We’re guessing you’re here right after reading the whole article or at least skimming through the top risk factors concerning the absence of the Best ERP Software Solution in Bangladesh in your business. In the below article, we will continue where we left off in the first article. In case, you have not read the previous article, the URL is given below so that you can take a look.
We continue to identify the risk factors concerning the lack of presence of the best ERP solution in Bangladesh in the local enterprises as the previous article could not portray the picture completely. We suppose the total picture will be displayed when the remaining aspects are revealed in this article.
20 Risk Factors When You Are Missing the Best ERP Software Solution in Bangladesh
Ideally, businesses prefer to use the best solution to resolve their problems. However, there are many factors like affordability, adaptability, scalability, and availability which may not always allow them to use the Best ERP software solution in Bangladesh. However, sometimes businesses choose to go for a second-tier or a little less compatible one due to the above-mentioned factors. Below are the last 10 risk factors when you are not using one of the best ERP software in Bangladesh.
11. Inadequate Modules for Industry
Although an ERP system consists of vast operational modules and functions, it is not always industry-specific. Meaning that it is not tailored for all industries but common for most. Therefore, all of them do not come with functions that are adequate for your business operation. You may not be able to capitalize on automation even if you choose to use an ERP system that does not come with useful modules.
Reason to choose the best ERP software in Bangladesh? It offers features and functions that are tailored to your business industry, size, and nature. Moreover, it offers some advanced value-addition that may not be handy now but will be useful for you in the future. Curious to know how value addition happens? The best ones provide estimation and forecasting features that many businesses usually do not expect from a typical cloud solution.
12. Lack of Mobility
Mobility is one of the most crucial features of modern-day ERP solutions. The absence of mobility is not only stressful but also risky for many businesses. The major of them are; delayed data collection, outdated workflow, employee dissatisfaction, etc. While most of the technology-dependent businesses thrive on data, lack of mobility often causes delayed data collection. It causes the risk of wrong projections, inaccurate reporting, and other issues.
Outdated workflow may confuse employees as they will not be able to keep up with productivity and efficiency. This results in employee dissatisfaction, frustration for working on a desk-bound system, and being out of touch with the business. The best ERP software in Bangladesh must prioritize mobility as a must-have feature in order to benefit the users.
13. Challenges in Decision Making
When businesses adapt to ERP systems, they tend to make crucial decisions based on the data they get from the software. This is why accurate data visualization is one of the most important functions of the best ERP solution in Bangladesh. When the ERP software cannot provide accurate data and reports, it is no longer considered the best solution.
Risks involving insufficient data, poor reporting, synchronization problems, and lack of mobility all impact the decision-making of the business owners. The best ERP software solution in Bangladesh is bound to make decision-making easier with proper data demonstration, reporting, and real-time synchronization. Businesses should analyze their requirements and audit the offered benefits of the ERP system they will use before sourcing it.
14. Inability to Change Management
While change management is a very common practice in most businesses, average ERP solutions do not come with automated change management for users. This leads to a risky situation where businesses may lose some valuable data or need to adapt the solution to the new changes. However, the best ERP software in Bangladesh comes with capabilities to change management which will help businesses avoid risks.
The best ERP software solution in Bangladesh comes with data backup, access to data from anywhere, a secured database, and multi-layer user access that will ease up change management in the organization. Additionally, connecting other modules like human capital management, and tax management provides a way to retract data while the new adoption takes place.
15. Access Limitation
ERP system is usually used by multiple users in an organization carrying out various responsibilities in their department. They may need to have different levels of access in modules depending on their job description and solution architecture. It is a must that all users will not have full access to the system, it may cause massive security havoc and violation of workflow in the business.
ERP software providers must guarantee that it has an access control option with customization ability. The customization ability is useful particularly when the organization has its IT department to configure the solution and can increase or reduce the access level of any employee or job role based on the organization’s Standard Operating Procedure (SOP).
16. Slow Response Time
The most dynamic ERP systems update data within microseconds in the server resulting it quick actions from users. However, some systems respond very slowly to user prompts which causes a risk of losing productivity and attention. Employees usually execute tasks and move on the the next in a fast-paced work environment. If the system responds slowly, employees will lose attention and probably will make mistakes or provide less productivity.
The best ERP software in Bangladesh must guarantee a quick response to any prompt, click, or search in order to mitigate such risks. To avoid mistakes, reputation, and inefficiencies, businesses must pick the right system for their business. According to a study, 38% of businesses say that ERP systems help them respond more quickly to changing customer needs, and 34% say that they are very helpful in dealing with the problems that digital disruptors pose.
17. Frequent Disruption
Frequent disruption occurs when a system executes deployments very quickly or keeps on updating a system that is already being used. Updating a solution is very vital part of any software development company. However, if the organization continues updating the system and deploys those updates very frequently, it increases downtime resulting in disruption in the operation. Disruption itself is a risk that also produces error and causes dissatisfaction.
The ERP software in Bangladesh must ensure that they do not cause such havoc to their users by frequently deploying vital updates. Instead, they must prioritize the users’ preferred time for deployment and make sure that the frequency of deployment in a specific period is being maintained. However, if the client demands quick degradation and accepts the risks of disruption, then the solution may continue such operation.
18. Missing Functionalities for SMBs
Small and Medium businesses (SMBs) in Bangladesh contribute to more than 50% of the national GDP each year. Thus, prioritizing their need while developing any ERP system is crucial. SMBs do not require vast operational functions but they need some compact but useful modules to streamline their business operation. While many ERP systems offer too many functions and flashy interfaces to impress business owners, they also raise risks of costing too much resulting in negative growth for SMBs.
Best ERP software for small business must adapt their product to the needs of SMBs first to make sure that the pricing does not become a burden to them and the modules do not leave any loophole in the business. While it is important to ensure affordability, the architecture of the solution should also be different from large solutions to avoid risks.
19. Challenges of Compliance
Regular ERP systems may not cater to industry-specific compliances and regulations. This is one of the biggest risks for businesses as they utilize the solution as a means of streamlining operations and maintaining all compliances. The major risks of this challenge involve a hurdle in auditing. Due to a lack of adaptability to organization compliances, the report the ERP solution generates will not reflect on the audit report correctly.
Auditing is one of the most vital functions of any business to ensure transparency and accountability. Best ERP solution developer company must ensure that the software is compliant with organization regulations to mitigate related risks. Moreover, they can keep the customization options available so that any changes in compliance can also be implemented into the system quickly.
20. Cross-functional Communication Gap
According to a study, about 36% of business organizations integrate their ERP system with human resources management solutions. The purpose is clear, keeping track of human capital and connecting the cross-functional teams in alignment. However, risks of communication gaps may arise if the ERP solution cannot provide connectivity tools to streamline the communication process.
Best ERP solution in Bangladesh must have in-built or integrated automated email-sending agents, instant messaging and chat tools, and online conference tools available with them. This results in one resource executing some tasks being notified to stakeholders so that they can approve or approach for continuation. Dependencies also reduce due to the availability of communication tools reducing inefficiencies.
According to statistics, around 49% of businesses in the world reported progress in operation after implementing an ERP system. It shows how crucial the tool is and the need is ever increasing. The risks are inevitable when you go for any ERP system to automate your business flow. Your business must study available options in the market before making a decision.
Try the Best ERP Software Solution in Bangladesh
We bet finding the Best ERP Software in Bangladesh isn’t that easy unless you know where to find it. To push your business to a more convenient level, you can try a more affordable option like Managerium.
Haven’t read the 1st part of Risk Factors When You Are Not Using the Best ERP Software Solution in Bangladesh yet? Here it is.
