In the modern marketplace, businesses face many significant challenges. Customer expectations for service levels remain high, despite disruptions in supply chains, inflation, and rising inflation. Companies must have a solid foundation in technology to survive under these conditions, and this foundation must provide the capabilities and insights that help the company manage these challenges effectively.
Modern ERP systems provide this foundation. The ERP system is a central repository for financials, operations, and supply chain data—essentially everything a manufacturing or distribution business needs. But ERP platforms are not all the same, and technological advances are as rapid as market changes. You can only achieve digital transformation by upgrading to the latest ERP version. Here are three reasons to upgrade your ERP system now.
The entire organization benefits from digitalization with increased agility, increased efficiency, and reduced costs. You gain key capabilities for digitizing critical manufacturing and distribution processes by upgrading your ERP.
Integrating IoT into almost every machine, part, and finished good inventory item allows for several powerful ERP capabilities. An example is the management of recalls, and mock recalls using complete product traceability. Management can track finished goods items manufactured, sold, and delivered to customers, as well as how and when they were received into stock via jobs, inventory movements, backflushing, and purchase orders with automated recall capabilities.
A financial management system can help identify efficiencies and streamline payment processes, which can significantly impact the bottom line. Manufacturers can often access new capabilities like low-code/no-code tools by upgrading to the current version. Business users can use these tools to create data queries without involving a programmer. Finance teams can become much more agile as a result.
A more efficient ERP can also significantly speed up the processing time. Organizations operating in high-volume transaction environments can benefit greatly from this, as a few pennies saved per transaction will add significant savings in the long run.
Technical considerations are also important. An ERP upgrade usually includes improved security, improved performance, and new features. A new release of the ERP will also increase manufacturers’ and distributors’ ability to leverage the cloud as it becomes increasingly important.
Are you ready to reap the benefits of an ERP upgrade? Contact us now; we will help you get started.