5 Practical Reasons for Replacing Your ERP
Are you considering buying a new Enterprise Resource Planning (ERP) solution? If so, you have a good reason, but you might be hesitant because it’s a big investment in money, time, and resources, and the entire process of selecting and then implementing an ERP can be daunting–but it’s also worth it. We talk a lot about the strategic advantages of a modern ERP–mobility, security, system maintenance, etc., but there are many more practical, day-to-day benefits. In this blog post, we’ll discuss 5 very practical reasons for replacing your ERP.
Reason #1: Automating Tasks Saves Money, Time, and Mistakes
As ERP solutions have evolved, they have grown to enable you to automate workflows throughout. It’s likely that your current ERP does not have this ability, which means your staff’s time is taken up by manual tasks. Replacing your ERP will allow you to automate tasks, which not only takes the burden off your staff, but also has the added benefit of eliminating errors that often occur when tasks are done manually.
Reason #2: Consolidating Data Provides Full Transparency
Spreadsheets and disparate systems might get you by, but it also means your data is scattered across those tools and systems–and that means you might not be seeing a true picture of what’s happening in your business. Without that you can’t make important decisions confidently. Legacy ERP systems are siloed, so spreadsheets are employed to fill in the gaps. Replacing your ERP with a modern ERP will enable you to pull data from other sources into one place and easily view that data in real time through dashboards so you can make proactive, informed decisions.
Reason #3: Updated Functionality and More Flexibility Means the System Works the Way You Do, Not the Other Way Around
Legacy ERP systems are often feature-rich, but they tend to be inflexible, and simply because of the fact that they are older, they often don’t have the functionality you need now versus 10 or 20 years ago. Modern ERP systems put an emphasis on being flexible and scalable so that they can work the way you work, conforming to your processes. Replacing your ERP with a modern system is much more future-proof.
Reason #4: Month-End Closing is Streamlined…
We all know how tedious and time-consuming month-end (or year-end) can be. This is where modern ERPs outpace legacy systems–they are equipped to streamline closing processes by automatically processing transactions and generating audit trail and reports.
Reason #5: … And So Are All Those Other Routine Accounting Tasks
Month-end closing isn’t the only process that is greatly improved with a modern ERP. Today’s systems automate routine accounting tasks, such as allocations, accruals, deferred revenue, and multiple companies, handling them much more efficiently and accurately.
To learn more, read our comprehensive article, Selecting the Best ERP System: What You Need to Know to Make the Right Decision.
Then contact ArcherPoint to discuss your challenges and goals for a new ERP and get a free assessment!