to modern software endeavours. This is a concern since the legacy software will not upgrade to respond to security risks, and the ERP vendor will not provide updates and hotfixes to keep it running at its best.
The final point with EOL software is that if you have an issue with it, you will no longer be able to get help from the developer. Using EOL ERP software will cause your company a lot of headaches in the future. You’ll be scurrying to come up with a quick remedy once it’s broken. Take the time to look into new ERP solutions that include everything you require and allow you to budget for ERP upgrades ahead of time.
Conclusion/ Solution:
If you’re a small business owner searching for a solution to reduce your overhead, increase scalability, and expand your growth potential, now is a wonderful time to check into Cloud ERP Software. You’ll be able to sharpen your focus and shift your budget to mission-critical growth goals thanks to the time and efficiency gains you’ll realize almost immediately, as well as liberating your IT team from the effort and cost of supporting legacy ERP software.
With Netsuite integration, you can bid bye-bye to all the aforementioned problems. NetSuite is a tech company that has created a cloud-based business management system that is used by over 29,000 fast-growing businesses around the world. That platform comprises a set of applications that assist firms in running their operations, understanding their performance, and achieving significant efficiency and cost savings.
Finance & accounting, inventory, orders, and procurement are all managed through the company’s ERP system.
Why work with Folio3 as your Netsuite Implementation partner?
Folio3 is a certified NetSuite partner and has the answers to all your ERP needs. Folio3 for its knowledge across all aspects of the NetSuite ecosystem and understanding of the complexity involved in the integration and implementation process as a seasoned NetSuite implementation partner. Our experts specialize in Netsuite Implementation and are always ready to assist you. Book a consultation now!
Interesting Related Article: “Avoid These 3 ERP Mistakes“
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