For your business to thrive in today’s marketplace, you need to continuously find new avenues to increase productivity while reducing overhead costs. Enterprise Resource Planning (ERP) systems are an invaluable tool that addresses these challenges by integrating all major business functions and processes, such as finance, supply chain management, sales, customer service, and inventory.
ERP systems have continued to evolve over recent years thanks to technological advancements and modern data collection methods. Your legacy system may be starting to show its age as modern ERP software have revolutionized the way some organizations do business.
Modern ERP systems are key to businesses’ success because they deliver cost savings, productivity improvements, and data automation that lead to better insights and decision-making.
Understanding the value and functionality of modern ERP systems is critical to the potential growth and success of your business.
What is Modern ERP?
ERP systems were originally created in 1960 so that manufacturers could track product inventory and production. ERP systems continued to develop over time to provide insight into the financial health and organizational efficiency across several departments including:
With the emergence of new technologies over the past few decades, ERP systems began to modernize – taking traditional on-site systems and uploading them to the cloud. Cloud-hosted solutions began to emerge, bringing with them real-time analytics, machine learning technologies, and digital capabilities. Modern ERP systems are now able to centralize data from all parts of an organization – allowing for:
- Real-time decision-making
- Centralized information and data storage
- Accurate Reporting
- Integration with other modern technologies
- Modular Scaling and flexibility
- Increased visibility into all aspects of your business
Key Features of ERP Modernization
There are a variety of key features when it comes to modernizing your ERP system. Oftentimes companies upgrade their system to resolve issues like dwindling productivity or a rising inability to meet customer expectations. Other reasons include:
Updated User Experience
Most modern ERP systems offer a consistent user interface throughout. Every element of a user interface should make use of the same underlying technology and database that the rest of the organization is also using. The interface should be intuitive and allow your team to access the files they need easily.
To make informed decisions, you need to be able to access up-to-date information. The fast-paced decision-making demanded of modern organizations requires real-time data shared using a modern ERP system.
ERP systems handle crucial data that needs to be securely handled. Because of that, permissions must be highly configurable – giving your IT administrators the tools they need to establish access based on the user’s general role, individual user, and field-level security.
Modern ERP systems should adapt to your organization’s business processes and help make them more efficient than before. You shouldn’t have to change your business processes to suit your legacy ERP.
You need a system that grows as you do. The cloud-hosted infrastructure of modern ERP systems makes it easy to add resources as you grow. Because modern ERP pricing does not require you to buy hardware or software licenses, it’s easier to scale down if the need arises.
How Does a Modern ERP System Support Growth?
Modern ERP systems are integral to the growth of your business. They break organizational barriers between teams and data sources – transforming your organization’s communication and decision-making abilities. This results in your team being more efficient and collaborative, leading to better business performance and improved customer experience. The following are a few examples of how a modern ERP system can transform your company:
Whether you need to run a financial report or inventory analysis, modern ERP systems simplify and automate your business’ workflow. Most systems personalize the user experience across departments, delivering a consistent interface for your team to work more efficiently. Deliver a better customer experience by implementing a modern ERP system and streamlining your efforts.
Legacy ERP systems tend to be expensive to establish and have ongoing IT management and upgrade costs over time. These traditional systems can oftentimes be costly to maintain and require extensive maintenance if they go down. Modern ERP systems are hosted on the cloud which reduces upfront costs. Modern software's typically requires businesses to pay regular fees to access the ERP software – freeing up resources as most modern software is updated digitally. Reduce costs while also removing any potential blocks from your workflow.
Centralized Data Hub
As the centerpiece of your business operations, modern ERP systems store and manage data from several critical processes including:
- Accounting and purchasing
- Supply chains
- Warehouse and inventory
- Production Management
Modern ERP systems allow you to consolidate all of this data in a single location – allowing business leaders to make real-time decisions based on a more complete view of their operations and performance.
Most modern ERP systems allow you to integrate with third-party software such as business management metrics, warehouse/inventory sharing, e-commerce, and taxation compliance. These integrations make your workflow even more efficient by incorporating technologies that your team may already be using.
When to Modernize
If you are still using a legacy ERP system, it may be time to consider an upgrade. The best time to implement a modern system is before your previous ERP starts to meaningfully affect business operations or customer relationships. You should address any growing issues in your current system as soon as you notice and can take action. You may want to schedule a call if you notice any of the following:
- Your team struggles to access data
- You constantly have to send in maintenance tickets for your system
- You are looking into remote work and want a system that can adapt to your needs
- You are ready to invest in the future of your organization
Meet New Challenges with TrulinX
Business is always changing. You need an ERP that can adapt, scale, and keep your operations running. The specialized features of Tribute’s ERP software are designed to help you maximize profits and better serve your buyers.
TrulinX continues to raise the bar as an innovative solution in the modern workplace. Through our software, we aim to provide solutions that give build-to-order manufacturers, fabricators, and distributors a competitive advantage in the marketplace. Ready to improve your organization through an innovative modern ERP software? Request a Demo to see how we can help you make that change to your business.