Businesses are increasingly faced with an astounding amount of complex mandatory regulatory requirements. Compliance can be a complicated and costly endeavor for many organizations as they try to juggle all of their requirements without fail. An ERP software with an out of the box compliance module can ease the burden of this challenge. You’ll find that compliance management can be simplified and streamlined – resulting in lower costs, increased overall efficiency, and better control of the associated risks.

With organizational growth, complete visibility into important business processes across all of your teams is essential to make effective decisions. Successful implementation of ERP software enables you to integrate core functions into a single software application, streamline workflows, and improve business efficiency. In order to sustain in a competitive environment, ERP systems need to be agile, cost-effective, and innovative. While the latest ERP systems offer various benefits like unified reporting, automated tasks, improved integration and collaboration, centralized management, and improved visibility, there are numerous organizations that will fail to take advantage of these benefits due to the below 5 misconceptions.

With enterprises operating from across the globe, disparate departments, systems, and data silos can hamper business growth. This provides motivation to invest in enterprise systems that help improve operations and enhance business process efficiency. While you may recognize the need for an ERP system, and the benefits it can offer, ERP implementation projects can either make or break your enterprise. Although deploying an ERP system is a costly and time consuming activity, proper implementation can enable you to experience increased growth and substantial benefits. Here are some questions that every CFO should ask before choosing an ERP:

As organizations grow, business processes become more and more complicated. An enterprise resource planning (ERP) software must be able to evolve alongside your organization if you’re hoping to maintain operational efficiency and remain competitive in your industry. There’s no denying that AX is the most versatile ERP software in the Dynamics ERP family. While GP and NAV offer important functionalities for small businesses, they simply don’t compare to the scalability and functionality of AX.

Microsoft’s mantra is to do great things and their newest ERP release is making a significant shift from past versions in order to accomplish this. The newest Microsoft Dynamics release, codenamed “AX 7”, will be taking full advantage of cloud computing in order to position itself as a powerful and versatile ERP system by running on Microsoft Azure, leveraging an HTML5 interface, and continuing its current Lifecycle Services functions. These three features will pave the path for ERP software to become more innovate and intuitive than ever before – starting with AX 7

Choosing an enterprise resource planning (ERP) system can be challenging and filled with many anxious moments. Since ERP spans the entire enterprise and will forge the course of how you do business for at least the next five years, you can imagine the anxiety it creates for the person responsible for the outcome. Nobody wants to be responsible for something going wrong which often encourages businesses to put off implementing a new ERP – even if they really need it. Since an ERP system affects every unit of business, the pressure is even greater to ensure that the system works.

Within the Microsoft Dynamics family, there are several different branches of ERP systems - NAV, GP, and AX.  All have unique functionalities, strengths, and weaknesses, but the efficacy of these ERP systems depend on the business size, industry, and what you hope to gain from the ERP software. Some ERP systems offer simple and limited functionalities, making them better suited for small businesses. Other software is more complex, but also allows room for growth into midsize and large enterprises. There are numerous differences in the functionalities of these ERP systems, so finding the ERP system that is the best fit for your organization may be challenging – especially if you’re uncertain about the differences between options.