Globalization or internationalization efforts are more essential for businesses than ever before. Over the past two weeks, we have taken a closer look at the rewards and risks of globalizing your business and how enterprise resource planning or ERP software helps with this. We have also looked at success factors needed in a solution designed to withstand the pressures and growth of globalizing. To learn more about these factors, visit here. Success in globalizing is very possible for our clients and others in Toronto and throughout Canada. This success stems from ERP system capabilities that allow for internationalization. Let’s take a closer look at some minimum functionality requirements needed within an ERP software solution that lead to international success.
An international ERP software solution must be multilingual meaning it can easily process multilingual data including accommodating special characters used by certain languages. This includes invoice text, item descriptions, currency information, and other information that is entered across multiple site locations. Then, this information must be able to be consolidated into country-specific parameters within one system (item names, quantities, currencies, calculations, pricelists, etc.).
Accounts for Legal Requirements
Commercial, contract, and copyright laws cannot be ignored. All legal requirements must be taken into account and supported by your chosen ERP software. It should be a standard feature that currencies, tax rates, customs regulations, and tax codes are integrated. Software should meet the requirements of the company’s market and national standards.
ERP systems geared for international markets must offer all functionality required to manage multinational companies in a professional manner so that consolidating the foreign subsidiaries and the parent company results in processes being as streamlined as necessary. All company divisions must be covered, and isolated applications that are expensive to maintain are avoided.
Information that can be turned into Knowledge
With so many complexities, it can be easy to lose sight of all business activities and stay transparent. An ERP system that processes the vast and decentralized information coming through a business that can also convert it into knowledge that is central to maintaining quality management is key.
Integrated information systems are operated with reporting and business tools that are easy to use. The result of true integration is real-time control that does not require complicated analysis plus transparency of all activities. Modern ERP software needs to provide statistics, evaluations, and data reports from a variety of sources that can be published on the web or integrated into external applications for current and future use.
Two ERP software offerings from IWI Consulting meet the requirements needed for internationalizing your company. They are Sage 300 ERP and Sage ERP X3. Learn more about them by visiting our ERP Solutions page here. For further details on ERP system requirements for international success, download our whitepaper “Success on an international scale: what an ERP system can offer”. Then, stay tuned next week as we look at additional requirements your system needs for victorious business globalization.
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.