On February 11, at a special open meeting of the corporate members of the Golden Rain Foundation, members overwhelmingly approved a resolution to upgrade the Village’s current operating software up to a $4 million capital expenditure over two and a half years (this planned project is funded from reserves; there is no future impact to resident assessments). At its regular meeting on February 1, the GRF board had already unanimously approved a resolution to upgrade.
The Village’s various current in-house software programs are obsolete and expensive or impossible to support, present security vulnerabilities and delay services. Upgrading to cloud-based enterprise resource planning (ERP) system software will bring the Village up to 21st century standards, consolidate obsolete systems, streamline paper-based processes; achieve greater security, efficiency and resident satisfaction; and lead to long-term savings.
Over a months-long evaluation process, the GRF Information Technology Advisory Committee (ITAC), comprised of GRF, Third and United directors, housing mutual members and VMS staff, surveyed various ERP software, and selected Microsoft Dynamics 365 as the new cloud-based platform.
Significant time was devoted to the review of three products by ITAC and staff. The chosen product was surveyed to be the highest rated for our operations. ITAC chose Microsoft Dynamics 365 based on its reputation as an excellent ERP system from a stable, well-known company; unlimited customization possibilities; ability to integrate with third-party software; and end-user familiarity and an intuitive, user-friendly interface.
While switching to a cloud-based system will initially cost approximately $1.6 million more than renewing the current system, GRF Treasurer Jim Hopkins said the move is projected to save $271,000 annually in information technology and licensing fees after five years and approximately $700,000 over a five-year period and $2 million over a 10-year period in operating expenses.
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