Occasionally business leaders have to consider the IT technologies that are used within their organization and whether or not they still meet their needs and match their goals. Methods and systems are the infrastructure of business operations. Outdated and ailing platforms eventually lead to a loss of productivity and efficiency which ultimately causes the organization to lose their competitive edge and ability to optimize their value creation.
How a modern EPM solution improves productivity
There is no way around having an approach based on data for sound planning in modern business. In many companies, this is still done using Excel. Even though it is a proven tool for data-driven planning, there are some disadvantages when it is used as the sole solution. Requesting, collecting and merging spreadsheets from all relevant areas of the business does not always work smoothly and is also extremely time-consuming.
With a modern EPM solution, several different data points are integrated and consolidated – including automated verification of data integrity. New data points can be added from different sources at any time, so the database is always up to date. The easy-to-use extension of planning with the forecasting function is another advantage. Employees create plans faster and can continuously adjust them according to data-driven demand analyses. The same applies to reporting.
Alarm bells: Software End-of-Support and End-of-Life
Software not based on subscription will generally have to be completely replaced at some point. Continuous updates for new functions of the software are not provided. This leads to manufacturers publishing what are often called “End-of-Support” announcements when they release a new software. This means that no further updates will be made available in the future. This software then poses a security risk unless it is replaced or upgraded in a timely manner. The alternative is often a very expensive support package that at least guarantees further security updates for a limited period of time.
An End-of-Support announcement is therefore a signal that you should probably have replaced the existing software long ago. Additionally, with “End-of-Life” announcements, it is essentially too late for a “quick change,” because it inevitably will take time – starting with the selection process. When choosing a new solution, it is beneficial to seek a long term partner with a strategic focus on continuous functionality and security updates.
The benefits of a Cloud Solution
Old versions of outdated software are always lurking around. If you regularly work with a computer, you are probably very familiar with delayed updates. Besides posing a security risk, these long-forgotten updates often lead to new or improved software features that will remain unused. By choosing a modern cloud solution, you can ensure that updates are automatically delivered, improving both security and productivity. The cloud also provides extensive backup options to further increase security.
Don’t fear the Tech Refresh
In all honesty, tech refresh isn’t known to be a super quick and easy process. However, getting it right is imperative to the long term success of an organization. You can plan it with a minimum of disruptions to ensure business continuity.
In our eBook on refreshing your EPM solution, we provide you with a roadmap for the process. We focus on two approaches that suit every company. One is a direct translation and the other focuses on a more incremental approach. The latter allows you to start on a small scale so you can try out and evaluate each step in order to develop the ideal EPM tech refresh strategy in your company.
This blog post is the first in a series on refreshing your EPM technology. Stay tuned for our next post, where we will share tips on how to find the ideal EPM solution for your organization.