Software for International Expansion
Your hard work has finally paid off. The manufacturing or distribution firm you’ve dreamed of starting for years isn’t just here but standing strong, even against major competitors. Your business is small but mighty, gaining attention in your industry and winning deals. Sounds like a time to celebrate, but many leaders of successful start-up companies see red flags at this point as they contemplate their next move.
Luckily, innovative enterprise software transforms those red flags into exciting opportunities. This is particularly true when it comes to global expansion. Enterprise resource planning (ERP) and currency management integration solutions alleviate a lot of the concerns that have manufacturing and distribution SMBs thinking twice about spreading their business overseas. Don’t believe us? Below, we describe three of the largest fears deterring smaller manufacturers and distributors from international growth and explain how software solutions tackle these issues to transform SMBs into global powerhouses.
Global Regulatory and Tax Compliance
Abiding by strict government, tax and industry regulations becomes tedious even at a local level. Compliance with international standards—how is that even possible? When it comes to taking on local, national and global mandates, the best solution is an ERP system that stays on top of ever-changing standards, operates from a robust architectural base and includes configurable, comprehensive data management and reporting tools.
Epicor ERP continuously updates its platform to help users maintain compliance. For example, Epicor 10’s improved business logic and secure database allows users to easily abide by the GDPR. Epicor can also streamline reporting and documentation efforts by enabling businesses to check Certificates of Compliance (COC), Certificates of Analysis (COA) or Certificates of Quality (COQ) at critical moments of shipping and receiving. Sophisticated data tracking and storage assist users in keeping up with supplies and managing compliance.
To further help clients with demanding global regulatory burdens, Epicor built unique global engines into its financial management suite to add accounting agility while meeting legal and financial compliance requirements. The system’s flexibility permits users to configure the global tax engine and multi-currency engine to support unlimited currencies and the most complex international enterprises. (We’ll delve deeper into currencies later.) Difficult compliance standards become easy to manage with Epicor ERP.
We all know how tough it can be to organize just one department. Managing all the data, personnel and operations of multiple sites and companies around the world—that makes running your business a lot trickier if you don’t have the right technology. Fortunately, Epicor includes best-in-class global management tools to offer transparency throughout every location of your empire.
Manufacturers and distributors must oversee multiple plants and warehouses, no matter where they are located. Epicor allows just that by providing a complete menu with a comprehensive view of records across your enterprise available from a single login. Changes in data and documentation are automatically updated throughout the ERP instance, which keeps users up-to-speed and eradicates risky, time-wasting manual data entries. Executives can stay on top of plant scheduling, sourcing, forecasting and more to maintain efficiency and cut waste from every area of the enterprise.
For many small and midsize manufacturers and distributors, managing multiple currencies serves as the greatest concern for expanding their business abroad. Foreign exchange volatility makes diving into the global marketplace seem like a risky business venture, but investing in the right software solutions can make this a move in which the rewards outweigh the risks.
As integration and Epicor experts with 20 years of industry know-how, Datix sought to build a solution to this particular international business woe. What we came up with was Unity X, an integration application that connects Epicor ERP and XE Currency Data API into a seamless system using the same API technology that powers our Unity integrations. XE.com has provided up-to-date exchange rates for over 160 currencies for the past 20 years, making it the world’s most trusted exchange authority. Using Unity X, clients can automatically sync exchange rates from XE Currency Data API into their Epicor multi-currency module every day to enforce smart pricing and accurate accounting.
With Unity X, there’s no manual entry of exchange rates, a process which wastes critical work hours and puts your business at risk of using incorrect data. That incorrect data could lead to closing deals at bad times or costly accounting errors. Unity X combines the advanced global management technology of Epicor with trusted XE currency data to make it easier and safer than ever to make the leap from start-up to international leader.
Manufacturing and distribution SMBs often fear that taking their business across borders will cause them to lose their hard-earned revenue. Instead, with Epicor and Unity X solutions, companies gain revenue by taking their business to the next level.
At this point, you might be worrying that software implementations and integrations aren’t feasible for your enterprise. On the contrary, enterprise software is more available than ever before. Cloud technology, user-friendly interfaces and cohesive modules have opened the software market up to businesses of all sizes. Epicor, in particular, is designed with SMB manufacturers and distributors in mind. Plus, its flexible architecture enables small businesses to easily configure and customize their instance as they expand. When it comes to integrations, you can’t get any easier than Unity X. It’s easily deployed within a couple of hours, enabling enterprises to earn considerable ROI fast.
Datix is the ideal consulting firm to help you take your start-up abroad. An Epicor Gold Partner and leader in ERP integrations, we have a proven track record in transforming businesses through software. To transform your business, get in touch with our expert consultants today!