A modern ERP software platform provides this foundation, serving as a central source of truth for financials, operations, and the supply chain — essentially every aspect of a manufacturing or distribution business. But not just any ERP platform will do. Just as the market changes rapidly, so does technology, and to take full advantage of the new technologies and new capabilities that enable digital transformation, it’s important to deploy the latest version of software.
In today’s challenging and constantly changing marketplace — where supply chains are in turmoil, inflation is mounting, and customers expect a higher level of immediacy and digitization — companies need a technology foundation that can provide the insights and capabilities required to navigate through these obstacles.
Here’s why it’s critical to upgrade your ERP software:
Operations
A modern ERP software platform provides key capabilities that enable digitization of critical processes within manufacturing and distribution operations. As a result, the entire organization gains agility, increases efficiency, and cuts costs.
For example, the incorporation of IoT into just about every machine, component part, and finished good inventory item enable several powerful capabilities within a modern ERP solution. One such use case is complete product traceability for recall and mock recall management. With an automated recall capability, management can track finished good items that were manufactured, sold, and delivered to customers, as well as how and when these items were receipted into stock via jobs, inventory movements, backflushing, or purchase orders.
Finance
ERP Software also enables deep visibility into finances, so that management can identify efficiencies and streamline payment processes that significantly improve the bottom line. By upgrading to the current version, manufacturers can often take advantage of newly emerging capabilities such as low code/no code tools that can enable business users to create data queries without having to involve a programmer. As a result, the finance team can become much more agile.
Additionally, ERP vendors often make improvements to performance that can significantly speed up processing time. This can be very valuable to organizations that operate in high-volume transaction environments where a few pennies saved per transaction will reap large cost savings over time.
IT
Finally, there are also technical considerations. ERP vendors improve their architecture with every release, hardening security, optimizing performance, and incorporating new capabilities. ERP platforms are integrated with many other applications, which are also constantly changing. New releases can improve the performance of these integrations and enable organizations to take advantage of additional capabilities. Plus, as cloud becomes increasingly important to manufacturers and distributors, new releases of the ERP will increase their ability to leverage it.
If you’re a SYSPRO customer, and you’re not on the latest ERP software release, contact us to find out what you may be missing and discuss upgrading today.
