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How IEMs Can Expand Lines of Business with Confidence

Sikich

Apr 5 2017

3 min read

In order to compete in a global and growing marketplace, industrial equipment manufacturers (IEMs) must be responsive to change and have the ability to identify new opportunities. Disconnected, legacy systems that once supported traditional business operations could be holding you back from expanding product lines or entering new markets. Replace outdated technology with a cloud-based enterprise resource planning (ERP) solution and tackle your expansion with confidence.

Legacy systems supported business operations years ago, but a lot has changed over time. The marketplace is different and you are competing against more offshore companies than ever before. Customer needs and demands have also changed along with profitable product lines and services. Software systems and processes that once supported larger volume orders are no longer efficient and don’t address the different needs for smaller, niche orders.

These legacy systems are holding you back from expanding operations and entering new markets. It’s time to innovate and adapt by replacing the outdated software with more modern management solutions. One of these cloud ERP benefits is how it can help IEMs confidently expand their lines of business.

Replace Legacy Software With Agile, Innovative Cloud ERP

One of the cloud ERP benefits is that it offers a more efficient way to manage key business data across your enterprise. Flexible and scalable, cloud ERP is able to capture financial, operational, and customer data from production lines, multiple warehouse locations, and through new distribution channels. Modern ERP can also easily handle multiple currencies, tax laws, and regulatory requirements that will certainly come into play when working with customers in new regions. Automating currency conversions saves valuable time in the finance department and makes it easier for business leaders to monitor costs, revenues, and commissions in these new regions.

Dashboards and other business intelligence features built into cloud ERP arm managers with real-time data. Leaders can monitor KPIs from inventory activities, trending products, and customer preferences or buying behaviors. They can then make data-driven decisions based on reliable data to determine which product lines to change or expand and which markets or customers to pursue. After making these big changes, they can then actively monitor the performance of new ventures to ensure continued success.

Expanding lines of business requires innovative and agile management solutions that provide quick access to reliable data. Don’t put your business at risk by using outdated data from outdated software. Contact Sikich for more information about using cloud ERP to expand your lines of business, backed with the technology that will support growth for years to come.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

About the Author

Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and is comprised of one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 