The Entrepreneurs Guide To ERP
Published on 12 Nov 2022
Technology strategy is at the top of the list of business goals for expanding companies in JAPAC since 2020 will highlight the significance of technology. Frost & Sullivan's Entrepreneurs in Asia-Pacific Report reveals that two-thirds of entrepreneurs throughout the region consider their core business software vital to their firm's success.
Despite a relatively high level of satisfaction with the business software they now use, most entrepreneurs in the area (52%) want to invest in or upgrade their core business software.
This indicates that throughout the following year, many expanding enterprises in JAPAC will install business software, typically enterprise resource planning (ERP) systems. How do you decide whether it is time for ERP, which modules to deploy initially, and how to consider the software in the context of supporting company strategy?
How do we know if a new ERP system is required?
Consider the "three Cs" when considering the need to employ more advanced software to allow business operations. Any of these areas, particularly a combination, indicate the necessity for automation. You will need to prioritize software implementation based on various industry-specific criteria.
Your company may have outgrown its tiny accounting staff and simple accounting software. Perhaps the firm intends to launch new subscription-based items or alternative bundles, necessitating robust revenue recognition methods. Alternatively, you may request fresh money from investors, necessitating enhanced financial reporting.
As your firm expands into more locations, it needs more assistance automating financial operations to facilitate and assure compliance with various tax laws and implementing robust controls to meet regulatory requirements.
Excel or fragmented CRM and marketing automation systems may make tracking sales leads, keeping customer information, and targeting customers with the appropriate product at the right time a fool's errand. You need assistance to gain new clients more effectively, expand your business, and better manage your present accounts.
How Should Usability Be Considered?
ERP software has a long-standing reputation for being prohibitively costly, difficult to use, and capable of stopping the operations of even the world's biggest and most prosperous enterprises. The cloud subsequently made ERP software easier to adopt and use.
The cloud also made ERP systems modular, allowing firms to purchase a platform and add additional modules as their company required. The upfront price approach of on-premises systems enabled software sales representatives and clients to negotiate bundles of licenses for modules they did not yet need, such as CRM and ERP. Frequently, these licenses remained unused; this became known as shelfware.
In evaluating the usefulness of an ERP system, a prospective purchaser should consider:
- How user-friendly is the interface? Can a task or procedure be completed with a few clicks and a single screen? Will users be required to do some tasks outside of the system? Take the bank reconciliation procedure as an example.
- How is the bank statement associated with the accounting software? Does it need to be loaded manually, or is it linked to offer a real-time view of bank account information?
- How much will teach users to become proficient with the system cost? What have other consumers of comparable companies encountered?
- Is the system ready for mobile? What procedures do our consumers utilize their mobile devices for? Exists a native application for mobile devices?
- Is there a sensible licensing arrangement for our users and company size? How is functionality packaged, and how can it be tailored to our consumers' requirements? How many new modules be activated, and how is this reflected in the contract and license structure?
- How often is the program updated, and is usability a priority? What areas are planned for future product development?
Can Your Organization See Itself Using an ERP? Give NetSuite a Look.
NetSuite has more than a decade of expertise enabling clients in JAPAC markets, with support for over 24 languages, 190 currencies, and more than 100 tax regimes. Teams with specialized knowledge of local and regional business difficulties can deliver best practices based on more than 26,000 satisfied clients.
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