Maintaining modern technology can be of significant importance and value. This is particularly the case for mid-sized businesses when it comes to not just ERP selection but also having the most upgraded enterprise resource planning (ERP) software. Over the past month, we have taken a closer look at a study with analyst insight done by Aberdeen to highlight this fact. The research was done using surveys, interviews, and data analysis and was comprised of a combination of best-in-class, industry average, and laggard organizations. This study, ERP in the Midmarket: Enabling Functionality and Simplicity to Combat Complexity, concluded that the midmarket organizations that are considered best-in-class are the ones that are more likely than those that meet industry averages or lag behind to accept ERP upgrades and keep ERP current. Instead of simply doing their best with ERP selection, these most successful companies are properly maintaining it as well. To learn more about the benefits of upgrading, visit here. Let’s take a closer look at the key findings from the study and what the takeaways mean for your business.
Companies truly rely on their ERP solutions to support them and their work. They are important and have long lifecycles within businesses. Even still, the changes that occur over time in businesses and technology necessitate the need for organizations to decide to update their solutions or not when these updates become available by their ERP vendors. The best-in-class companies are 94% more likely than all others to upgrade and implement the latest release of the software. In the process, they continue to enjoy the benefits of a functional, usable, and scalable solution that is responsive and up-to-date with ongoing business and technological changes.
Key Findings about Upgraded and Updated ERP
-Companies with the latest version of ERP in use utilize best practices contained within their ERP solution more so than those that are not using the latest version
-Users of the latest release of ERP software are 70% more likely than those that are not to have the ability to share and integrate data with the extended enterprise of business partners and customers
-Mid-sized business using the latest version of ERP are more than twice as likely as those using older versions of the software to have a sustained and ongoing ability to tailor their solution to reflect business change and to do this in real time
-Mobile access to ERP information is 67% more likely possible with updated ERP compared to those without updated ERP that do not allow for ERP access on mobile devices
-A savings of 13% or more on operational costs is enjoyed by those businesses that use the latest version of ERP software
Key Implications for your Company
Based on the findings above, you can see that significant benefits and extended functionality are possible by simply staying current with the latest versions of ERP software. Taking full advantage of the latest in ERP technology truly can put your company on the path to success by not limiting your system’s capabilities and functionalities. In addition, the updated technology allows for your business to change and grow instead of needing to stay where it is so your software can keep up.
Is it time for your company to upgrade your ERP? Have these findings shown you just how important this is? The benefits far outweigh the costs and time needed to upgrade can keep you on the path of modern technology and full functionality as a business. We can help you select, implement, or upgrade your ERP to enjoy these benefits. Please contact us to learn more.
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.
For further information about these study findings and the importance of having a current ERP solution, download the Aberdeen study here.