What are some of the things that can disrupt our businesses?
Sometimes you can see disruption coming – like watching a brand new huge manufacturing facility being built across the street, or noticing the advance of big box chain stores entering your market. But disruption isn’t always marked by your competitors showing up, it could also be caused by a paradigm shift in the way business is conducted. Blockbuster video’s demise was caused by one of these shifts. Even some of those big box chain stores, like Sears and Macy’s (who have been around for decades and decades) are feeling the effects of the online shopping disruption.
Disruption doesn’t always have to end a business – if you are agile and can keep up with the changes that happen in your industry. So, what are some of the things we can do to stay agile during disruptive times? We need to stay flexible, and our systems need to be flexible as well. Legacy software that we had to shape our processes around do not enable us to make the changes we need to when these paradigm shifts occur. According to this whitepaper put out by Mint Jutras utilizing an agile ERP system, like Acumatica is a perfect example of managing change and staying in front of disruption.
Are you ready for disruption? It’s coming!
As a business owner/manager I’m sure disruption is something that haunts your dreams at night. The reason I say this, is because according to this Mint Jutras study approximately 88% of respondents say that they believe there is a risk of disruption in their industry – so it’s most certainly on our minds. This same study seems to name the increased use of the web and the new digital paradigm (everyone going “paperless”) as current road maps to disruption. So how do we get in front of that?
We have also seen faster automation, quick expansions, and federal compliance changes leave some businesses in the dust. We must become flexible and recognize the new tools we have at our disposal to keep up with our competition. Tools like eCommerce websites, social media, and online systems (cloud technology) are things we must learn to use if we expect to stay in business. Then we must be ready for the next round of changes as well.
The last big accounting regulation change we saw was Sarbanes-Oxley, but today we are seeing a new change right around the corner as far as revenue recognition goes. There is no getting around it, we must have systems that are agile and can adapt to our ever-changing times.
Are you being held back by your legacy ERP?
Customizations to our accounting systems will probably be a need that all of us have. We each have different needs and requirements, and the systems we use must be able to accommodate that requirement. But today when change (disruption) can overcome us so quickly it’s not a question of CAN my system be customized to meet the changes – it’s really how quickly and easily can we put those customizations in place.
How costly and time-consuming is it for you to adapt today? Do you need to consider using a new tool for your business accounting needs? Don’t be one of the businesses that were left in the dust – download this report from Mint Jutras that points out three signs that indicate the need for a new more agile ERP system. Don’t let your accounting system be the reason you couldn’t adapt to a disruption in your industry.