Blog A comprehensive 2021 guide to modern cloud-based ERP systems for your business

A comprehensive 2021 guide to modern cloud-based ERP systems for your business

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ERP systems generally strive to improve your organizational efficiency by absorbing as much of your business processes into one tool. This type of software has traditionally had its roots in large scale enterprise that could afford and properly benefit from it, however, with advances in the general tool landscape, many online SaaS solutions are now providing broader coverage of business processes rather than being purely vertically focused solutions.

Vault, our cloud based ERP system, is a good example of this. Whereas solutions like Jira focus primarily on the product development workflow, we include more advanced PM level features such as budgeting, time cards, resource allocation and corporate asset tracking which, when all used together, provide ingrained insight in a way that platforms like Jira never can.

Case in point, ERP software is an important part of today's business world. Want to maintain your competitive advantage? You need to think about standardizing, streamlining, and integrating business processes as well as data across departments such as finance, operations, marketing, human resources, procurement, etc. 

Technology has changed the way data is available, meaning organizations now have the power to be data-driven organizations. Nowadays, organizations have a chance to modernize and gain modern ERPs benefits faster.

 

Why should you modernize your ERP now?

The golden question is what do you get from modernizing your ERP system today and why is it worth including into your growth plans for your organization? Take a look at these three aspects and see if your business is impacted and needs improvement:

Operational efficiency

Are your operational goals being met by your current ERP? Assess whether your operations for having legacy systems, siloed applications, manual business processes, and other areas have room for improvement to meet your operational goals.

Consider documenting your business processes so you can evaluate where the inefficiencies are. As an example, your team should not be doing error-prone data entry as a band aid to segregated systems not talking. The business process designer and automator within Vault ERP is an excellent resource to evaluate this.

Read more about the benefits of automation in our blog.

Digital transformation

Your customers are used to digital means of collaboration and getting services on demand. From viewing live updates of their food shop online to getting real-time information updates and insights, your customers also expect the same efficiency in the delivery of their products and services.

Your ERP system should reflect the same digital pace with a single source of truth spanning operations, real-time analytics, mobile apps, status on KPIs, and dashboards.

Has 'going digital' become a necessity? Learn more.

Growth and expansion

Growth leads to business expansion which increases regulatory compliance and extends operations. If your company is about to be acquired or is diversifying, then there may be ample cause to consider investment into your operational backbone.

Whatever the driving force is for your modernization strategy, you need to identify areas where your ERP isn’t supporting your organizational goals and start your foray into ERP modernization.

Read on: Why you should use ERP if you want to grow.

 

What are the characteristics of modern ERP?

There are a few critical components of a modern ERP that all organizations need to consider before making the move. A modern ERP should support agility and growth with a cloud-based platform and business application functionality.

Security

Your business data is valuable which is why you need reliable and sufficient security. A multi-layer approach for securing your data is critical. Secure data in the cloud with optimal architecture practices reduces the risk.

Integration

ERPs should provide organizations with an enterprise-wide view. The capability is enabled by having data centralized as a single source of truth. Your ERP solution should connect to other organizations' systems and be compatible and scalable as per industry standards.

Personalization and customization

Cloud-based ERPs offer pay as you use flexibility, lower maintenance costs, and cheaper plans due to economies of scale. Modern ERPs also offer faster customization and integration.

Globalization

Expansion into new markets requires your ERP to support localization initiatives and regulatory compliance. Your modern ERP should be able to share data across the enterprise offices and operations seamlessly.

Data insights

Cloud ERP solutions must provide real-time data insights and reports so that accurate and informed decisions can be made faster. KPI dashboards help management stay on top of issues that matter and allow them to take timely actions.

Enhancing digital capabilities

Modern ERPs must use digital technologies which integrate into business processes to create a unified and intuitive experience. Mobile apps and mobility solutions enable employees to improve productivity while on the move.

Automating business processes delivers better productivity and efficiency. Modern ERPs provide customizable workflows with real-time notifications and checklists.

 

Vault – Your modern ERP

Whether you're managing your organization's finances, sales, HR, projects, or operations, a modern ERP like Vault can digitally transform your organization.

Features like a multi-company setup help in your diversification or acquisition strategy.

Flexible options of choosing an independent module or a group of modules with convenient payment options is a boost for businesses today.

 

Discover Vault. A modern ERP for a digital enterprise that will help you get ahead of your competition.

Schedule a free demo today.

 

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