The typical age of an ERP solution release in a midmarket company is more than 7 years. A whole lot of change can occur within this time in terms of business expansion & technology/ regulation inclusions.
During the past couple of years, there has been a drastic change in the ERP ecosystem. Starting from cloud-based applications to mobile enabled UI to flexible & dynamic architecture powered by data science; the list is huge. Not to misunderstand that the older versions of software no longer meet customers’ needs, but software upgrade with time does offer unique business benefits
Successful organizations need to think ahead of time stay competitive. Undoubtedly, updated solutions are more likely to be functional, usable, and scalable. They can help organizations take advantage of the latest technology and reap better business benefits
Missing out on up-to-date technology cause organizations to miss out on revenue and saving opportunities. They are less likely to share and integrate data with customers and governing bodies, making them tough to do business with, as the risk of customer dissatisfaction and nonfulfillment increases. Thus, scalability becomes a mandate as an organization grows. The more up-to-date a solution, the more flexible and scalable it becomes
During the conversation with one of our recent Infor LN customer in Singapore, they indicated that with adoption of latest technology advances and solution updates, they were able to double their capability to modify the solutions as per the varying business, thereby increasing productivity and functionality.
Some more considerations from the same customer were:
- More than 10% reduction in operational cost with adoption of the latest version of their ERP software
- 50% more capable to share and integrate data with customers/ partners/ governing bodies when compared to the organizations who have not implemented the latest release
- 60% more likely to have mobile based access, increasing mobility, with latest ERP software
- 50% more use of ERP best practices when compared to those who are not using the latest version
In addition to the above points, also consider that an upgraded ERP system is easier to support and maintain, translating into higher efficiency, less cost and minimum risk.
While there could always be uncertainties of disruption due to upgrades, it’s important to consider that upgraded solutions increase adaptability, usability and overall output. Additionally, entirely replacing an ERP application rather than upgrading your current solution, either to the cloud or on-premises, is far more disruptive (and expensive) in the long run.
With few upgrades and technologies passing by, the fight to stay ahead of the competition and meet market expectation deepens. On the contrary, when an organization updates their ERP solution, they not only advance in data integration, collaboration, analytics, and mobility, but also equip themselves to meet altering business needs. Since no application is as “mission-critical” as an ERP system, let us keep them moving with the required pace.