Enterprise Resource Planning (ERP) software is of the utmost importance for every business because it offers the benefits of integrated and streamlined business processes, improved reporting capabilities, increasing productivity, better data security and lower cost of operations. It is safe to say that an efficient ERP system can provide a multitude of benefits to a business. But, this is only possible when the right system is selected that’s capable of supporting the organization’s needs. There are numerous factors and decision points that can impact this decision, which makes the task quite daunting.
Here are some great tips that can increase your odds of choosing the best ERP system for your business:
Understand and prioritize your software requirements
First, you should begin by identifying the challenges that need to be solved and the flaws in the current system. This will help you in figuring out what you need. It is better to be as specific as possible when you are listing down your software requirements because it allows you to control the selection process by focusing on must-haves instead of extra perks.
Evaluate the options carefully
Consulting management and important stakeholders is an essential part of the decision making process. Their input can prove valuable in the evaluation phase. In addition, you should also think about how the ERP systems you are considering will integrate with the existing systems in your office.
Create a list of software vendors
Now is the time for you to make a shortlist of vendors that are serving your industry in the best possible way, but that’s not all. You also need to cull the list according to your budget and requirements. Don’t make a huge list of vendors for evaluation because that’s only going to waste your time. It is not difficult to find out the top ERP systems of your industry and make a choice from one of them.
Do a comparison of prices
When your list of vendors has narrowed down, you can now consult each of them and ask them for a detailed price quote and the services they are offering in return. You need to compare what the vendors are offering in terms of training, support, pricing models and third-party hardware. You should also read how to choose the best ERP system for Service company.
Check the underlying technology and future scalability
There was a time when no importance was given to the underlying technology of an ERP system. Instead, when selecting a system, the focus was more on software functionality, but technology has developed rather quickly. The cost of replacing an ERP system doesn’t just include the price you will have to pay for the new software, but there are other aspects that need to be considered. You have to think about training, business disruption and also the lost time when the system is being replaced. When you opt for a system that’s based on newer technology and offers scalability in the future, it will make a better investment in the long run and offer you greater returns than before.