For any organization, there are key components of a modern ERP that should address the top concerns most companies have when considering a move to the cloud.
It’s normal to fell hesitant about moving on-premises ERP to the Cloud. After all, it took years and extensive resources to deploy current system.
There are seven components that fall into two categories, seven components define the standards of a modern ERP
I) Platform parameters.
II) Business application design.
c. Insight-Driven analysis
d. Digital Capabilities
In today’s world business data is means business. It needs to be in a physically isolated environment to mitigate risk, but also want cloud advantages including hardware resource pooling and rapid elasticity to support rapid growth.
ERP cloud solutions must seamlessly connect business, people and processes. Existing solution must also connect to other clouds, to on- premise ERP systems, and to third-party solutions. Consider whether a solution uses a common framework based on industry standards to ensure compatibility and scalability.
With existing ERP, non-standard or customer specific business practices resulted in customizations increasing downstream maintenance and upgrade challenges.
Cloud-based solutions built on a standards-based platform offer personalization and configuration within the application resulting in “upgrade safe” enhancements.
If on-premises customizations fall into areas such as workflows, integrations and reporting, there is a good chance requirements will be addressed by cloud-based solutions.
Built-in best practices permit standardization, which lowers costs and increases productivity. Even if business cloud transition is incremental, access to a complete suite of integrated best practice business processes delivers enterprise standardization.
Entering emerging markets and new geographies creates complexity by requiring any ERP cloud solution to support multiple subsidiaries and country localizations. Often, local data centers must comply with data residency requirements. The right cloud ERP must enable sharing of enterprise information seamlessly across operations, business units and headquarters.
ERP cloud solutions must have secure, real-time data access at its financials core to provide a single source of truth across roles, reports and analysis. This ensures timely delivery of accurate KPIs to front-line managers, and dramatically simplifies a process once dependent on a period close or a separate data warehouse extract.
For the modern back office, digital technologies must be integrated into business processes and transactions to create a seamless, productive and intuitive experience. The user experience needs to be engaging and include mobile accessibility for on-the-go employees, native social integration for secure in-context collaboration.