The process of international integration, also known as globalization, is increasing by the minute. For companies large and small in Toronto, in Canada, and beyond, this can be a concern and challenge with so much pressure to keep up. Mid-sized companies are no different. They, too, feel the pressure of globalization and the increased competition that results from it yet can find many opportunities that result from a globalized business world. Regardless of the size of company that you have, price pressures and fierce competition make this a difficult task. A functional and suitable enterprise resource planning or ERP software solution, such as Sage 300 ERP or Sage ERP X3, that can keep up over the long-term can result in a greater likelihood of success. Let’s take a look at internationalization’s rewards and risks plus how your Greater Toronto Area company can find success in globalizing using ERP software.
The Vast Rewards and Inherent Risks of Globalizing your Business
One of your many goals as a mid-sized business should be to establish and maintain an international presence, and this comes with many benefits and potential rewards. New sales markets abroad can be tapped by demonstrating high innovative capacity on an international level. Trading and sales sources increase with foreign markets as well. In addition, global expansion can give access to qualified and specialized knowledge plus more affordable personnel.
As with anything, the benefits don’t come without risks and challenges. The attractive opportunities offered by internationalization also come with the danger of failing in the expansion process due to how fast globalization happens. The aggressive nature of global business markets and the complexities involved in going global are other risk factors that need to be watched.
The Assistance you Need in Internationalizing can be found within an ERP System
In order to increase the chances for rewards and success while mitigating the potential risks while establishing an international presence, you need a solid foundation built upon ERP software. An ERP system increases transparency, manages growth, reduces costs, and streamlines the organization’s processes. It also improves cooperation across countries, subsidiaries, corporate divisions, and employees. Within an ERP software’s overarching system, management processes can be integrated across planning, production, and financial realms.
These capabilities and functionalities found in ERP software create the necessary building blocks in creating a successful globalized business. IWI Consulting offers ERP system options to meet your company’s needs for increasing their international presence and having success in going global. Learn more about two solutions we offer here at IWI Consulting by clicking on the each solution: Sage 300 ERP and Sage ERP X3.
Download our whitepaper “Success on an international scale: what an ERP system can offer” for further information about the rewards and risks of internationalization and how ERP software can be the foundation you need to successfully lead your company into the global business world.
Our small and dedicated team specializes in helping small-to-medium size Canadian businesses and non-profits select and adapt Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Human Resource Management (HRMS) and IT services. With IWI’s 15 years in business and 100 plus years of combined experience, IWI has helped hundreds of manufacturing, distribution, and financial service companies gain efficiency, grow, and lower their operating costs.
With the unique combination of industry knowledge and diverse technology expertise, IWI provides cost-effective solutions to help clients gain a competitive edge. As a Sage business partner, servicing the Greater Toronto Area, we support evaluation and implementation of operations and finance systems to optimize technology, ensuring high return on investment with a quick and painless transition to new software.