IT modernization doesn’t have to mean replacing all of your technology. Modernizing core applications such as ERP can lead to significant business benefits. All sizes and types of organizations are hitting their growth and efficiency goals by leveraging business platforms with enhanced ERP capabilities.
ERP has evolved from a basic application to an enhanced system that can bring breakthrough IT modernization for improved growth and efficiency. Here’s what’s behind that evolution:
- SaaS for finance is growing in popularity.
Software-as-a-Service (SaaS) cloud applications are becoming the default option for most CFOs because of cost savings, ease of scalability and maintenance, better security and access to technologies that augment capabilities such as advanced analytics.
- ERP mobility is on the rise.
People can securely access key metrics or complete tasks from a phone or tablet from any location while staying within standards and practices that ensure data and process quality, a foundational capability for agility.
- Workflow automation is gaining traction.
Companies are using the automation capabilities of modern ERP applications to drastically reduce the time and human effort required for repeatable tasks and projects.
- The monthly close process is becoming easier and less costly.
One popular area to apply automation is the monthly close. Tools that automate reconciliations and close daily are becoming more affordable for small and midsize businesses.
- Modern ERP systems have improved analytics and AI capabilities.
ERPs equipped with artificial intelligence (AI) have enhanced capabilities that can drive strategic decision-making. For example, machine learning can take historical sales data and forecast demand to optimize the procurement process.
These three companies have leveraged modern ERP systems stay aligned with strategic growth goals:
A restaurant group that manages 10 sites in the Boston area, needed a modern financials platform to manage growth. The company had relied on QuickBooks to operate five locations, but this was no longer practical for a growing enterprise.
RSM helped Tavern in the Square clean up its QuickBooks database and moved the business over to a Sage Intacct cloud accounting platform along with Bill.com for automated billing and invoicing. The switch consolidated disparate systems into one common platform.
Tavern in the Square now has ongoing technical support, which helps company leaders focus on potential opportunities instead of crunching numbers, and a scalable ERP that can grow with the business.
A holding company operating multiple subsidiaries, including DeForest Enterprises, Innoleo and Halbouty Energy.
Company leaders were concerned about how its ERP systems were performing at the subsidiaries. DeForest used a 30-year-old ERP platform, and Paro needed to transition Innoleo, a chemical services provider, from its QuickBooks system to an ERP platform with more visibility and functionality. Paro also wanted to ensure that a new ERP system would be able to seamlessly expand to Halbouty Energy and any other new additions to the company’s portfolio.
RSM helped Paro Services deploy NetSuite cloud ERP across its businesses to gain the transparency and flexibility it needed to continue growing.
RSM’s NetSuite implementation has given the subsidiaries a comprehensive ERP platform that can scale with new demands and future growth. NetSuite allows the three distinct companies to operate on one system, while managing their specific processes and needs and providing interaction between subsidiaries where necessary.
A holding company that manufactures and markets healthy snack foods. BFY acquired Medora Snacks and Ideal Snacks in 2015.
Each of BFY’s businesses operated under separate ERP systems, with Medora using QuickBooks and Ideal using Sage MAS 90. The company would need to consolidate on a single unified goal to achieve a product line expansion that was integral to growth, and also had requirements for cost control and rapid time-to-value for the implementation.
BFY engaged RSM for the ERP-selection process based on demonstrated experience in the retail and food and beverage industries. As an outcome of the process, BFY chose Microsoft Dynamics 365 as its new ERP solution and single retail platform.
Now BFY’s business units are united under one system, which has improved efficiency and visibility, and provides better insights for planning scalable growth. The implementation established industry-specific best practices across the business, and the new system configuration uses data from more than 700 pre-existing processes and transactions.
To explore these company stories more and learn deeper details, download our eBook about ERP modernization.