Welcome to the new year! With the new year comes new opportunities and what better place to start than with your ERP system. Here is our Top 10 List of ways to improve your ERP in 2023 if you haven’t already done so.
- Upgrade – Each year software publishers release multiple updates. These can range from security patches and bug fixes to full on version releases with new feature added. In Microsoft Dynamics 365 Business Central, the fall 2022 release contained over 80 new features alone. Each year you are investing in your ERP by paying your annual license fee so you may as well get a return on that investment. Plus, falling behind on your upgrades only makes it more time consuming and expensive when you do decide to take the plunge.
- Automation – Software publishers are adding new ways to automate many of your manual tasks with each new version (another reason you should upgrade.) Automating these processes, like AP approval workflows, can help you get tasks done more quickly and more accurately resulting in better business decisions.
- Electronic Payments – If you are one of the many businesses still printing and mailing checks, consider implementing electronic payments. Electronic payments have been around for a some time now and are more secure than the traditional approach of printing checks. Electronic payments also help improve your efficiency by having no more misplaced invoices and a more complete audit trail, plus you can gain better visibility into your payables.
- Document Management – Accounting departments are being overrun with paper. A solution to help alleviate the headache is document management. Document management allows you to scan invoices or even have them emailed to an accounts payable email address; those invoices are then automatically entered and coded into your ERP system. Using built-in workflows, invoices can be approved and submitted for payment. These tools can often be expanded to other areas of the organization like human resources and engineering.
- Expense Management – Make the lives of your employees, approvers, and accounting team easier by implementing an expense management software. Using this software for expense reporting, you can automate tasks, reduce errors and fraudulent expenses, and accelerate the reimbursement process. You can also eliminate paper and lost receipts.
- Integrations – If you are currently using a business automation tool or other line of business application, you need to be sure they are integrated into your ERP. Many third party tools have APIs that expose data so it can be easily accessed. Integrations help reduce duplicate data entry and reduce keying errors while streamlining reporting. Whether that data is coming from other systems or spreadsheets there are tools available to import data into your ERP.
- Reporting and Key Performance Indicators – We recently published a blog on this, you can read it here, https://erpsoftwareblog.com/2022/11/your-data-journey/. Businesses data needs are constantly evolving, are your reporting tools keeping up? Historical reporting does a great job at showing what has happened but to make better business decisions, you need to turn to real-time reporting. By implementing dashboards and key performance indicators, your executives will be able to see what’s important to them and make key decisions in a timelier manner.
- Move to Cloud – The momentum of companies moving thier ERP off-premise has not waned and only grown stronger. With added security, reduced cost and more reliable internet, companies are transforming the way they work. There are many options available for businesses, such as private and public cloud, software as a service (SaaS) or even a hybrid approach. Your cloud strategy does not stop at just your ERP, applications like Microsoft Exchange can be moved to Microsoft 365, local file storage can be moved to Microsoft Teams or SharePoint. From here, you can begin planning your business move to Azure.
- Support Plan – Control your costs and empower your employees by looking at a support plan. Many partner offer plans either as a block of hours or unlimited support. This way if something goes wrong, the end user can reach out directly to start remediating the issue to maximize their productivity and efficiency.
- Enhanced Org Security – Now that your system is upgraded, optimized and supported, do not forget about security. It does not take much searching to find horror stories of data breaches and the impacts they have on those affected. Steps you can take to protect yourself include using stronger passwords, implementing a password management system and begin using multi-factor authentication.
All this can be a lot to take on in a single year. The team at DSWi is here to help you prioritize your list, evaluate solutions and implement the options chosen. We have helped over 100 clients from coast-to-coast grow, cut costs and become more profitable since we started in 2006. Yesterday, today and always, our business has one goal: Helping your business grow.