The benefits of using best-in-breed ERP for your growing business
The digital landscape and the evolving expectations of customers are advancing rapidly, leaving a lot of businesses racing to keep pace with both. If you find your business is overwhelmed by the demand or lacking capabilities to grow, it might be time to think about better ERP. When it comes to Enterprise resource planning (ERP) one of the first decisions you'll encounter is whether to opt for a suite-in-a-box approach or embrace the best-of-breed approach.
Suite-in-a-Box vs Best-of-Breed: What’s the difference?
Enterprise resource planning (ERP) is a software implementation used to manage and simplify business processes, including accounting, inventory management, revenue forecasting, payroll and others.
ERP systems allow your organisation to work more efficiently, automate routine tasks and increase transparency across your business.
The primary distinction between a suite-in-a-box ERP and a best-of-breed ERP approach lies in the number of solution providers involved:
Suite-in-a-box model
Typically, a single provider constructs all the components that constitute your ERP, encompassing general ledger, accounts payable, purchasing, and more. This means there is no opportunity to integrate your existing ISVs or other tools, meaning all work that currently exists outside of the suite-in-a-box product will be lost.
This type of ERP usually shares a common database between components however, reducing redundancy.
You may discover that your workflows require greater agility and specialisation than what's offered within the package. Relying on a single provider for all components may result in a lack of depth in critical areas such as inventory management or manufacturing.
Best-of-breed model
This type of ERP empowers you to select solutions from a variety of providers and run them in conjunction with your ERP platform as the central business management system. This means you can keep your existing ISVs and integrate them into your ERP business management software.
With a robust core foundation, your company can cherry-pick precisely the functionalities it needs and seamlessly integrate them at-scale. This approach ensures you only pay for the features you require, avoiding unnecessary expenditures on components that may not be needed or appropriate at the time.
Most importantly, you have the flexibility to choose the best solution provider for each specific operational requirement.
Effortless upgrades to the latest innovations
A recent survey reported that 40% of companies find the effort and cost associated with upgrading their legacy systems to be prohibitive, hindering their ability to innovate.
In the same survey, 35% of respondents emphasised the importance of adding new features and functionality without disrupting the core system. Unfortunately, many organisations encounter broken integrations and non-functional APIs after an upgrade, deterring them from embracing innovation and causing them to stick with outdated software, sometimes for decades.
With a cloud-based ERP like MYOB, and with comprehensive integrations, you can seamlessly access the latest features and functions without ever tampering with your core system. Instead of grappling with outdated software, you'll benefit from regular quarterly updates rolled out by MYOB, ensuring your ERP solution remains dynamic and adaptable, rather than rigid and stagnant.
Customisation through configuration, not coding
Legacy and suite-based solutions often present significant barriers to post-implementation customisation, requiring complex coding skills. The interdependence of these systems makes it challenging, if not impossible, to tailor the software to suit your company's specific needs or user requirements. While most companies may not have in-house technical expertise for deep-level customisation, they still require support when such changes become necessary.
In contrast, a best-of-breed ERP like MYOB is intelligently designed to facilitate extensive system configuration through simple clicks, without the need for coding. For instance, you can effortlessly build and modify business rules to enhance internal controls, such as approval thresholds, where a purchase order exceeding a certain amount triggers an additional approval step in the workflow. This stands in stark contrast to the complex and risky code changes required within a suite-in-a-box-based system.
Specialised experts make a significant impact
At MYOB, our expertise lies in helping businesses create customised integrations that seamlessly blend to optimise your ERP, ensuring that your business management system continues to evolve in sync with your business' growth needs.
Our subscription-based service model is designed to reduce upfront costs, accelerate your return on investment in ERP, and support the ongoing evolution of your system as your business progresses and adapts over time.
Talk to one of our experts today about how upgrading to MYOB’s ERP solution can take your business to the next level.
