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How to manage an ERP and keep it up to date

Enterprise Resource Planning (ERP) ties together several business processes and allows the flow of information among strategies and features. These days, ERP structures offer even more support in other areas such as  commercial enterprise intelligence, income force automation, and advertising automation. Business Matters shares an interesting read about the effectiveness of keeping an ERP system up to date. Effective ERP implementation doesn’t just mean picking the right software program, but also other factors such as documentation, support, training, and vendor communication. Below are Business Matter’s suggestions on how to manage and keep your ERP up to date.

Upgrading Your System
“Software program provider’s paintings to ensure the upgrades to be had for clients on a protection plan will improve ease-of-use if you want to save you time, effort and price, as well as a ramification of latest functions and enhancements that provide actual efficiencies.”

Document business process
“After you’ve decided to pursue ERP, the most essential task is making sure that your commercial enterprise techniques are well-documented and that it’s compiled in one place.”

Data Conversion
“Information conversion is essentially guide and tedious work, and it commonly requires work from practical sources, who’re most acquainted with the character of the records. Small errors can create massive problems, once facts are migrated, so it’s fine to ensure that you have a sturdy technique to high-quality warranty.”

 

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5 telltale signs it’s time to replace your ERP system

In the last decade, the manufacturing sector has integrated an enterprise resource planning (ERP) system of some sort for smoother operations. However, with modern technology constantly evolving, sometimes the ERP system you implemented just a few years ago is now outdated. Mark Stevens writes an article on the Stamping Journal sharing five signs that your ERP system may be outdated.

  1. Lack of Real-time Data. “Your ERP system should allow access at the touch of a button and on any mobile device to these and other types of information to help you make better decisions, capture more sales, and satisfy customers.”
  2. Too Complex for Users. “Lack of employee buy-in and chronic complaints about how challenging a system is and how much time it takes to enter and extract data are telltale signs of an ineffective ERP system.”
  3. Reliance on Multiple Platforms. “If you are using nonintegrated systems or a separate customer relationship management (CRM) tool, you’re likely missing productivity and profitability opportunities.”
  4. Still Performing Manual Processes. “ERP technology is intended to automate labor-intensive processes and keep work flows running smoothly. When your ERP fails to achieve these most basic functions, it’s time to look at an upgraded system.”
  5. Lack of Support. “A lack of available support isn’t a problem just with legacy ERP systems; it’s also critical to ensure that your new ERP system has people who will be there to stand behind it.”

 

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Faber France to Modernize Management of Activities and Gain Performance

Infor announced that national leader flag manufacturer Faber France has selected a new ERP (enterprise resource planning) solution to support critical business processes. Infor CloudSuite Industrial will be deployed to meet the company’s customer-specific production requirements. Per the press release, Infor CloudSuite Industrial was  chosen by Faber France due to its scalable functionality for the automation of complex tasks, as well as its innovative configuration of products including management of quotes and orders (thanks to Infor Configure Price Quote), but also for its multi-site/multi-entity planning capabilities and advanced inventory management, up to invoicing.

 

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Harnessing ERP Software And AP Automation’s Combined Power

Many companies are turning to enterprise resource planning (ERP) tools with accounts payable (AP) automation to harness both solutions’ abilities and level up their businesses’ values, according to PYMNTS.com. By bridging AP automation to ERP capabilities, it enhances working capital management, reduces operational costs and improves productivity. Per the article, the following advantages are available:

ERP and AP Automation Uptake
“Implementing cloud-based ERP software has appealing benefits, but industry analysts find most companies lack the comprehensive AP capabilities necessary for efficient record keeping or rapid invoice and payment processing. AP automation simplifies the invoicing process to the extent that it can cut the cost of processing a single invoice.”

Benefits of Combining ERP and AP Automation Solutions
“Augmenting ERP software with robust AP automation capabilities produces a system that significantly reduces typical human errors, such as duplicate invoice payments, and often provides additional support for innovative payment methods.”

Upgrading ERP Simultaneously With AP Automation
“Embracing AP software solutions by implementing them simultaneously with ERP upgrades can streamline technical integration efforts and maximize worker productivity.”

 

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Automotive Innovator Achieves Operational Improvements with Infor ERP

Infor recently announced that Raval, an innovator in flow control solutions for the global automotive industry, has successfully deployed Infor M3 enterprise resource planning (ERP) system. Infor M3 has helped add significant improvements to Raval’s operational processes including user interface improvements, cardboard packaging management, order pickup processes and adjustments to numerous tax and regulatory requirements needed for its international operations. The implementation, which was carried out by Intentia Israel in collaboration with Raval’s information systems department, lasted several months. Infor M3 went live at all the company’s locations around the world, adhering to schedules and in a transparent manner, without interrupting the company’s day-to-day operations and giving full operational independence to Raval.

 

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7 Indicators It’s Time for a New ERP System at Your Industrial Business

Investing in an enterprise resource planning (ERP) system is the best thing you could do for your business to stay productive. However, simply implementing one and never reevaluating it from time to time could hurt your business more than helping it. That’s because with ever growing advancements in business technology, sometimes older systems get outdated. Hugo Britt at thomasnet.com shares seven ways to tell that your ERP system is outdated.

  1. It Isn’t Cloud-based
  2. It Isn’t Mobile
  3. It Lacks Features That Are Now Industry Standard
  4. Vendor Support Has Been Discontinued
  5. It Can’t Integrate New Technologies
  6. It’s Creating Manual Work
  7. It Can’t Keep up with Regulatory Changes

An outdated ERP will incur plenty of loss for a company over time. Consider reevaluating your current system and determine if you need to update to a newer, better-integrated system.

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Changing to a new ERP and using Punch Out?

Many ERP systems allow for a much longer location ID than Lawson does.

Many Punch Out vendors have limitations on the size of the location ID.  Make sure to validate with any Punch Out vendors you may have before you come up with a new location naming convention. Otherwise you may have to revisit this item later.

Prevent wasted data when using ERP technology

Karlee Renkoski shares an article on bakingbusiness.com regarding the way we use data from our enterprise resource planning (ERP) technology. While ERP systems can gather an abundance of customer data, a good amount of companies have underutilized the effectiveness of of the data gathered, according to a 2016 study. The wasted information can be from a number of reasons such as not knowing they had access to such data, or selecting an ERP system and/or vendor (who assisted with implementation) with little or no knowledge of the chosen system. The way to fix this problem comes down to paying more attention in the ERP selection process, implementation and training. Lastly, understanding and analyzing the given data in the best way to help your business grow.

 

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Piriou Expects to Double Revenues Following Digital Overhaul

Infor recently announced that French shipbuilder Piriou has chosen Infor LN software to assist in transforming its global production, repair, and maintenance operations. The french company builds mid-sized boats for private and public use military and commercial fishing. They have decided to implement a modern enterprise resource planning (ERP) software system in a quest to double its revenues over the next five years. Their previous ERP system limited the company from keeping up with growing production numbers and expansion into shipyards in Africa and Vietnam. By choosing Infor LN, Piriou can better maintain their growing company and will plan a steady roll-out over the coming years, wishing to avoid a “big-bang” deployment approach. Using Infor LN, Piriou expects to increase its production volume by better optimizing its production and giving users direct visibility to component parts ordering.

 

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How AI in ERP will create the finance team of the future

Having the right enterprise resource planning (ERP) technology has heavy influence on a finance team’s ability to focus on the strategic instead of the tactical aspects of a firm. Accounting and financial activities are critical to determine business growth. Unfortunately, as digital innovations are progressing in most departments, finance doesn’t have the first priority with new changes. With the move to the cloud, ERP systems found new ways to embed artificial intelligence (AI) for better productivity. This partnership opens the doors for better financial set up as well. Bill Wardwell shared an article on Accounting Today on how AI integrated ERP systems will benefit finance teams greatly in the coming years.

Automate manual tasks
“Machine learning-driven automation results in cost reduction, increased staff productivity and overall operational efficiency gains. Because they’re spending less time re-keying information or pushing paper around the organization, team members will have more time to spend collaborating with one another, solving problems they were previously too busy for, and further optimizing the finance function.”

Deliver richer, more actionable insights
“Machine learning makes it possible to analyze massive amounts of clean data and detect patterns and other relationships to make predictions — even from potentially disparate sources — with incredible speed and accuracy. Machine learning embedded in the ERP system can examine historical data from multiple internal finance functions and external sources such as bank accounts to help an organization more accurately predict cash flow.”

Improve the experience for end users and external business partners
Natural language processing, which powers digital assistants like Siri and Alexa, is another technology that can make ERP system interactions more human and intuitive. Natural language processing can help users more easily search and interact with massive amounts of data that may be stored across applications or other silos, with a simple voice-based search. This technology could also be applied to analyze conversations between trading partners and work in conjunction with AI to suggest the next steps after a conversation has concluded.


While we are at a rich time in technologial advancement, AI and machine learning is still in their early stages when it comes to impacting financial and business management tools, including ERP. Wardwell concludes that it is no question that there is no question these technologies will ultimately transform work for the masses the same way they have transformed our consumer lives.

 

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