This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
Is it the time to kiss goodbye to your legacy ERP?
Have you outgrown your legacy ERP? Not sure? Read the blog to know if it's the time to change it?
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
ERP, the vertebrae of your business operations, is vital for the business growth. Besides empowering you the every necessary capability to run the business smoothly, the ERP is easy and convenient for the users and offers a competitive edge.
But if your ERP is not able to match your pace, your growth, your requirements and your challenges with changing times, it’s time to change it.
Wondering how would you determine that? Keep reading this blog further for the four questions. Answering these questions will surely help you determine if your ERP is the right fit for your business.
So, let’s begin!
Question 1: Is your ERP scalable? -As your business grows, your operations grow. And, the way you manage them is reflected in the business growth. So, here comes the role of the rightly chosen ERP. The right ERP enables you to establish successful workflows throughout your business. It helps you fine tune the operations and their management for a long run. But, is this the case with your ERP also? Or, are you finding your operations becoming more cluttered day-by-day?
Question 2: Are you able to meet compliance? – In today’s scenario of rapidly changing and stringent getting compliance requirements, ERP’s are a breadth of fresh air. Offering the real-time access to the data associated with the processes, ERP makes it easier for users to track and document every process as soon as they occur. In a way, ERP ensures meeting regulatory compliance challenge much easily, accurately, moreover quickly during the audits. Result- ERP users are confident for anytime audits. But, are you?
Question 3: Do you have analytical capabilities? –An ERP offers a comprehensive platform where all information is aggregated. Be it- income, expense and profit margins, the in-built BI tools of an ERP displays it all in a systematic and clearly understandable format. As a result, you can clearly analyse the issues like mismatched datasheets, errors in financial documents, status of profitability and margin information on raw material as well as finished goods. So, does your ERP also helps you analyse your company’s real-time performance? Or, you lack the analytical capabilities?
Question 4: Do you find yourself GST ready? - A new tax reform, Goods and Service Tax (GST), is soon to become reality. GST expects every documents like refunds, payments, registrations, warning notices, etc. to be recorded in digital format. Additionally, the process manufacturers should maintain every IN/OUT. Also, they should reconcile the bank details with their sales data.
If you have answered a “No” to one or more of these questions, then it’s a high time for you to leave your old ERP behind and find a system that fits your needs. But, don’t know how to select the right ERP. If, yes? Then, here is a checklist that can help you make the right choice.