Wondering if it’s time for you to make a shift from your legacy on-premise ERP system to a Cloud-Based ERP application? Don’t worry; you’re not alone in this dilemma. For many modern businesses, (and especially project-driven companies), making a shift to Cloud ERP is the most sensible next step. However, that doesn’t mean this is an easy decision to make.
There could be many drivers to prompt a company’s decision to modernize its ERP. If you are a project-driven business, this becomes even trickier. By carefully evaluating your business’s current needs and analysing where your current legacy ERP software might be lacking, you might conclude that ongoing technology and generational changes in business necessitate the need for ERP modernization.
Maybe your current ERP system no longer supports your operational goals, or perhaps your on-premise system needs an upgrade to support a newly acquired subsidiary or a new product line. No matter what the reason, today we are going to talk about the 10 main benefits of making the shift to a modern, new-generation Cloud-based ERP system.
By carefully evaluating your business’s current needs and analysing where your current legacy ERP software might be lacking, you might conclude that modernising your ERP software is the next best step for you.
But, Why Is a Modern ERP System So Necessary For A Growing Business?
ERP or Enterprise Resource Planning is one of the most crucial software for any business that desires to grow and evolve with time. It not only enables and supports your business strategy; it also interlinks all departments within the organisation for more efficient working. Using an evolved, cloud-based ERP system means that all data used across your enterprise is:
· Always Consistent,
· Constantly Validated,
· Based on Common Definitions, and
· Guarantees Shared User Experiences.
Essentially, such an ERP system serves to enable, simplify and standardize business processes to avoid discrepancies in data across departments that may be a result of an old-school system – such as an oversized collection of disconnected spreadsheets or databases that multiple departments within the organisation might be currently replying upon to perform their job.
In simple words – modern ERP software becomes the single source of truth by compiling data that is
1. Accurate
2. Current, and
3. Complete
As data integrity applies automatically to every ERP task performed within the enterprise with a modern ERP system (from quarterly financial statements or filings to ad-hoc outstanding receivable reports and processing payroll), departmental spreadsheets and multiple disjointed systems/software become redundant. And isn’t that good news?!!
A modern cloud-based ERP system offers a comprehensive, updated view of core business processes using common databases across the organisation, making it much easier to track resources (be it your people, cash, raw materials or production capacity) necessary to conduct business. For a project-driven business, this step is crucial to ensure project management discipline so your projects can strike that much-needed balance between quality of work and scope, schedule, plus budget commitments of each project.
10 Benefits Of Investing In A Modern ERP System For Your Business
From CxO offices to executive staff, every single person in your enterprise benefits from the business modernisation delivered by a modern cloud-based ERP. Let’s take a closer look at the 10 benefits that come from modernising your ERP system in detail.
1. It Becomes The Single Source Of Truth
Undoubtedly, the most profound, meaningful and important benefit of switching over to cloud ERP is that it becomes the single, indisputable, unquestionable, carefully curated and properly maintained source of truth about the organisation’s business workflow. This includes:
· Data
· Assets
· Activities
· Costs
· Productivity
· Resource planning and management, and much more
Getting rid of that legacy patchwork of loosely connected or disconnected ERP systems fragmented by ever-growing spreadsheets means improved efficiency across the board, ensuring that modern ERP will find order in chaos.
2. It Ensures Consistency
Beyond the confidence that comes from a single source of truth, modern cloud-based ERP allows your business to set core constructs to improve business workflow. This ensures business processes function accurately, consistently and predictably across and between business departments.
3. It is Reliable and Unquestionable
Since modern cloud ERP systems are built using a centralised and secure common data structure, all users can rely on data to be correct, current, and complete at all times, along with the assurance of data integrity and compliance controls in effect.
4. It Improves Efficiency
Modern ERP can improve operational efficiency, accomplish digital transformation, as well as accommodate growth and innovation. Cloud ERP modernization enables a growing enterprise to not only become more nimble and agile but to also keep pace with change and stay ahead of problems. It facilitates constant improvement and continuous innovation so that your business is ready to take advantage of changing trends and emerging opportunities.
5. It Allows Personalization
Modern ERP comes with state-of-the-art built-in platform components that support vital key characteristics of security, integration, and personalization for large, growing organisations.
6. It Comes With Modern Design Elements
Today’s ERP delivers modern design elements to support several business capabilities and improve the way we work. A few examples are completeness and standardization, globalization, insight-driven analysis, and full digitization, all of which make for an intuitive and immersive user experience.
7. It Helps Save Costs
Since cloud-based ERP allows businesses to consolidate fragmented systems and related add-ons like department-specific software, it reduces IT costs as well as simplifies operations.
8. It Boosts Departmental Growth
The best ERP systems available in the market right now ensure that every department functions better. Be it finance, HR, accounting, logistics, and more, ERP modernisation improves significant opportunities to boost capabilities, outputs, and innovation. By automating repetitive, tactical tasks, such a system gives employees the bandwidth to concentrate on innovation and improvement instead.
9. It Takes Advantage Of Emerging Technologies
From automation to artificial intelligence, to analytics and personalized data, to mobile access and intuitive system interactions, modern ERP lets your organisation get things done easily and intuitively. By taking advantage of emerging technologies, it enables your business to establish further competitive advantage.
10. It Paves The Way For Innovation
Modern ERP focuses on constant improvement and innovation, delivering ever-increasing capability and value to organisations that rely on it. By making the best use of technology and staying abreast of innovation, modern ERP becomes a scalable solution that only gets better with time.
So, you see - there are many reasons why it makes sense to make the transition to a modern cloud-based ERP system. Think of it like this – comparing modern ERP to legacy ERP is like comparing the latest smartphone to a rotary phone. Both can make calls, but the former can do so much more…..like, put the world at your fingertips!
In our next article, we will delve deeper into project-specific ERP systems and what makes them so different. So, stay tuned!
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About Projects Expert
Projects Expert is the first of its kind Oracle partner that specialises in Project Centric Enterprise Solutions. We aim to deliver sustainable, robust and business-friendly Oracle solutions for Projects driven organisations.
To know more about what we can do for you, visit our website at www.projectsexpert.com. Reach out to us on +44 330 330 5154 or drop a note at info@projectsexpert.com