How Truly Global is Your Midmarket ERP System?

Guest Blog by PJ Jakovljevic, Principal Analyst, Technology Evaluation Centers
Hardly any company today can grow its business by focusing on a single domestic market. Lots of anecdotes provide evidence of globally conducted businesses growing faster than those oriented mostly in local markets. As the internet has transformed the world into a global village, why on earth (pun intended) wouldn’t a company seek to expand its opportunities and market its products and services worldwide?
But is your enterprise resource planning (ERP) software system capable of handling your coveted global business? Your international business requires ERP software capabilities that go well beyond just how many languages and currencies the system can support. Business growth means continuous change, evolution, discipline, focus, risk and sharing. As such, international expansion is associated with intra-company framework establishment (transactions and tallies between the subsidiaries and divisions) and financial reconciliation, regional revenue recognition compliance and localized financial report generation, foreign exchange management, local product support and service team establishment and management, and more (see figure 1).