In the dynamic landscape of modern commerce, business management systems (also known as Enterprise Resource Planning or ERPs) serve as the backbone of operations by streamlining processes, enhancing efficiency, and driving growth. However, using outdated business management systems can expose your organisation to a myriad of risks, ranging from security vulnerabilities to operational inefficiencies. In this blog, we delve into the risks you take when you don’t upgrade and stay on outdated software platforms.
1. Security vulnerabilities
Outdated business management systems are often more susceptible to security breaches and cyberattacks. With each passing day, hackers discover new vulnerabilities, and without regular updates and patches, your system becomes an easy target. Data breaches not only compromise sensitive information, but also tarnish your organisation’s reputation and erode customer trust.
2. Compliance concerns
Regulatory requirements and industry standards are continually evolving, necessitating updates to your business management system to ensure compliance. Failure to comply with regulations, such as GDPR, the European Union’s Corporate Sustainability Reporting Directive (CSRD) and other ESG standards, can result in hefty fines, legal repercussions, and damage to your company’s integrity. Upgrading your business management system to a modern ERP such as Microsoft Dynamics 365 Business Central ensures that you stay abreast of regulatory changes and mitigate compliance risks.
3. Hindered performance
As your business grows and evolves, so do your operational needs. An outdated business management system may lack the scalability and functionality required to support your expanding business operations efficiently. This can lead to sluggish performance, increased downtime, and hampered productivity, ultimately impeding your organisation’s competitiveness in the market.
4. Missed innovation opportunities
Technology is advancing at an unprecedented pace, introducing innovative features and capabilities that can revolutionise business processes. By not upgrading your business management system, you miss out on leveraging these advancements to drive innovation, enhance customer experiences, and gain a competitive edge. Embracing the latest ERP technologies such as Business Central empowers your organisation to stay ahead of the curve and adapt to changing market dynamics effectively.
5. Inefficient decision-making
Timely access to accurate data is critical for informed decision-making. Outdated business management systems will lack modern and robust reporting and analytics capabilities, making it challenging to derive actionable insights from your data. This can result in inefficient decision-making processes, missed opportunities, and suboptimal strategic planning. Upgrading your system equips your organisation with advanced analytics tools such as the visualisation you can gain from Power BI, enabling you to make data-driven decisions with confidence.
6. Limited integration capabilities
In today’s interconnected business environment, seamless integration with other systems and applications is essential for operational efficiency. Older business management systems may struggle to integrate with modern third-party software or emerging technologies such as cloud computing and IoT devices. This lack of integration capability can create siloed data, fragmented processes, and hindered collaboration across departments. Upgrading your ERP system fosters interoperability and enables seamless integration with a diverse range of platforms, enhancing organisational agility and efficiency.
Avoid the risks of outdated systems: move to Bevica
Bevica (powered by Microsoft Dynamics 365 Business Central) is a modern, cloud-based business management system rich with cutting edge features. Business Central was named the best ERP system of 2024 by Forbes Advisor.
Features include:
- First rate security varying from automated threat detection and identity isolation to just-in-time (JIT) virtual machine (VM) access
- Built-in functionality that makes it easy for customers to comply with compliance and regulatory legislation
- Scalable and flexible subscription-based licensing means that Bevica’s functionality grows as your business does
- Real-time dashboards, flexible reports, and KPIs which remove data silos and give businesses access to business intelligence
- Seamless integration with other Microsoft products, such as Office 365, Teams, and the Power Platform, as well many third-party software solutions
- AI-powered capabilities with Microsoft Dynamics 365 Copilot. These currently include AI-generated product descriptions and AI-powered features such as cash flow forecasting and late payment prediction.
How can TVision help you?
TVision is one of the largest and most experienced providers of Bevica Business Central and NAV in the UK. Here at TVision, we are happy to answer any of the important questions you may have about the risks of using outdated systems or how a move to Bevica will benefit your business. If you want to find out more about Bevica as an RP solution or TVision as an implementation and support partner, please contact us to arrange a demo.
