Globalization efforts are being made by companies across the nation. Over the past two weeks, we have uncovered the risks and rewards of globalizing your business. We also addressed how enterprise resource planning or ERP software helps with the globalization process. In our most recent blog we reviewed multiple factors needed in an ERP system designed to withstand the pressures and growth of globalizing. To learn more about these factors, visit here.
Globalization is possible and success with this process is attainable when the proper foundation is in place. This success stems from ERP system capabilities that allow for internationalization. In this blog we will take a closer look at the minimum functionality requirements needed with ERP software that leads to international success.
An international ERP software solution must be multilingual meaning it can easily process multilingual data including accommodating special characters used by certain languages. This includes invoice text, item descriptions, currency information, and other information that is entered across multiple site locations. Then, this information must be able to be consolidated into country-specific parameters within one system (item names, quantities, currencies, calculations, pricelists, etc.).
Accounts for Legal Requirements
Commercial, contract, and copyright laws cannot be ignored. All legal requirements must be taken into account and supported by your chosen ERP system. It should be a standard feature that currencies, tax rates, customs regulations, and tax codes are integrated. Software should meet the requirements of the company’s market and national standards.
ERP systems geared for international markets must offer all functionality required to manage multinational companies in a professional manner so that consolidating the foreign subsidiaries and the parent company results in processes being as streamlined as necessary. All company divisions, such as finance, production, purchasing, and sales must be covered, and isolated applications that are expensive to maintain are avoided.
Information that can be turned into Knowledge
With so many complexities, it can be easy to lose sight of all business activities and stay transparent. An ERP system that processes the vast and decentralized information coming through a business can convert it into knowledge that is central to maintaining quality management. Risk management is already of central significance in the international business environment. An international ERP selection helps to process high-volume, decentralized information.
Integrated information systems are operated with reporting and business tools that are easy to use. The result of true integration is real-time control that does not require complicated analysis plus transparency of all activities. Modern ERP software needs to provide statistics, evaluations, and data reports from a variety of sources that can be published on the web or integrated into external applications for current and future use. This type of professional business intelligence functionality is included in most modern ERP systems.
Positive Vision offers Sage 300 ERP, which is a robust ERP system meeting the requirements needed for globalizing your company. Click here to learn more about Sage 300 ERP. For further details on ERP system requirements for international success, download our whitepaper “Success On An International Scale: What An ERP System Can Offer”. Stay tuned next week as we look at additional requirements your system needs for successful business globalization.
PositiveVision is a full service software consulting firm dedicated to bringing trust, commitment and care back to business software consulting. Our mission is to simply help small to mid-sized businesses with their software to make them more profitable. Using our team to differentiate our products and services, we seek to develop the most innovative, easy to use and efficient solutions including Sage 300 ERP (formerly known as Sage ERP Accpac); Sage PFW ERP, Sage CRM, Sage 50-U.S. Edition (formerly known as Sage Peachtree), Business Intelligence (BI) applications; ERP Manufacturing Software; Warehouse Management Systems (WMS); and more.