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COVID-19 is a once in a hundred-year event, but the next social and economic upheaval may be just around the corner. Whether its weather events, natural disasters, conflict, political change, technological disruption, there will always be changes forced upon business. Some of these challenges are predictable. Many are not. Companies need to approach their business software as an insurance policy against unpredictable events.
The role of ERP software in business resilience
ERP software provides opportunities for mid-sized businesses to develop a 'single source of truth' for their business. This single source of truth allows a company to have a granular understanding of every aspect of their business, and a 360° overview. This information is essential in the good times, as it allows greater control over resources and business processes. In bad times these views become critical, as they enable businesses to focus on what's essential and quickly model alternatives. Your ERP software then becomes a crucial tool to help you rapidly implement and monitor transformative changes to your business.
Recognize challenges and opportunities faster, then pivot faster
For those businesses still trying to use Excel documents and templates to model how to respond to new business challenges and opportunities, you're taking unnecessary risks. Your competitors are using Business Intelligence (or 'BI software') to beat you to market. BI software takes the single source of truth you've created in your ERP software and delivers high-level graphical views of aspects and models for your business in a way where you can recognize trends, challenges and opportunities instantly. What's more, these graphical dashboards of your business are more reliable as they are feeding directly from the latest information in your ERP system.
Business agility is no longer a catchphrase; it is imperative. The right ERP software, implemented by a team with a deep understanding of your business and an even more in-depth understanding of your sector, is paramount if your business is to become an agile business. The right ERP solution will enable your business and your people to become more adaptive, creative, and resilient from the first day it's launched.
The right time to discuss your ERP software needs
The right time to review your ERP software needs would have been yesterday, but as none of us can truly predict the future, the next best time is today. Think of what a modest investment today will mean to you and your business's futures.