Agile Dynamics Solutions blog posts about evaluate cloud erp in Malaysia and Singapore

Posts

From reactive to proactive: what this mindset means for your accounting and operations.

As your company grows, basic accounting software can start to hamper your productivity—those familiar tools ultimately limit your ability to realize your potential. Ignoring change is a natural reaction. Change is uncomfortable and foreign.

Those oddities make us nervous, so we step back, pretend like nothing is happening, and react as needed. But, when we shift mindsets from reactive to proactive, we can capitalize on those changes and address growing needs in a way that creates a competitive advantage and builds toward future success.

So, in the article we will look how you can evaluate a new ERP system for your Malaysia or Singapore based company. Although, this article was written in mind of small and medium size businesses, even large enterprises can benefit going through this article and exercises within it.

Download our Excel spreadsheet with the forms that are included within this guide.

Preparing for Growth

From day one, your small business is constantly learning. Whether it is how to better compete in your market, what new tools and services can help support your organization, or which local utility providers will offer the best deal, every new challenge presents an opportunity to adapt your business model and better position yourself for the future.

But that does not mean learning is easy. Quite the opposite in fact—change and adaptation are uncomfortable necessities, but it is this growth that helps accommodate who you hope to be in the future.

As your business grows, you take on responsibilities and expectations that your previous operations simply were not designed to handle. At some point, the patterns, and resources you’ve always relied on just don’t quite work like they used to.

When that time comes, they are typically three ways to manage that growth:

  1. Ride it out: Some organizations hope to ride out those existing challenges with their current solution. If you identify with this, you may feel aimless, frustrated, or overwhelmed by this swell of new growth and hope that things will stabilize and resolve themselves.
  2. Hire more people: While this approach is great for easing the initial strain of growth, hiring new people means providing for those individuals as well—benefits, salaries, even workspace and may not be an efficient or cost-effective solution.
  3. Buy more tools: Here you may put together a mix and match set of services to keep your operation running. While each individual piece may work well independently, these solutions may struggle to work well together and require additional resources to manage, from backups, storage, data aggregation, management, and maintenance to training people to use those tools.

But what if there was a fourth option? What if you could take a step back and assess what you need from a holistic viewpoint?

  • Rethink your processes: Of these four options, rethinking your processes requires the most self-awareness. This means taking a step back and honestly assessing how your tools and operations work together.
    Do they help you grow or are they struggling to keep up? By replacing your basic accounting solution with cloud-based business management tools, your organization can adopt a comprehensive solution that adapts with you.

There is a powerful opportunity in learning how to move beyond your comfort limits and manage growth with confidence. That process works in four stages.

Download Now Ebook: Growing Without Pain How Modern ERP Helps CFOs Manage Growth Challenges

Our goal today is to help you walk through these four stages and find the right accounting solution for your unique circumstances. Let us get started:

Step #1: Identify What is Your Needs

Finding your ideal accounting and financial management solution starts with you.

What is important to you?

What do you expect out of your accounting and financial software? By identifying what you want and, perhaps more importantly, what you need, you can better pinpoint a solution that meets your long-term goals.

What do you need from your ideal accounting solution?

Check the appropriate box. On a daily basis, I need my accounting software to:

Now, list some of the goals you have for your business moving forward.

Do you want to open an online store? Perhaps you are considering going public, acquiring a competitor, or just want to simplify your IT responsibilities. What do you hope to accomplish as an organization over the next five years?

After that, consider how your ideal accounting financial management solution would help you achieve those ambitions. For example, if you are aiming to land a new round of funding in the next few years, then your ideal solution might consolidate your financial data, and use that information to create accessible reports that show your previous success and future growth trends:

Fill in your own goals on the list to the right. We have added a few ideas to get you started:

Many small business leaders struggle with their own limitations.

Part of sustaining growth is being honest about what tasks you can handle, and which you would be better served passing off to someone else. Sometimes this can mean hiring an expert or a contractor, but it also means finding tools that can automate many of your daily tasks.

Now that we know what you want, let us look at how you can get there.

Learn some of the ways that digital transformation is changing the growth paradigm and Forward-thinking CFOs, however, use growth as an opportunity to re-evaluate their company’s approach to ERP. Download the Ebook Now

Step #2: Discover the tools to help you get there

When it comes to accounting solutions, the entrepreneurial encyclopedia Founder’s Guide breaks your options down into three main categories:

  1. Database accounting software
  2. Installed accounting software
  3. Cloud accounting software

A database accounting software solutions, like Oracle and Microsoft Dynamics 365 for Operations, Enterprise edition, have historically been the go-to accounting solutions for multi-million dollar corporations.

These immense systems are designed for banks and top-end enterprises with extremely complex accounting needs and require a significant financial investment to set up, manage, and maintain. Accounting software like QuickBooks works nicely for small businesses with simple accounting needs. It’s easy to use, but difficult to customize, distribute, and integrate.

Finally, cloud accounting and financial management software connects your financial needs to an online service provider and makes your data accessible to your team from nearly any location or device. Cloud accounting tools are certainly a change, but they can also open up a new world of efficiency, productivity, and security.

According to Deloitte research, SMBs that use an above average number of cloud services grow 26% faster, and are 21% more profitable (on average) than those that use no cloud tools.

When choosing your ideal accounting solution, this stage all about meeting those needs and goals that we discussed earlier. If we look solely as the size of your organization, there is a good chance that cloud accounting software is the most suitable solution for your needs.

With the rise of cloud computing and software as a service (SaaS) solutions, organizations of all sizes can benefit from mobile, secure, and scalable technology without making huge investments in on-premise servers.

Cloud tools equip small businesses with enterprise-grade resources to lighten the load of managed IT and simplify their day-to-day operations. Yet, many companies hesitate to transition from their own on-premise servers and solutions.

To help ease those potential concerns, here are then reasons to consider the cloud ERP system:

1. Keep your data safe

With cloud services, you get more than just storage; you get security. Not only do cloud solutions feature built-in redundancy to make sure your data’s backups have backups, you also leverage your cloud partner’s security investment—millions of dollars that someone else has paid to ensure your data stays safe

2. Connect your people, processes, and data

Get ahead of the competition with united, adaptable, and stable solutions that work together to connect your teams and streamline your operations.

3. Gain a complete picture of your business

By integrating your accounting data into a cloud solution, you can get real-time analytics and reporting to create an accurate and up-to-date picture of your organization’s habits and trends.

4. Improve cash flow

Cloud services typically operate on a monthly, per user license, so costs are predictable, and limited to your needs. Pay for what you need, and adapt as your business grows.

SaaS ERP system adoption statistics. According to TechAisle, 86% of small and mid-size businesses in the US have made a SaaS adoption.

5. Eliminate hardware

Migrating to the cloud presents the chance to unload on-site servers, free up hard drive space, and eliminate the need to monitor and maintain those tools. That means fewer IT expenses, less administrative oversight, and more space to grow.

6. Reduce IT concerns

By removing your server responsibilities, your IT team can focus on more value-added tasks like onboarding new employees and expanding your services.

7. Simplify mobility

Cloud access controls mean your team can securely work from home or in the field with the full capabilities of an on-site employee. With the cloud you can manage quotes, orders, and projects from nearly anywhere.

smb said technology is critical to ther company's future

8. Get started fast

Because cloud solutions are managed by your partner, there’s no hardware to set up or software to install—you can get started on day one.

9. Save time and money

Merge bookkeeping, inventory, sales management, and other tasks into a single solution that makes previously time-intensive responsibilities more efficient.

10. Scalability

For a growing business, the flexibility to pay for and use only what you need provides peace of mind that you’ll always have the right service at the right time.

cloud and mobile technologies helps increase productivity

Step #3: Find the solution that’s right for you

Evaluate your vendor as a partner. How do their services align to those goals you wrote down earlier?

When you weigh the different accounting solutions that are available, it’s important to find a reputable vendor who is willing to support your adoption through training and education.

Can they quickly assimilate with your operations and articulate how their service will help support your goals?

It can be tough to know exactly what to ask your sales representative as you explore potential accounting solutions. Here are a few places to start:

You cannot grow and keep your records on paper. You need to make one voice and have one place where you keep all that information.

Once you have assessed potential ERP systems and vetted potential changes, now it’s time to compare your options.

Rate each vendor (1-5, 1 is bad, 5 is ideal) based on how they meet your needs in the columns below.

Live demos are an essential part of any decision. Ask your sales representative for a personalized demo to see how their service will work for your business.

Step #4: Put your solution into action

As you search for your ideal accounting solution, often the best approach is to try the service for yourself.

Many vendors offer free trials for potential customers, and these create a great opportunity to test run a potential solution for yourself. Keep in mind that sometimes free trials may only demonstrate a limited number of features.

To make the most of a free trial:

  • Define success in advance and know what you want out of the experience
  • Share that vision with the users and explain how they fit into the process
  • Evaluate the experience based on your goals
  • “Accidentally” delete something important, then follow the audit trail
  • Stress test the solution—import your own data and see how it performs

Once you’re done, rate each solution based on your experience:

64 % of business owners consider personal trial and error to be the key factor in driving their confidence

Conclusion: A checklist for success

Taking a proactive approach to your future growth is a great way to reach your long-term goals.

When you know what you need, what’s available, and what to ask, wading through the ocean of available accounting software to find your perfect solution is easier than it seems. We hope these tools will help as you sort through your options and find the right tools for your unique organization.

Making the right decision for your business takes time, but you can grow with confidence when you:

  1. Know what you want
  2. Discover what tools are available to help
  3. Find what’s right for you
  4. Put your solution into action

To learn more about Microsoft’s solution for small business owners, check out our solutions Microsoft Dynamics 365 Business Central, Microsoft Dynamics 365 Sales or Microsoft Dynamics 365 Customer Service.

If you want to learn more, contact us and ERP and CRM specialist will provide you with more information or personalized demo.

Growing Without Pain How Modern ERP Helps CFOs Manage Growth Challenges

Download Now

Growing Without Pain How Modern ERP Helps CFOs Manage Growth Challenges ERP system ebook in Malaysia

Related Articles:

Choosing the right cloud ERP software for your business is one of the most important business decisions you can make and businesses can make many mistakes. Therefore, having the right strategies is essential to help you go through it and avoid the common mistakes business usually makes when choosing Cloud ERP.

The right Cloud ERP should support all your business processes and maximize your results in most efficient and effective manner.

Download Now: A new approach to evaluating ERP [Free ebook from Microsoft]

That is why selecting your Cloud ERP is difficult selection process.

To avoid some of the mistakes, we have put together the 5 most common mistakes businesses usually make when they are deciding about a new Cloud ERP for their business.

1. Not Carefully Evaluate Why You Need Cloud ERP

With so many options of Cloud ERP and each of them has many different varieties it can be quite confusing to go through all of them, understand their features and benefits, and ultimately understand how would these Cloud ERP fit your business.

Of course, with so much information out there it can be quite confusing to make the proper decision for your new Cloud ERP system.

But your selected team for ERP evaluation must stay focus and take time and properly evaluate all the Cloud ERP systems out there, so they will not make costly mistakes.

Your team should look on things like:

  • High availability in a SaaS solution translates most simply to system uptime.
  • Reliability is how consistently the application performs its intended function over time.
  • Scalability your Cloud ERP system should support you today but also in the future when your business grows.
  • Security matter a lot and you should include it within your evaluation process

Many business owners are mostly looking into the cost of the Cloud ERP business but do not understand that Cloud ERP systems are investment which can turn into a great asset.

Therefore, saving on your Cloud ERP system can much higher price later, when your business grows or being attacked by hackers.

If you are learning about ERP systems, then download our ebook: A new approach to evaluating ERP from Microsoft to learn how to evaluate your ERP systems.

2. Not Selecting the Right Cloud ERP Solution

Cloud ERP is usually refer to a suite of business applications available for business to manage whole different range of their departments and daily business tasks.

Cloud ERP system typically should provide you with set of tools and features you need for your business to effectively operate.

Therefore, selecting the right suite or single application for your business is essential to get the best ROI from your budget.

As for example Microsoft Dynamics 365 offers 14 different stand-alone and suite applications which can be tailored to your business Examples of suite applications:

And some examples of stand alone applications:

As you can see there are many different types of Cloud ERP solutions each vendor can provide based on your needs and benefits each provides to business.

Therefore, it is important to really look into your business needs and Cloud ERP features and benefits and evaluate each of them.

That is why you need your team as evaluating and choosing the right Cloud ERP application is challenging task.

A New Approach to Evaluating ERP System

DOWNLOAD THE EBOOK FREE

A new approach to evaluating ERP ebook

3. Failure to Calculate TCO Correctly

Is your company evaluating whether to transition your ERP solution to the cloud or on-premises? To determine whether cloud ERP or ERP on-premises is right for your company, you’ll need to understand the economic impacts of your current ERP solution and what your ERP might look like in the cloud.

Total Cost of Ownership (TCO) is a financial estimate to determine your economic value of investment against your total direct and indirect costs over your system lifecycle. The TCO estimate considers the six cost areas every company needs to understand when visualizing their company’s transition to the cloud.

Take a look at the graphic below – on the surface, cloud and on-premises solutions look identical! Let’s dive into a comparative cost analysis between the cloud and on-premises to understand the right solution for your organization.

5 Cloud ERP Mistakes Businesses Usually Makes 2
Total cost of Ownership of Cloud and On-Premises ERP systems

Get a call back from us – Dynamics 365 Experts in Malaysia

Curious to know what other costs are currently not visible to you on the surface? Contact us today to help you perform your comparative TCO analysis. Get the knowledge you need to make a fully informed financial decision about the direction of your organization.

4. Not Properly Assess Pros and Cons of Cloud ERP and On-Premises ERP

As we already described, there are many Cloud ERP and ERP on-premises options for small and large business and whatever option your business will choose you need to ensure that it is the right choice today or 10 years later.

As you could see, ERP systems are expensive investment for organizations, therefore, changing ERP every few years would cost businesses a lot of money and bring very little ROI.

So, choosing your ERP you need to look at pros and cons of both Cloud & on-premises ERP systems and assess them accordingly.

So, assess both version of ERP systems and look at the things such as:

  • Cost
  • Security
  • Customization
  • Implementation

5. Focusing Only on the Cloud ERP Features

Of course, features are important but they are not everything and too many times businesses choose the Cloud ERP systems based on that has the longest list of features instead to focusing on the value adding to their business.

This kind of approach can bring many problems to the business as many of the features can bring little to no value to their type of business. each feature has its purpose and it might not fit the business needs.

Instead of choosing based on the list of Cloud ERP Features, your business should focus on industry best practices and industry success history, customer support, customization, flexibility, and integration ability for their specific business.

This approach can help your business to get the Cloud ERP business application that fit perfectly to your business needs.

Conclusion of Common Cloud ERP Mistakes

Selecting the right Cloud ERP or ERP on-premises is difficult task, it requires businesses to collect all the information and do thorough research to bring it down to only handful of qualify Cloud ERP vendors to get the real value out of your new software.

Therefore do not worry to meet your ERP vendor at early stage as they can educate you on the best industry practices, showcase some similar examples how other organization adopt the new technology and really learn what their ERP products can do for your business.

This will help you understand what you actually should search for from your cloud ERP business.

5 Cloud ERP Mistakes Businesses Usually Makes 3

Free Demo

Want to see the Cloud ERP in action to understand its full capabilities? Request for your personalized demo fro free from our Dynamics 365 experts.

Request for a personalized demo

Related Resources:

Sources: