Choosing the right software for your business can seem like an intolerable task when business technology plays such a significant role in day-to-day operations. In the same way that your business needs and goals are continually evolving, technology solutions are always changing, too.
But not every company evolves on the same path nor at equal paces. On top of that, different industries have distinct goals they need their solutions to serve. Some brands opt for off-the-shelf tech, whereas others prefer to use tools tailored to their specific industry demands to get ahead.
It’s hardly conceivable that a growing business could get by without any software solutions today. For companies looking at accounting and Enterprise Resource Planning solutions, this is especially true. Software companies worldwide are happy to create more solutions to meet the needs of the market.
So you have to ask yourself the following questions:
With so many options available, all seeking to simplify your business processes, which solutions actually do?
Is there an advantage to using an industry-specific ERP over a generic one?
Would an industry-specific solution better meet the needs of your business requirements?
The answer depends on your business, of course, but invariably an industry-specific solution offers the most support for many companies. In a consumer-driven marketplace and facing increasingly fierce competition, growing customer demands force companies to find every advantage to get an edge.
Both industry-specific and off-the-shelf ERP systems provide solutions to business problems. A significant factor for most companies when implementing a new ERP software is streamlining operations while increasing sales volume and reducing expenses.
To compete in a fast-changing market, companies need a flexible and agile business model focused on increasing efficiency, lowering operating costs, and streamlining specific supply chains.
Take a moment to drill down further and determine if selecting a flexible industry-specific cloud ERP system can offer more robust features and benefits that cater to you better.
For example, most manufacturers prioritize reducing risk while maintaining consistent and reliable quality their customers demand. Chemical companies and pharmaceutical companies need to keep government regulations and compliance top of mind.
At the same time, non-profit organizations are always looking for ways to further their mission while raising money and reducing expenses. A construction company that manages materials, finances, and labor costs needs to estimate accurately and finish the job on time.
Having a clear understanding of your company’s operational processes and goals will help you to decide which ERP features are necessary and which aren’t.
Off-the-shelf accounting and ERP systems may present as a more appealing option for some companies upgrading from an outdated legacy ERP solutions simply because it seems to enable the quick addition of features and functionalities that an existing system doesn’t provide.
It’s important to understand that out of the box ERPs are not turnkey solutions. Even for smaller operations, a generic ERP system still requires some level of customization and data migration to go live.
Since these solutions tend to remain industry-agnostic, they offer only the most common features and functionalities such as sales and order processing and lack other competitive considerations, such as inventory and manufacturing.
As a result, some software vendors sell expensive customizations to bridge the gap in these shortcomings. While the end-users perhaps get necessary efficiencies, they are time-consuming and resource-intensive, adding complexities businesses hoped to avoid by opting for the generic version.
Often including unusable features for some companies, these unnecessary components can complicate implementation and become needlessly complex for end-users.
Industry-specific ERP and accounting systems are designed with the unique needs of a specific business vertical in mind. Because different verticals’ requirements vary considerably, having industry-specific features in an organization’s ERP delivers competivie advantages in speed, efficiency, and relevancy.
These systems typically run leaner and more efficient because they don’t include all the features and functions you don’t need and usually result in a more effective implementation and faster path to realizing your ROI.
Smart businesses understand the uniqueness of their requirements and when one-size-fits all systems won’t work. As the marketplace becomes increasingly niched, so do business solutions in the form of industry-specific ERPs.
For many industries, Sage offers powerful functionality and business experience with a deep understanding of specific verticals’ needs.
<a href=”http://e2btek.com/erp/contact-us/?SourceID=SageIntacctBlog”>Contact us</a> at e2b to learn more about Sage Intacct. There’s a Reason Sage Intacct is the AICPA’s Preferred Provider of Financial Applications.