Upgrade Your ERP System
Enterprise resource planning (ERP) systems are key to a company’s success. They help you better control your core business processes and expand without raising your staffing or IT costs. Old ERP systems, however, can hold your company back, leading to increased costs and inefficiency. In a business climate where companies are always trying to gain an edge on the competition, while also working with limited resources and keeping up with new demands, you need the latest ERP system in your corner.
Learn more about the importance of upgrading your ERP system and how an outdated system can hold you back.
Signs You Need to Upgrade Your ERP System
Outdated ERP systems can be a major problem for your company as you look to improve your business. But how can you tell if your ERP system is actually outdated? To help your company know when to upgrade your ERP software, check out some of the top signs it’s time for a new system:
- Missing standard features: Do some research to find out what features generally come standard with ERP systems for your industry. If your ERP system doesn’t have these features, your company could fall behind. Being able to access the most recent technology can help you stay competitive.
- No cloud functionality: An outdated ERP system will keep all of your data and programs locally. This local storage can be a major issue for times when you need to work on the go or experience issues with your company’s hardware. Cloud functionality keeps your data safe and secure online. Any ERP system you choose should include cloud functionality.
- Insufficient mobile functions: Similarly, ERP systems of today need to work on the go. One of the major signs you should upgrade your ERP systems is if you can’t access key ERP features on your phone or other mobile devices. When you’re out of the office, your ERP system should allow you to work on your phone, letting you be productive regardless of location.
- Not following regulations: ERP systems should be compliant with regulations. An old ERP system may not keep up with changing regulations, leading to your company to fall into legal trouble and fines. Ensure your ERP vendor keeps up with regulations and the software they provide is consistently updated to meet any new laws.
- Bad integration: Your ERP software must work seamlessly with other business systems. Older ERP systems will often not be integration-friendly, leading to companies having to do more manual work. An ERP system designed for integration with other programs and systems will make it easier for your company to work across multiple programs and platforms.
Benefits of ERP Upgrades
When you upgrade your ERP systems, you receive several advantages that make it worth the investment. There are many reasons to update your ERP system, with some relating to greater performance and others to improved financial controls. As you consider implementing a new ERP system, check out some of the top advantages companies regularly receive from upgrading:
1. Improve Your Accounting Process and Greater Financial Controls
One of the major reasons companies choose to upgrade their ERP system is because it gives them more control over their finances. For example, an upgraded system can help you conduct reconciliations and closing cycles with greater speed. Additionally, you’ll often see greater internal controls to improve their audit response times and reduce the chance of fraud. In general, an updated ERP system gives companies more insight into their finances and lets them control spending.
2. Optimal Performance
Updating your ERP software gives your employees a better experience and makes it easier for them to remain efficient. A good ERP system will provide your staff with a more user-friendly experience and lead to greater productivity. Besides making it easier for your staff to use, updated ERP systems also provide a smoother experience, with fewer system slowdowns and other issues that lead to poor performance.
3. Cutting Edge Tech
Upgrading your ERP system means you get the top tech options on the market. The latest technology will provide you with the latest operating systems, servers, hardware and database. By upgrading, you also get to make sure you get the most cost-effective technology, avoiding costs from maintaining older systems. An upgraded system, for instance, will have cloud capabilities and mobile functionality. This new tech can even save you money, as you eliminate outdated applications and services.
The Importance of Having an Up-to-Date ERP System
Why upgrade your ERP? It’s all about giving you more opportunities and staying on top of trends. When you continue to use an out-of-date system, you open yourself up issues arising from outdated technology, inefficiency and lack of compliance with new regulations.
A lack of cloud functionality, for instance, could cause you to lose all your data if your hardware is damaged. Additionally, a lack of cloud services with your ERP systems can prevent your staff from collaborating easily. An updated ERP system fixes this by offering cloud functionality that keeps your data stored online via secure servers. Additionally, cloud software makes it easy for team members to collaborate even when working remotely and stay updated on changes.
Besides the danger of losing out on data, not having an upgraded ERP system in your corner can cause you to fall into technological obsolescence. Other companies will quickly overtake you, providing better and faster services to clients and customers. You’ll start to lose out on opportunities, harming your ability to stay competitive in an ever-evolving world. Staying up to date on your ERP software systems will keep your company competitive and give you an edge over less-technologically advanced companies.
Essentially, an ERP upgrade lets you accomplish more with less effort. Even though the marketplace is constantly changing, you can respond to these challenges with a cutting-edge ERP system.
With more control over your business processes, you can recognize areas of growth and optimize your efforts. A new system can also lower your cost of ownership by removing redundant and obsolete applications. Most importantly, you receive highly advanced technology that opens up new opportunities for your company and improves efficiency, potentially leading to greater profits.
Let FDM4 Upgrade Your ERP System
When you’re looking to upgrade your ERP system and get all of the benefits these systems can provide, you should turn to FDM4. We’ve provided industry-specific and integrated ERP systems to companies for many years. Our ERP solution for those in the apparel industry carries many industry-specific features to manage your business functions better. We also carry non-apparel ERP solutions for companies in other industries, with all of the efficiency-boosting and business optimization qualities you could ever expect.