Times are changing! Gone are the days of dial up and manual processes; we are in the age of automation saturated with digital streaming, apps for everything, cars that park themselves and technology integrated into schools’ core curriculum.
“Generation Z is now heading into the workforce in meaningful numbers and for the first time in modern history five generations will be working side-by-side,” says Michael Dell, CEO and chairman of Dell Technologies.
While the younger generations enter the workforce in droves, companies are confronted with another workforce change from the other end of the spectrum: The Silver Tsunami. The Silver Tsunami is a term coined to describe the alarming number of Baby Boomers retiring every day. According to the Bureau of Labor Statistics, by 2022 more than 25 percent of U.S. workers will be 55 years old or older. And according to NPR, nearly 10,000 baby boomers reach retirement age every day.
Most businesses are unprepared for the inevitable generational shift for when their workers retire. Is your company ready? Are your internal processes modern enough to match the tech skills of the iPhone generation? Technology is evolving rapidly, and it’s time for your company to catch up with the times.
In an internal processes/workflows context, essentially every industry and sector will be hit by the Silver Tsunami. More than 80% of organizations say they lose experience, business knowledge and leadership when an older worker retires.
What does this mean for you?
Well, how long has it been since you’ve taken a look at your company’s internal processes and assessed their efficiency? More than likely, the employees who created, implemented and passed down these processes are on the way out the door to spend their days golfing and being a full-time grandpa/grandma. With that being said, these processes could be seriously outdated and inefficient solely based on the fact they were possibly implemented a decade ago. A once modern and cutting-edge workflow, process or software years later is now old hat.
Now is the time to modernize your internal processes starting with a modern approach to your ERP software. Utilizing an ERP software designed in an era where fax machines were still relevant affects you more than you know.
5 Aging ERP Software Effects:
High IT Costs – Legacy on-premise software tend to bleed IT budgets dry with costly maintenance and upgrades unlike true-cloud software solutions.
Stuck – The older the software, the more technologically irrelevant it becomes every day. As tech changes, your outdated system hinders business productivity and growth.
Compliance Problems – Legacy ERPs weren’t created in an age of constant regulatory changes. When you have to play compliance catch-up, you’re prone to errors and potential legal problems. Modern ERPs were built to evolve with the regulatory changes.
Disengaged Employees – Remember when talked about that big generational shift on the horizon? Modern, top-talent employees are incredibly tech-savvy and expect tools with modern tech. They have little patience for outdated ERP issues like manual processes and lack of 24/7 access across all devices. To attract tomorrow’s talent, it is imperative your software is easy, fast and powerful.
No Benefits – On-premise, legacy ERPs have no modern benefits. True-cloud software solutions offers the benefits of increased data security, essentially “version-less” software—which means no costly IT maintenance, real time business performance views and reports and so much more.
To mitigate the risks of the Silver Tsunami and Millennial and Gen influx, it is imperative your software adapts with your changing workforce. You need a flexible financial software solution to accommodate your dynamic business needs. That’s where Oracle | NetSuite comes in. NetSuite is a true-cloud ERP that enables organizations to manage IT costs, optimize accounting efficiency, streamline order management and procurement processes, eliminate manually-intensive spreadsheet-based reporting and improve productivity. More than 40,000 companies have trusted NetSuite to close their books faster, stay in compliance and help them keep a 360 view of their business performance.
