Now in 2023 more and more businesses are converting to integrated ERP systems. But how do you find the right solution for your business? We dive deep into this topic to help you make the right decision
Enterprise Resource Planning (ERP) software has become an essential tool for businesses of all sizes to manage their operations more efficiently. An ERP system integrates various business functions, including finance, accounting, resources, procurement, inventory management, and customer relationship management, and much more into a single platform. This integration streamlines business processes, enhances visibility and provides valuable insights into organisational performances. However, with so many ERP software solutions available in the market it can be overwhelming for businesses to choose the right one for their specific needs. This is an important decision as choosing the right system can be the difference in driving growth, increasing productivity, and improving decision-making capabilities, while a wrong one can cause significant disruption and financial losses. Therefore, it is crucial to conduct proper research and evaluation to select an ERP solution that aligns with your business goals and processes.
In this blog, we will provide some valuable insights into how to choose the right ERP system for your business. We will discuss the essential factors that you should consider during the selection process. We hope that by following the guidelines outlined, you can make an informed decision and choose an ERP system that will meet your current and future business needs.
Firstly, you must define your own business requirements. You need to identify the specific needs and pain points in your current business processes. You would also find a great benefit in knowing what internal systems you want to integrate into the ERP system, such as finance, accounting, inventory management etc. Once you have defined these requirements you need to evaluate the available ERP options in the market. Here are some factors that must be considered:
- Scalability: Ensure that the ERP system can handle your current business requirements and future growth.
- Customisation: Look for the ERP system that can fit your unique business processes.
- Total Costs: Consider both the upfront and ongoing cost of the ERP system such as the licensing fees, implementation costs and maintenance costs.
- Support: Make sure you are with a company that offers support and is easily reachable if problems arise.
- Training: Choose a system that comes with a great training process that will speed up the implementation process.
Arguably the most important factor you must consider is understanding the company behind the ERP software. Do they work with organisations similar to yours? Do they have the resources to fulfil your business needs? Will they provide you with the necessary time and commitment when implementing your new system? Take for example us here at Profitsflow. We provide an all-inclusive, fully integrated ERP solution called EFACS E/8 to the manufacturing and field service sectors. We have been working with these types of businesses for over a decade, so we know everything from their pain points down to their specific processes that they will want to incorporate to their new ERP system.
A manufacturing or field service company can have a large amount of trust that our solution will be the right one for them as the entire process and implementation process is custom built for their industry. This is what you must uncover. You must find a provider that suits your business needs as this is what will give you the greatest chance of success.
One area that businesses should also consider is whether to have an on premise ERP system or a Cloud hosted system. In recent times we have found there has been a large number of companies switching to a Cloud hosted system. Why? Well these systems can be very cost effective as you do not need to worry about purchasing hardware. You also have the added benefit of not investing in expensive hardware or hire a dedicated IT team to manage the system. Instead you can access the system through a web browser, and the vendor takes care of the system’s maintenance and security. You can read more about why you should pick a Cloud based solution HERE.
In conclusion, choosing the right ERP system for your business is a critical decision that can impact your organisations success in the long run. This is achieved by deciding your business requirements, evaluating your options, considering cloud-based ERP solutions, and deciding to work with an ERP specialist that you can trust and work with you to exceed your business goals.
If you want to learn more about anything ERP related feel free to email us at email@example.com or call us on 01-244-9580. Similarly you can follow us on LinkedIn, Twitter, and Facebook where we post daily content relating to ERP.