Every month, we see more evidence that companies are suffering as a result of being locked into outdated ERP systems. A study published last week by the Technology Evaluation Centers IT research consultancy identified that 55% of mid-market organisations are unable to make data and business process changes to their ERP systems due to the costs associated with outside IT consultation.

The research concurs with an earlier Forrester study that found 50% of ERP customers are stuck with aging ERP that may be four or more years old. The clear message is that too often, businesses are being held to ransom by ERP investment that is frozen in time as a result of software version lock.

In a business climate where organisations are constantly seeking ways to gain an edge on the competition and stay ahead of the curve, the question isn’t whether businesses can afford to update their ERP—it’s whether they can afford not to. In a competitive environment, the risks of making do with software that doesn’t include the latest functionality—whether in terms of security, accessibility, compliance, integration and other factors—are severe.

For companies that can’t afford to keep throwing money at their existing on-premise ERP, the cloud can provide an answer. Businesses using NetSuite are never ‘version-locked’ and have access to the latest upgrades as soon as they happen, without the need to hire outside consultation for installation and without additional cost. This flexibility means that businesses don’t need to waste time and resources on managing and maintaining an outdated ERP system but instead can focus on the top priority—growing the business.

For more on how companies can avoid the ERP upgrade cycle for good, click here to read our white paper.