Shopping for new enterprise systems - Outsourced Finance

In today’s digital age, enterprise software has become increasingly important to the success of modern companies. From inventory management, accounting, and finance, to human resources, there are hardly any aspects of the business that have remained untouched by technology.

Enterprise systems have assisted companies all over the world to automate processes, improve efficiencies, and become more competitive and profitable. Fortunately, these great technological advancements are now not exclusively available to large multi-nationals and Fortune 500 companies. A lot of these systems have now been tuned to meet the demands of Small to Medium Enterprises. The selection and implementation of new enterprise software could be the determining factor for the success and long-term success of the company.

Here are some pointers on how your company can approach the procurement of strategic enterprise software:

 

Compatibility

Before making the capital investment on a new system for your company, make sure that you fully understand the software and its capabilities. The procurement of systems is usually driven by a business need. Making sure that the system/s identified is/can address the business need should be the first checkpoint before procurement kicks off. We have heard many cases of companies investing heavily in software only to later find out that they cannot use the system. It is also critical to determine if the systems identified are compatible with your existing as some systems are dependent on others to perform optimally. Reading case-studies and asking for proof of concept where possible is advisable.

 

Administrative Control

It is crucial to understand what level of control a new system will have on your customer and company data. To safeguard data, administrative controls need to be put in place to reduce or mitigate the risk that these new systems have to internal assets. This may include policies, procedures, techniques, or methods that can be put into place to ensure that control is never taken away from the company. The I.T department should typically be able to address these concerns. Before any decisions are made, ascertain just how much autonomy the new systems will have and who will be in control.

 

Data Security

With regulations such as POPI and GDPR, companies need to do thorough checks to ensure systems implementation does not expose the company and its clients to data attacks. It is simply not good enough to claim that you did not know, regulators require companies to do everything in their power to ensure the safety of data. When shopping for new systems, make sure that you understand where any data created will be stored, who it will be shared with, and exactly how the software company intends to keep this safe from external parties. Most software manufacturers will recommend regular updates and patches to be installed to ensure that you have the latest protection against malware and data breaches.

 

Access to Real-time Data

There is a new phenomenon where technology can empower companies to make dynamic decisions, based on the latest and most relevant data. When shopping for new systems, make sure you understand just how quickly this new system can identify trends and set up notifications that will allow you to make the best decisions given the data.

To make the best business decision when it comes to enterprise software, you need to get a comprehensive understanding of the software as well as exactly how the implementation of this software can improve your company’s performance. Do not be scared to ask questions and request more information when something is not clear.

 

 

Xavier Olivier


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