Every once in a while, you see a headline about a major company, one that’s been around for decades, filing for bankruptcy. Blockbuster, Pan Am, Commodore International: They’re all headed to the dustbin of history.
We’re used to these headlines, now. A business is disrupted, struggles to adapt, restructures, or disappears. It’s a tale as old as time.
The most recent example, though, stopped me in my tracks. I had to reread the headline to make sure I read it correctly: America’s largest milk producer files for bankruptcy (Dean Foods – brand names include Dairy Pure, Organic Valley, and Land O’Lakes).
My immediate reaction was confusion: How can milk go bankrupt? Personally, I’m not much of a dairy fan, but we still have at least two gallons stocked in the fridge each week for my kids, who LOVE the stuff.
The article goes on to say, “Once a staple of the American refrigerator, milk has slowly fallen out of favor with consumers as they seek less-sugary or plant-based alternatives.” I found another article that explained, “As consumers have become more concerned with health and wellness and sustainability issues, plant-based alternatives have become more popular than milk from cows.”
Since I’m an ERP marketer, I naturally started to wonder how old the company’s ERP is. If it had modernized its ERP a few years ago, could it have leveraged modern analytical tools to gain insights that showed the early trends of consumer tastes shifting from cow milk to plant-based alternatives? Could it have used that data to create new products that appeal to new consumer preferences?
There are some other mitigating factors with this example, but the bottom line is that we’re in an era where modernizing your ERP is the key to staying at the top of your industry.
If you think your company can put this off for a few more years, think again. The time is now.
Our latest guide, How to Lead the Modernization of Your Business: Productivity, Capability, and Innovation, is designed to help you get started. It features advice and insight from leading technology and business experts, including:
- Dana Gardner, president & principal analyst, Interarbor Solutions
- Hal Good, president & CEO, Procurement Pros Group
- Eric Kavanagh, CEO, The Bloor Group
- Laurie McCabe, co-founder & Partner, SMB Group
- Barry Moltz, small business expert, Shafran Moltz Group, LLC
- Daniel Newman, principal analyst, founder & chairman, Futurum Research
- Jo Peterson, vice president, cloud services, Clarify360
- Mike Quindazzi, managing director, PwC
- Isaac Sacolick, president, StarCIO, and author of Driving Digital
- Keith Townsend, principal, CTO Advisor
As a personal note to end this article, I am the mother of a child with severe tree nut and soy allergies. Our household will continue stocking at least two gallons of cow milk each week.
If your legacy ERP is keeping you from milking your business to its full potential, it’s time to look toward the future. Get the information you need to lead the modernization charge in your organization: read How to Lead the Modernization of Your Business.