Now is the Time for an ERP Upgrade
Is your business keeping pace with current ERP upgrades? Finance and accounting firms are reviewing their level of efficiency to determine when to upgrade their enterprise resource planning (ERP) system. Many managers think of an ERP upgrade as a headache. However, if done correctly, they can be opportunities to streamline the processes that lead to efficiencies and bottom-line improvements.
Assess Data Availability and Security
Use of the cloud and security improvements are offering more businesses ready access to data, combined with protections. Assess your current system’s ability to:
- Provide employees with access to critical functions whether they are onsite or working remotely.
- Keep pace with cybersecurity threats and updated protections.
- Respond nimbly to natural and human-caused disasters that interrupt business functions.
- Readily adjust to reporting requirements and compliance inquiries.
Consider the value of learning more about an ERP upgrade if your response to any of the above points is “no” or “slow.”
Look into Productivity and Ease of Use
Today’s high-performing organizations demand software systems that provide equal information access across departments. Finance and accounting, procurements, production, and quality assurance mechanisms need access to data for efficient management. Invite team members to offer honest input about these factors:
- Points of slow productivity.
- Data that cannot be readily and evenly accessed across departments.
- Known, suspected, or possible security breaches.
- Systems that need upgrades to adhere to reporting requirements and compliance matters.
- Challenges fully integrating information, such as finance or human resources, across departments.
- Elements of the current system that work well throughout the business.
Decide if Your Preferred ERP System Will Carry You into the Future
An ERP upgrade is a complex process requiring anticipation of the conversion’s impact on current functioning. At the same time, it is critical to project your organization’s growth potential to assure the upgrade has the capacity to meet future ERP needs. Other points to consider are:
- If a hybrid system best suits your business, enabling you to keep financial data stored in-house rather than on the cloud.
- Planning for staff training and interruption of production for the ERP upgrade.
- Financial considerations, including long-term gains because of improved productivity.
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