Perhaps you’ve known for a while now that your PLM isn’t working out.
Or, that your legacy QMS is simply not able to keep up with the pace of business.
Or, it could be that you just have far too many siloed, disparate systems.
The third quarter of the fiscal year (Q3) is your window. It’s the ideal time to make your case to your finance team that the time is now to reevaluate these systems.
While the first half of the year is typically focused on executing strategies from the prior year’s planning sessions, Q3 is a pivotal moment for reassessment and strategic recalibration.
It's a time to evaluate what’s working, identify areas of improvement, and align your enterprise systems with the evolving needs of the business. It sets the stage for end-of-year reviews and the upcoming year’s planning.
Here are the reasons why Q3 is the ideal time to pounce.
1. Strategic Reflection and Mid-Year Performance Analysis
By Q3, most enterprises have enough data to evaluate the effectiveness of their current strategies. This mid-year performance analysis allows businesses to see how well their PLM and QMS solutions are supporting their objectives. If there are gaps or inefficiencies, Q3 offers a window to catalog these issues before the year-end. It’s the perfect time to reflect on whether your enterprise system is flexible and scalable enough to handle market changes, scale operations, or meet customer demands.
For example, if you know your current system hinders product lifecycle efficiency or fails to integrate well with new design and quality tools, starting the consideration process in Q3 is ideal.
It allows enough time to research alternatives, plan transitions, and even pilot new systems before the new fiscal year begins.
2. Budgeting and Financial Planning
As any CFO will tell you, Q3 is a critical moment for budgeting and financial planning for the next fiscal year. Planning for major system changes can get lost in the momentum of hitting targets in Q4 or be pushed aside for setting goals in Q1. Starting in Q3 ensures that there is enough time to justify expenditures and secure the necessary funds in next year's budget.
By reassessing PLM and QMS implementations or upgrades during this time, organizations can allocate budget more effectively. If upgrades, migrations, or complete overhauls are needed, understanding these requirements now allows for their inclusion in the budget next year.
3. Aligning with End-of-Year Goals
As Q3 progresses, the focus inevitably shifts towards achieving end-of-year targets. Any new consideration and scoping for product lifecycle and quality management systems in Q4 might take a back seat to these efforts, making Q3 the last optimal window for such activities.
Securing buy-in from leadership can often be the toughest hurdle, so you want to be sure there are minimal distractions from the prize: the necessity of digital transformation for your business' success.
4. Technology Roadmaps and Vendor Negotiations
Enterprise systems often depend on third-party vendors, whose contract cycles and product roadmaps must be carefully considered. Q3 is an opportune time to revisit vendor relationships, review contracts, and negotiate better terms or upgrades. Vendors are typically more responsive during Q3, knowing that businesses are preparing their budgets for the next year.
Additionally, this period allows organizations to align their technology roadmaps with industry trends and innovations. By reassessing in Q3, companies can ensure their enterprise systems will be future-proof and aligned with technological advancements that may come in the next fiscal year.
5. Preparing for Year-End Audits and Compliance Checks
Year-end audits and compliance reviews are inevitable. Ensuring your PLM, QMS, and related systems are robust and compliant can significantly reduce the stress and resource drain that these processes often cause. Q3 allows time for those who are championing a system change to demonstrate all the gaps in these critical activities — and how a new solution could streamline those requirements efforts year over year.
Setting the Stage for Next Year & Beyond with Propel
Reevaluating enterprise systems in Q3 is about addressing immediate needs and setting the foundation for future growth and resilience. As businesses navigate an increasingly complex and rapidly changing environment, the ability to adapt quickly becomes paramount.
Propel Software’s product lifecycle management (PLM), quality management (QMS), and product information management (PIM) solutions, with cloud-native extensibility and seamless integrations, are ideal for companies looking to modernize and stay competitive not only in the next fiscal year—but for the foreseeable future.
Don't wait until it's too late in the year to make a change. Discover firsthand how the Propel platform can streamline your operations, improve efficiency, and set you up for success in the next fiscal year and beyond.
