Today, everyone has built their business and digitized most parts of their company’s business process automation, ERP, and other software integration. ERP software made it easy for businesses to focus on the critical aspects because ERP handled the repetitive and monotonous work. But do you recently feel like the ERP system that was working smoothly at the start is slow and burned out? Well, it might have.
ERP helps automate the business, allows the company to grow, and builds a better business. Companies must integrate ERP into their business models, a runway behind in the tech-savvy world. Companies seriously not putting in the facilities of ERP and business automation, and if facing any troubles to do so, Silent Infotech provides the best digital transformation solution with ERP and other advance software development services businesses required nowadays to succeed in this digital world.
Technology is evolving daily, and updates come every single day, and similarly, ERP also needs to be updated occasionally. Change is the only constant, which also applies to ERP software. Today we will understand in this blog when you should replace and update your ERP and how you can cut costs by applying for R&D grants provided by the UK government till 2025.
Why Should the ERP System Be Updated?
There are several reasons why the ERP system should be updated and improved. ERP helps in business automation and makes work easy for businesses. Below are a few reasons why upgrading the ERP system will benefit the company.
Better Features:
Upgrading the ERP system will provide new features and simplify the business process. As the systems upgrade and updates are introduced, the end users have something new to explore. Also, the user experience is improved with every update and is therefore crucial for the business because the whole business runs for customer satisfaction.
Better Security:
Generally, the more the software gets old, the more it becomes vulnerable to hackers and more prone to get attacked by cybercriminals. But with software updates, the security features will be enhanced, and the software will become safe. Especially when the custom software is for business purposes, we cannot take any risk because it can cause several data losses.
Bug Fixation:
There are a lot of bugs when software becomes old. With the latest updates, the bugs are eliminated, giving a smooth user experience. The bugs can be related to security and hamper the program’s working. Therefore, updating is the best decision when a new version comes because it will ensure better business and smooth application.
Compatibility:
As the new version of ERP systems comes into the market, the older version will stop being compatible with the current system because the updates are best suited for the application. Maintaining more old versions of the software is very difficult; therefore, it is crucial to keep the versions updated.
Low Costs:
When we think about it financially, getting an updated version of the ERP system allows businesses to expand much better. And also, upgrading saves a lot of money instead of getting new software altogether.
Now that you have all the reasons why ERP systems should be updated, let’s look into the how part of ERP upgrades
Grant Funding For ERP Upgradation
We cannot deny that the digital transformation journey, which includes upgrading ERP software, requires assistance, especially for the business scale. Some grants and bonuses should be used by the businesses the UK government provides. The UK government announced the highest-ever grant of £39.8 billion for R&D. This R&D grant would help the company improve and bring in better innovation strategies.
The government provides grants through UK research and innovation, which ranges from £25,000 to £10 million. In some cases, even large companies also offer R&D grants to SMEs which help them to automate their process and shape their ways towards creating an enormous enterprise.
A business can apply for multiple schemes and grants depending on the priority and the need for funds. There will be a long wait to know whether the grant is approved. All the guidelines must be followed while applying for the grant. Otherwise, there will be a high chance of grant rejection.
Let us understand the pros and cons of applying for grants and how they can help a business support ERP projects.
Advantages Of Applying Grants For ERP
Financial Support:
ERP projects need a lot of funding, and financial support is also required. The budget may be used for software licensing and consulting services. The ERP project and the cost associated with the projects can be considered a criterion for applying for grants in the UK.
Grants are Free From Repayment:
If your grant is approved and your application is selected, the funds business need not be repaid. Companies can use it for ERP upgrades and to develop their business.
Increases Credibility:
If applied for a grant and approved, the business gains a lot of trustworthiness and, therefore, traction. It will give you the financial support to elevate the ERP system and increase the trust of clients and customers, leading to more reliability and dependability on the business.
Competitive Edge:
So upgrading ERP is a lot of work, and with financial support, it is easier. The business whose grant is approved will have an advantage over the others who do not because they will implement the upgrades quickly while the other companies are still trying to figure it all out.
Expert Advice:
Many grants provide financial support and expert assistance. They provide subject matter specialists who can help the business grow better, which other companies will need more. This might be invaluable in setting up ERP but will be highly beneficial for business growth.
Disadvantages Of Applying Grants For ERP
Time-Consuming Process:
Applying for and putting in a grant is time-consuming. It requires a lot of effort to prepare a grant, and it should be compelling enough that ensures your reward. And if the grant is not rewarded, all the efforts go in vain.
Regular Reporting:
Once the grant is approved, several quality and financial checks will ensure that the business is using the funds for the proper purpose. This indeed creates a burden for the company and hampers the main agenda. The funds, though appropriately used, will still create unnecessary reporting pressure.
Competition:
This point proved to be an advantage and a disadvantage if the grant is disapproved. There is high competition for UK grants; even if the proposal is strong enough, the chances of getting the grant are low.
Unwanted Restrictions:
Some grants restrict the purpose of the fund usage. For example, if you applied for funding and got it, but the grant has a restriction that you cannot use it for ERP upgradation, it will be a disappointment.
Pros and cons should be considered while applying for grants to get the best results for the business and ERP needs.
Let’s Sum It Up
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