Technological advances have dismantled geographical barriers for business, opening up the entire world not just for multinational corporations but also for small businesses. Small businesses are discovering the unlimited opportunities that playing in a global marketplace brings. However, they are also faced with the challenges that come from operating in multiple geographies, such as fulfilling environmental regulations, obeying tax policies, dealing with local currencies, and so on in various countries. On-premises, entry-level software systems that require manual processes adversely affect the profitability and productivity of small businesses.
Traditionally, ERP implementations have been occasional, ‘Big Bang’ events where major changes are made to the systems. Typically, these involve painful disruptions in operations, which take months (if not years) to bounce back to normal. This, in turn, holds the company back from progressing at its normal velocity as it tries to find its feet back after the disruption.
Today is the age of Agile. Success-focused software engineering companies realized some years ago that it is far better to introduce new products and upgrades continuously, in bite-sized increments, rather than big chunks of new technology at one time.
According to a report, top financial management personnel face the following five challenges this year:
With worldwide market liberalization and deregulation, combined with the latest advances in information technology, there has been an unprecedented surge in the number of multinational corporations around the world. Research from McKinsey Global Institute predicts that about 400 midsize emerging-market cities scattered around the world will generate virtually 40% of global business over the next decade and a half.
While considering a new ERP system to invest in for your business, one of the main decisions to take is whether to go for a cloud-based ERP system or an on-premises one.
As the name suggests, an on-premises ERP system is one that is installed locally on your servers and has to be managed by your internal IT staff. In contrast, cloud-based ERP (or Software-as-a-service, aka SaaS) is offered as a service by an external vendor. This software and its related data are managed by the vendor who provides this service and users access it via web-based browsers.