When the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) came together to harmonize revenue recognition standards, the goal was to achieve greater consistency in financial reporting across industries and globally. The resulting rules, ASC 606 and IFRS 15, weren't necessarily intended to make revenue recognition any easier, however. So it shouldn't come as a surprise that more than a year after the new standards took effect for private companies (and two years for public companies), many organizations still struggle to comply.
Implementing an ERP system can be overwhelming for a first-time user. With any new technology deployment, users will need assistance addressing issues that may pop up or architecting solutions for future business process enhancements.
In times of change, the technology industry — and software companies specifically — tend to adapt quickly. When the coronavirus emerged, many businesses closed their offices and shifted to a now almost universally adopted work-from-home approach. The work-from-home culture had already gained ground in the software space — almost 30% of all remote job postings were in information technology pre-coronavirus, more than any other field, according to Remoters.net. As a result, it was likely easier for software employees to fall into this new way of working than those in other industries.
The services industry is huge, and the success of services businesses hinges partly on making their resources as productive as possible. Doing so requires applications that can run and automate their operations.
Consistent quality is central to improving warehouse efficiency, efficiently managing inventory levels and delivering on customer expectations. Relying on an ad hoc approach to quality might have worked in good times but, in times of crisis, a comprehensive and systematic approach to quality can help minimize costs and maximize productivity.