After you’ve gone through the process of ERP selection, maintaining current enterprise resource planning (ERP) software can seem unnecessary. In fact, for many mid-sized businesses, they believe that current ERP won’t make a difference in satisfying needs, that not enough new features are available to merit a change, and that the disruption to business will be more impactful than the impact software updates can have. To learn more about why staying current with ERP is important and how this makes a positive, instead of the perceived negative, impact on business, visit here. Now, let’s take a look at the many benefits of upgrading ERP software.
According to a recent study by Aberdeen called “ERP in the Midmarket: Enabling Functionality and Simplicity to Combat Complexity,” comparing companies that are implemented on the most recent version of the ERP software to those with older versions makes it clear that benefits abound from the upgrades. In fact, upgrades lead to more functional, usable, and scalable solutions. Here are some of the many benefits of using the latest ERP software version.
Benefits of upgraded ERP that aren’t achieved as readily with older versions
-Utilize the best practices contained within ERP solutions
Vendors tend to introduce more efficient templates and regulatory compliance support with successive versions of the software instead of doing this during the initial ERP selection because ERP software is being updated all the time. These are only enjoyed with the latest version, and the solutions become much more functional in the process. Additional ERP capabilities offered in the latest version include greater data entry at the point of activity, larger ability to combine planned warehouse orders, and greater real time visibility into the status of processes across the board.
-Share and integrate data with the extended enterprise
This makes working with business partners, customers, and regulatory bodies easier. Working with these groups efficiently is essential. Don’t miss out on revenue or cost savings by staying with an older version of software that makes your business more difficult to do business with.
-Collaborate in real time with other users to gain insight from reports and views
It can be the case that only the latest version of ERP contains social platforms. Social collaboration in these new updates can produce almost double the likelihood that employees have the ability to collaborate in real time.
-Access and tailor reports in a self-service capacity, change ERP solutions quickly to react to business changes
Flexibility is essential. Upgraded ERP software users are twice as likely to have the ability to tailor their solution to reflect business change.
-Take advantage of the latest technology
Updated software allows businesses to take advantage of the technology developments that are offered from their ERP vendor. These include ERP access from mobile devices, business analytics and intelligence, ecommerce and social collaboration streams with activity stream.
-Reduce operational and administrative costs
-Improve complete and on-time shipments
-Reduce inventory while improving inventory turns
-Improve cycle time of key business processes and internal schedule compliance
Companies on the latest version of ERP software report a 13% reduction in operational costs. Couple this with the many benefits discussed above and there is value for making the change and upgrading software.
For more information on ERP selection, visit here.
If you are ready to discuss your needs and how to plan your next ERP selection or upgrade please contact us for a complimentary consultation.
Stay tuned next week as we conclude our series on the importance of upgrading to modern technology, specifically the latest in ERP software, as we review the key findings from the Aberdeen study and what they mean for your business. In the meantime, to learn more, download the Aberdeen study here.