Today's post is the last in a series that explains six reasons why companies should implement a new ERP system. Here's a quick recap of what we've discussed so far:
Reason #1: Software Limitations of your Current System
Reason #2: Total Cost of Ownership Cannot be Justified for Your Current System
Reason #3: Work is Done Outside Your ERP System Due to Integration Issues and Complex Workarounds
Reason #4: Your System is Outdated
Reason #5: Reporting is Limited
Today's reason is one that is all too familiar to many businesses...
Reason #6: Your Business Processes Have Changed
Business processes change; that is inevitable. Sometimes change is the result of adding a mobile workforce, expanding internationally, the addition of new product lines/service offerings, employee reductions, or even new government legislation. Regardless why your processes change, is your current technology flexible enough to handle the change?
As an example, let’s consider a U.S.-based business that recently expanded internationally. While global expansion is exciting and dynamic, this company may now face many new challenges including the inability to convert automatically currency rates in their accounting system, issues related to disparate software systems, and the complexities of international tax rules. Unfortunately, as I mentioned in a previous blog post, some ERP systems were not designed for growing organizations that need the functionality to manage sophisticated processes, such as international expansion. Incompatible software and inconsistent processes scattered across multiple locations can lead to data discrepancies, ultimately affecting the company’s ability to make informed business decisions.
In addition to internal changes that affect business processes, companies also need to be prepared for external factors such as new government legislation. Brian Terrell recently posted an article that describes why employers need to be “technology ready” for the Affordable Care Act. As a result of the legislation’s complexities and potential non-compliance fines, it is important, especially now, for companies to be prepared for business process changes.
Fortunately, an investment in a comprehensive, flexible, cloud-based ERP solution, such as Intacct, allows you to adapt to change quickly, improve data quality and process efficiency, and obtain vital transparency across departments and business locations. I have always liked the saying that success happens when preparation meets opportunity. It you are unsure if your business is technologically prepared for the opportunities that lie ahead of you, contact us for a consultation.
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