In today’s digitalized world, manufacturers must keep pace with the rapidly evolving technology landscape to remain competitive, agile, and to protect their electronic assets such as data. This is particularly crucial when it comes to enterprise resource planning (ERP) software. Outdated ERP systems expose organizations to security risks, limit functionality, impede integration, and hinder compliance efforts.
There is a lot more to consider than just functionality. A serious part of this consideration has to do with infrastructure, architecture, and supported platforms. It is imperative to remain current on your entire technology investment. Remaining current allows you to benefit from gaining efficiencies from future-thinking product roadmaps.
This will allow you to remain relevant in the current technology landscape and continue to be competitive by leveraging the latest features and functions.
To shed light on the importance of upgrading ERP systems, we present five compelling benefits and advantages of doing it sooner rather than later.
Benefit 1: Integrated information and intelligence
Modern businesses require a centralized Business Intelligence (BI) solution that places intelligence at the core of their operations rather than distributing it across data silos. Updated ERP releases offer embedded analytics capabilities, integrating intelligence and data directly within the ERP system. This empowers users to gain heightened visibility of operational activities across the organization. By easily creating, tailoring, and deploying dashboards and visualizations, businesses can access real-time, accurate, and relevant data from all aspects of their operations, enabling informed decision-making and enhanced operational efficiency. This also paves the way for leveraging AI in operations success and excellence.
Benefit 2: Enhanced organizational controls and compliance
Advanced ERP systems provide features like dimension analysis, offering a multi-dimensional view of financial data. Users can categorize financial transactions and gain a deeper understanding of their business context. This enables flexible financial analysis, improves governance, and supports scalability as businesses grow and expand their operations globally. Enhanced organizational controls ensure accurate financial reporting, streamlined processes, and informed decision-making.
Benefit 3: Improved functionality and visibility across the supply chain
Updated ERP systems offer solutions that enhance visibility, such as sales price hierarchy capabilities. This allows businesses to determine price structures, prioritize pricing, and prepare for promotions, seasonal fluctuations, or cost changes. With improved optimization of the sales and distribution channel, businesses can effectively manage pricing strategies and aftermarket support, ensuring customer satisfaction and operational efficiency throughout the supply chain.
Benefit 4: Enhanced digital dexterity and security
Employees need to embrace modern technologies to achieve better business outcomes—that’s the heart of digital dexterity. Advanced ERP solutions offer low-code application design capabilities, enabling businesses to easily integrate new solutions into their ERP environment. This empowers organizations to build bespoke solutions within the ERP user interface, streamlining custom development processes while reducing costs. While harnessing the ERP system’s security and flexibility, businesses can confidently enhance digital agility and rapidly adapt to changing business requirements. Older, unsupported solutions simply can’t keep up.
Benefit 5: Improved control of internal operations
Modern ERP systems help manufacturers and distributors remain competitive while improving internal efficiencies by offering features like Kanban automated replenishment. This capability allows businesses to manage bin replenishment using a pull system, resulting in increased productivity, reduced manual administration, and improved stock levels. By optimizing internal operations, businesses can enhance their responsiveness, reduce costs, and meet customer demands effectively.
It’s time to move that upgrade from back to front burner
Upgrading your ERP software must be a strategic objective to help you protect your digitalized assets and to empower you to remain competitive in an ever-changing world of business.
Enjoy streamlined functionality, data-driven decision-making, enhanced security, robust integration, and reliable compliance by remaining current. Protect your ERP investment by upgrading your ERP system and unlock the full potential of your business.