However, these SMEs often encounter issues arising from data silos or unsynced data due to the incompatibility of the different ERP systems they use across multiple geographies. To avoid such issues, smarter companies have started transitioning to a global ERP system that streamlines and standardizes their operations globally through a shared database – the winning feature of a unified cloud ERP solution.
When it comes to your business, how will you know if it’s time to adopt a global ERP system? Here are two big warning signs to keep a lookout for:
Sign #1: Your operations are experiencing delays from running multiple ERP systems.
Imagine this: your Singapore office is sending an inventory update to your global warehouse in Berlin. However, because both operations are using separate ERP systems, data needs to be downloaded from one system and manually uploaded to another; resulting in delays and possibly inaccurate data entry due to human errors.
While IT specialists can implement system integrations across these separate systems, such an approach could be more costly for your business in the long run. For example, additional costs could arise from extra headcount required and frequent software updates. With a global ERP solution, your data is automatically integrated so you’ll only need to access a single system to manage all your operations seamlessly.
Sign #2: Your business is facing compliance issues in different locations
When you have a multinational company, you often have to deal with different currencies and local tax and compliance laws, which can be quite a hassle. If you’re not careful, you could easily fall prey to compliance errors and inaccurate income tax reporting. This could put your business at legal risk.
A possible solution is to hire accountants and financial advisors in every location your business operates in, to ensure you’re always compliant. But again, this can be costly. Alternatively, you could switch to a global multi-currency ERP system that automates your accounting processes and the necessary adjustments to keep your business compliant to local and international standards. Now that you know what warning signs to look out for, it can still be understandably daunting to acquire and adopt a global ERP system. However, gain comfort and assurance from the fact that the benefits far outweigh the setbacks in the long run. For one, the impact of a robust global ERP system can streamline your business operations tremendously. Secondly, it’ll help you avoid any system incompatibility issues and data gaps. Lastly, you no longer have to worry about tax filings, regulatory requirements, and currency conversions with a global ERP system. Discover more ways you can transform your business with Deskera’s ERP system. Get in touch with our experts to schedule a free demo.