ERP Technology Innovations Shaping SMBs

Small to mid-sized businesses (SMBs) face numerous challenges in today’s competitive marketplace. SMBs are turning to cloud ERP technology to remain competitive while cutting costs. 

ERP adoption allows them to diversify their business models; however, SMBs must carefully evaluate the hidden costs and consider various factors when selecting an ERP system. In this blog, we will discuss the challenges faced by SMBs, the benefits of ERP systems, and highlight leading ERP vendors in the SMB market.

Benefits of ERP Adoption for SMBs:

  1. Business Model Diversification: ERP systems enable SMBs to pivot their busness models effectively. Manufacturers can shift to distribution and retail, distributors can perform light assembly and packaging, and service organizations can add subscription or consumption pricing models.
  2. Descriptive and Predictive Analytics: By deploying an ERP, SMBs can have a central repository for financial, operational, workforce, and sales data, allowing them to leverage analytics for informed decision-making.
  3. Streamlined Supply Chain Operations: ERP systems offer planning and execution functionality, replacing outdated spreadsheets and manual decision-making processes. This ensures smoother supply chain operations and improved efficiency.

Key Considerations for SMBs Evaluating ERP Technology:

  1. Industry-Specific Offerings: SMBs must evaluate the depth and suitability of these pre-packaged systems and assess the level of configuration work required.
  2. Self-Service Analytics: SMBs should consider the platform’s ability to integrate with other systems and govern data across the ecosystem for comprehensive and real-time analytics.
  3. Extensibility and Configuration Tools: SMBs aiming to limit ERP consulting spending should prioritize ERP systems with no-code functionality to reduce the need for continuous consulting support.
  4. Hidden Costs: SMBs must consider the hidden costs associated with ERP technology, such as data storage, customization, training, and maintenance. A thorough evaluation of these costs should be part of the overall ERP selection process.

Leading ERP Vendors for SMBs:

  1. Acumatica: Acumatica’s cloud ERP solution offers ease of deployment, scalability, and a broad ecosystem of ISVs in specialized industry editions for manufacturing, distribution, construction, and retail sectors.
  2. Sage X3: is a dedicated complex manufacturing solution that combines financial management, CRM, supply chain management, and product management capabilities into a unified ERP technology. Sage’s commitment to sustainability is reflected through acquiring Spherics to help refine carbon footprint estimates and provides spend-based analysis aligned with global standards for measuring carbon emissions.
  3. Sage Intacct: is tailored to meet the specific needs of different sectors. Sage Intacct’s data mesh allows users to integrate data from various sources to support automation, reporting, and analytics. The platform also offers real-time dashboards and reporting technology, enabling users to easily analyze project-specific revenue and expenses.

 

  • The launch of Sage Intacct on Microsoft Azure in the US, providing small and mid-sized businesses access to Sage’s cloud financials solution within Microsoft’s secure cloud environment.
  • 2023 Intacct Release 1 enhancements included AI-powered bill automation, expanded Mateo Savings and Loan solution functionality, and automated subscription usage billing. 
  • They also introduced Sage Intacct Planning and Sage Intelligent Time in South Africa and Australia, with plans for expansion to the United Kingdom.
  • Expansion into continental Europe, beginning with France. They also introduced Sage Intacct Manufacturing for US customers, expanded construction and real estate capabilities, and integrated 1099 e-filing powered by TaxBandits for simplified tax filing.
  • New product integration allowing users to integrate Microsoft Teams with Sage Intacct and Sage People for streamlined workflows such as form submissions and approvals. 
  • Acquired Lockstep to bring workflow automation tools and Spherics for carbon accounting functionality to support ESG tracking and reporting.

These solutions provide benefits such as business model diversification, analytics-driven decision-making, and streamlined supply chain operations. By embracing ERP technology, SMBs can drive growth, improve operational efficiency, and gain a competitive edge in their respective industries.

Contact us to schedule a complimentary discovery call and learn how we can help you propel your business forward.

Download the SMB ERP Technology Value Matrix

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SMB ERP Technology Value Matrix 2023

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