As the year comes to a close, many organizations use this time to evaluate budgets for the upcoming year. If you have been thinking about upgrading your ERP system, this is a great time to start planning what that budget looks like since ERP systems tend to be expensive. The high cost of ERP systems is why many businesses stick with basic software for as long as they can, even when it could be damaging their profits and efficiencies. How do you know when your company has outgrown its current software system? Here are a couple of key determinators that it may be time for an upgrade.
Your Costs Outweigh Your Sales
Having an outdated system can be costly to maintain on its own, but even more so as your business grows. Sustained business growth can cause strain on outdated software which can decrease performance and efficiency when you need it most. Organizations are paying ongoing maintenance and subscription costs without seeing associated additional functions and improvements. One of the keys to streamlining your business and increasing efficiency is automation. NetSuite has the automation and timely data you need to allow your company to grow and expand for years to come.
Difficulty Expanding to New Markets
A basic ERP system may not have the capabilities that make expanding markets possible. Whether growing your business into new areas of business or new global regions/areas, your business will need to comply with various tax and financial requirements that can be extremely difficult, or even impossible, with an outdated system. As technology and businesses evolve, it is vital that your ERP system is evolving with you. Having an updated ERP system, like NetSuite, can enable your business to grow and comply with the needs of expanding your business to new areas.
Working for Your System Instead of Your System Working for You
Are you spending too much time in your system hunting down the reports and data you need to make informed and analytical decisions? Without robust reporting capabilities, your system isn’t working for you as originally intended. Upgrading to a newer system will allow you to fulfill these tasks with ease so that you can focus your attention on sustaining your company’s growth.
If your business experiences any of these scenarios, it may be time to consider your options and upgrade to a newer ERP system like NetSuite. If you are unsure where to start, BerganKDV is here for you. Contact us to learn more about what NetSuite can do for your business. If you are looking to upgrade your accounting software, we encourage you to check out this whitepaper on signs you have outgrown QuickBooks.