Gone are the days when the size of a business determined its success. Just as oceans and seas form the coastlines of the world, industry change forms business viability. The longer a company can survive and stay profitable, the better its viability. So, why is it important for companies to regularly evaluate their enterprise systems?
It’s all about the data.
Real-time Data Access and Analysis
The hunt for the next competitive advantage is getting bigger by the fiscal quarter. Companies are going to great lengths to one-up their competitors by acquiring, structuring and even buying large amounts of data. Though it’s not just about how or where you collect it, it’s about how quickly you collect it and what you do with it once it’s been gathered. A company’s ability to access real-time information over the more manually intensive methods puts it in a better position to manufacture competitive products and stay relevant.
When you think of real-time access to data, it’s easy to think of the Cloud. Cloud technologies have progressed over the years, dramatically changing how we search for, collect and analyze our data. Advancements in encryption technology have also made cloud-stored data generally safer than locally-stored data, with proper monitoring and protection measures in place. Further, machine and data-enabled learning tools can collect even more cloud datasets by using advanced algorithms to quickly turn found data into valuable insights.
Using Data to Keep Up with Disruptive Change
The role of business data has evolved, but so has the role of enterprise resource planning (ERP). As much as investors rely on sets of data to make informed investment decisions, manufacturers also rely on data to drive their product development, identify industry trends and enhance their operational efficiency. In addition to providing basic platform functions, such as data entry and reporting, the ERP system should also support the direction of the company by responding quickly to change.
With the pace at which the world is progressing, speed is now one of the most important business elements. It’s the job of the ERP solution to be agile enough to align with the business, to enable new technologies and improve the company’s chances of success. In order to stay competitive, an adaptive ERP must:
- Simplify the adoption of advanced technologies
- Enable the company to deploy rapidly and allow for faster upgrades
- Have real-time data visibility to enhance operational efficiency
- Enable companies to quickly adopt and implement industry best practices
- Allow for scaling and future growth of the business
Finding Competitive Advantage with ERP Flexibility
In a recent article written for ERP News, Brent Dawkins, QAD’s Director of Product Marketing, highlights five reasons manufacturing businesses need an adaptive ERP solution, as well as ways in which a manufacturer might improve their overall business performance.
“Companies that use monolithic and rigid software, especially when it is used by the entire company, can struggle to react quickly enough [to business disruption]. With so much rapid change already happening today, enterprise software, like Enterprise Resource Planning (ERP), Demand and Supply Chain Planning (DSCP), Customer Relationship Management (CRM) and Quality Management Systems (QMS) must be agile and pass that agility on to the companies that employ it.” – Brent Dawkins, Director of Product Marketing
To learn more about the important areas to consider when comparing ERP solutions, read the full story in ERP News.