Finding an opportune moment for upgrading your Enterprise Resource Planning (ERP) solution can be challenging. Your strategic business goals—often reactions to a steep inflection point in demand or sales—should, however, dictate the timing of your ERP software renewal.
Consider the long-term trajectory of your enterprise, not just immediate needs, and ask the right questions when updating enterprise IT systems, such as:
- What markets do you plan to enter?
- What pivots are on the horizon?
- How will your capital structure change?
- What acquisitions may occur?
Addressing foundation-shifting questions like these is the first in many steps to formalizing a plan to upgrade critical business systems. The checklist below could help you decide if it’s time for your organization to consider an upgrade, and if so, initial steps to take and ways to solicit a vendor.
What Are the Benefits of Replacing Your ERP Solution?
An updated ERP accounting system can be a tool for assessing key considerations about your organization and help:
- Increase security and meet compliance standards
- Avoid outdated technology that prevents ability to scale or integrate with other programs
- Bypass reporting issues to report on all processes and enable better decision-making
- Provide access to real-time financial data and insight for key performance indicators (KPIs)
- Enhance automation and workforce management
- Improve budgeting and financial planning
- Save money and resources
What Are Some Common Mistakes that Occur During ERP Implementation?
Many issues that occur during ERP implementation stem from the mistakes made when gathering requirements for system selection.
The most common include:
- Vendors or system providers being engaged too early in the selection process
- Failure to consider how both the company’s current state and future strategic goals impact the operation
- Failure to complete process flow reviews for cross functional processes
- Lack of functional-requirement diligence and risk assessment during the process of selecting a system
- Failure to determine the resources needed for implementing staff augmentation and vendor-provided resources
Checklist for Navigating Your ERP Solution Upgrade
Your ERP solution upgrade should ideally begin with making thorough considerations beforehand, getting started with the proper steps, then following through with proper vendor involvement.
Below is a sample checklist that breaks out accordingly into sections.
We’re Here to Help
If you’re considering an upgrade for your ERP solution, please contact your Moss Adams professional. You can also learn about ERP solution modernization and ERP accounting system and data consolidations.