Next-Generation ERP: Embracing the Future of Business Operations
Having the right tools at your disposal is paramount to success. Today, when you look at the heart of any thriving enterprise, you’ll often find an advanced ERP (Enterprise Resource Planning) system pumping life into its various processes. So, why should you, an ambitious business leader, concern yourself with “Next Generation ERP”? Let’s dive into the transformational journey of ERP systems and, most importantly, why you should be on board with this new wave.
A Glimpse into the Past: ERP’s Humble Beginnings
Let’s turn back the clock to the 1990s. MRP applications, primarily focused on materials and resources, started branching out. They began assimilating financial and accounting components, rechristening themselves as ERP systems. The rise of ERP was meteoric. As the ominous Y2K loomed, businesses scrambled to ensure their systems were up to date, and ERP systems became central to their strategic planning. Fast forward to today, and ERP systems have evolved exponentially. But what exactly has changed, and why should you care?
Unpacking the Present: The Age of Next Gen ERP
Here’s where things get exciting. Enter Next Gen ERP, the future of business operations. While some industry giants like Gartner label these as fourth-era ERP and others like Forrester call them Digital Operations Platforms, the core idea remains consistent: these systems transcend traditional boundaries. They aren’t just inward-looking but expand their capabilities outward, integrating customers, suppliers, partners, stakeholders, and competitors.
So, what qualifies an ERP system to be termed “Next Gen? Let’s uncover the five foundational pillars:
- Business Intelligence: This is no longer a luxury but a necessity. A robust Next Gen ERP system empowers businesses with tools that drive a data-centric approach, ensuring every department and location is seamlessly interlinked.
- Enhanced Workflows: Think smarter, not harder. Through intelligent workflows and automated processes, manual interventions have become a thing of the past, ensuring efficient task execution.
- Flexible Commerce: The modern consumer demands flexibility. Cater to their needs with myriad transaction options, including eCommerce, EDI, subscriptions, and dedicated portals for customers and vendors.
- Platform Ecosystem & Globalization: Competing globally requires a system understanding of diverse market nuances. Whether multiple languages or adaptable deployment methods, a Next Gen ERP is your passport to the world.
- Global/Scalable Financial Functionality: Expansion should not be cumbersome. Systems that support multiple currencies, companies, and advanced reporting are pivotal for businesses aiming for global dominance.
So, Why Make the Shift to Next Gen?
You might wonder, “My current ERP system seems to do the job; why change?” Here’s some food for thought: a staggering 65% of businesses are predicted to adopt Next Gen ERPs by 2023, according to Gartner. Do you want to be ahead of the curve or lag behind your competition?
Traditional ERPs, while revolutionary in their time, now present many challenges. They aren’t agile, lack the necessary intelligence, and often require manual intervention, hindering optimal decision-making. On the other hand, Next Gen ERP systems are not just an upgrade; they are a revolution. With modern technology at their core, they simplify processes, scale operations without bloating administrative teams, and provide pivotal insights for strategic decisions. Moreover, they foster and elevate relationships with customers and partners, fueling global operations and sustainable growth.
The business world is rapidly evolving, and to navigate this dynamic landscape, having a Next Gen ERP is not just beneficial. It’s essential. As you contemplate this monumental shift, remember that expertise is at your fingertips. With a rich legacy in ERP consulting, ERP administration, and ERP support, BACS Consulting Group is your trusted partner in this transformative journey. Stay tuned as we further unravel the marvels of Next Gen Business Management Software in our upcoming series.