Business needs are constantly changing, so making investment decisions on IT solutions that support strategy and growth requires a keen understanding of business drivers and a vision for how technology can create strategic advantage and enhance operational efficiencies. Selecting the right software platforms to support tomorrow’s growth begins with assessing whether the needs of the organization have outgrown the capabilities of existing systems.
How do you know if your software solution sufficiently meets the current needs of the organization? Answer this question by evaluating these 5 core business areas:
- Strategic IT Alignment – Does an IT strategy exist? Do current and new systems support the company’s business strategy?
- ROI and Business Value – Does the software drive business efficiency? Are the major applications heavily customized? Is there a spider web of interfaces
- Scalability and Efficiency – Are all business processes supported by an integrated enterprise resource planning (ERP), or are disparate systems used? Can the system scale to meet your growth projections, or changes to the business model? Can they bring in acquisitions, and support them, efficiently?
- Technology Enablement – Does your technology just report on your business, or is it a key tool to helping you prospect, sell, deliver and support your customers?
- Competitive Advantage – Do your systems help to differentiate you from your competition? Better (online) customer service? Faster delivery? Lower price? Better quality?
How these questions are answered can speak volumes in gauging whether your business has outgrown its software system and whether evaluating, designing and implementing a new system should be a priority. Recognizing when to invest in new IT systems will prevent unnecessary spend on maintenance of old systems, while driving growth and propelling your company’s long-term strategic vision.
Click here to join CohnReznick in a live webinar on June 28 titled, “Selecting the Right Enterprise Resource Planning System.”
Have you assessed your company’s current system and determined that investing in new IT systems is warranted? You won’t want to miss our next blog on the critical considerations of selecting business systems.
For further insight on this topic, please contact John Yin, partner and CIO Advisory Services and ERP Solutions leader in CohnReznick Advisory’s Technology and Digital and Innovation Services Practice. For additional information on system selection and aligning IT strategy to support business growth, click here.