In order to compete in a global and growing marketplace, industrial equipment manufacturers (IEMs) must be responsive to change and have the ability to identify new opportunities. Disconnected, legacy systems that once supported traditional business operations could be holding you back from expanding product lines or entering new markets. Replace outdated technology with a cloud-based enterprise resource planning (ERP) solution and tackle your expansion with confidence.
Legacy systems supported business operations years ago, but a lot has changed over time. The marketplace is different and you are competing against more offshore companies than ever before. Customer needs and demands have also changed along with profitable product lines and services. Software systems and processes that once supported larger volume orders are no longer efficient and don’t address the different needs for smaller, niche orders.
As discussed in “Future of Manufacturing: How Industrial Equipment Manufacturers Build Competitive Edge through Cloud ERP,” these legacy systems are holding you back from expanding operations and entering new markets. It’s time to innovate and adapt by replacing the outdated software with more modern management solutions. One of these cloud ERP benefits is how it can help IEMs confidently expand their lines of business.
Replace Legacy Software With Agile, Innovative Cloud ERP
One of the cloud ERP benefits is that it offers a more efficient way to manage key business data across your enterprise. Flexible and scalable, cloud ERP is able to capture financial, operational, and customer data from production lines, multiple warehouse locations, and through new distribution channels. Modern ERP can also easily handle multiple currencies, tax laws, and regulatory requirements that will certainly come into play when working with customers in new regions. Automating currency conversions saves valuable time in the finance department and makes it easier for business leaders to monitor costs, revenues, and commissions in these new regions.
Dashboards and other business intelligence features built into cloud ERP arm managers with real-time data. Leaders can monitor KPIs from inventory activities, trending products, and customer preferences or buying behaviors. They can then make data-driven decisions based on reliable data to determine which product lines to change or expand and which markets or customers to pursue. After making these big changes, they can then actively monitor the performance of new ventures to ensure continued success.
Expanding lines of business requires innovative and agile management solutions that provide quick access to reliable data. Don’t put your business at risk by using outdated data from outdated software. Download the eBook and contact Sikich for more information about using cloud ERP to expand your lines of business, backed with the technology that will support growth for years to come.