Remember the abacus? Of course, you might not. Way back, the abacus was the foundation of all the accounting processes. Abacus was used for doing arithmetic calculations, comprising of a frameset with rods on which balls or beads were moved. Basically, it used to be the linchpin of financial management.
But obviously, both time and technology have changed a lot. And yet even as we all moved to paper ledgers and more lately to computerized accounting packages, the accounting process was still an exercise when pondering backward. So if you are looking for ERP solution providers, you cannot stand a chance. Obviously, you want the best!
Both financial and accounting professionals have been spending all their time brooding over the past, to ultimately make the entire accounting process simple and easy. And finally, everything changed. But how? How have ERP and custom software development services surfaced so rapidly? How ERP software solutions have gained immense importance in recent years?
Today, the accounting process no longer simply records historical transactions, rather it predicts them. Now, real-time predictive analytics is the crux of accounting, integrating financial data with external, non-financial data to constantly search for trends and weak points so that business management plays a much more strategic role. Don’t you think it is a good thing?
Well obviously, you would not want your management wasting their time looking in their rear-view window. And this is the reason, today business management asks more of their finance departments and the finance professionals are becoming tech-savvy. Therefore, a vast change has been witnessed in terms of utilizing technology when compared with a few years ago. The basic outline behind the ERP evolution is its changing role which is symptomatic of a change in user requirement, along with a change in user demographic.
ERP and Rise of Cloud
In terms of the cloud, though it has now turned out to be almost a default setting thanks to the rise of software as a service (SaaS), its growing popularity is also in part down to the varied approach of businesses. Risk-averse business management who previously enforced barriers to the cloud is now embracing it with open arms. This, to a certain extent, is the outcome of a generational shift as a new wave of senior-level staff moves up the ladder through organizations, and this we believe reflects the increased requirement for scalability within businesses.
And alongside, the increased need for flexibility and scalability, the speed and rapidness of deployment is now a big factor in a business’s approach when it comes to software and applications. In today’s world where instance and the need to quickly convert orders to cash mean everything, the cloud comes up with an instantaneous and effective solution. And while such tools have always been available to the big giants, the enhanced accessibility of these solutions exemplify that start-ups and smaller businesses can make use of the same technology and maintain the same level of ERP system efficiency as the largest reputed names.
The Need to Replace your Traditional System with an Advanced ERP System
- Maintenance Expenditures
Traditional ERP systems are not well-equipped with features that support today’s cardinal business challenges and therefore, they need a lot of additional customization. And this is where modern ERP solutions have evolved to have features that can help organizations having better control over their business operations.
- Inefficiency to Integrate with other Systems
One of the most significant reasons to replace your traditional software is their inefficiency to integrate with other systems. Every business comes with multiple operations and when they are managed as individual systems, fetching information from these disconnected programs become difficult. But today’s modern ERP solutions are standalone systems which integrate multiple components that are expected to support all the operations of any business or company. ERP systems come with separate modules dealing in sales, accounting, customer relationships, distribution, quality control, and other functional departments.
- Limited Growth and Scalability
One of the biggest downsides posed by traditional systems is their inability to access and analyze business information quickly, which often affects your decision making. But the next-gen ERP software solutions are designed to allow businesses to store data generated through several functions into the same application. Moreover, this information is widely accessible through user-defined access, which helps the business management with enhanced visibility to real-time business data, quite significant for making more precise decisions.
- Inept to Regulatory Standards
Businesses are required to function in compliance with several regulations on different levels. One of the primary reasons to replace their legacy systems with advanced ERP solutions is to keep their businesses up-to-date abiding with the current regulatory standards. Hence to make sure that you address regulatory compliances, your business needs to have an advanced ERP system that can support them.
With an advanced ERP system, you can augment your accounting and business management processes- enabling organized, flexible core accounting and financial management. Moreover, you can also create customizable options that enable you to streamline your complete accounting process right from order to receipt. It allows an organization to reach out to stakeholders outside the organizational eco-system smoothly. So why not get the right solution to suit your needs.