Finding the right ERP solution to suit your company’s unique needs isn’t as easy as it sounds. With many options available on the market and the monetary risk associated with choosing the wrong solution, selecting an ERP should take time and careful evaluation. After all, you want the best solution for your business, but it can be a challenge to know where to start.
The are several important considerations to evaluate before you begin to seek an ERP solution:
- Your Business Goals
- Budget Expectations
- Time to Implement
- Internal Support
- Reporting & Analytics
- Time to ROI
1) Your Business Goals
Before you start your ERP evaluation, it is important to outline the goals that you’d like your ERP solution to meet. To set these goals, first ask yourself the following questions:
- What issues does your company have that you need to solve?
- Do you have any manual processes you need to automate?
- What is and isn’t working with the solutions that you have now?
- Do you need any additional features for areas like finance, payroll, or operations?
The solution that’s right for your company should align with your answers to these questions and your long-term plans.
2) Budget Expectations
Once you have determined several of your goals, you will need to consider your budget and what constraints and expectations you have moving forward with a potential ERP solution. Keep in mind that while implementing an ERP will save you resources in the long run, your budget should include the initial cost of implementation, software licensing (if applicable), and any training, maintenance, and ongoing support.
3) Time to Implement
As previously mentioned, implementing an ERP solution will take time; however, depending on the solution you choose, your business needs, and your implementation partner, this timeframe can differ. To accommodate for different timelines, consider your own timeline and expectations. Are you in need of a quick go-live target of four weeks? Or are you looking further down the road to implement in six months to a year? It’s important to determine your time constraints before reaching out for a demo.
4) Internal Support
A very important factor in a successful ERP implementation is ensuring that your team and executive sponsors are onboard with not only the decision to seek out a new solution, but with your final choice to ensure a smooth implementation and successful adoption. Dedicate a project champion who is responsible for managing the relationships and communicating expectations with your vendors throughout the process.
5) Reporting & Analytics
You’ll want to make sure that the ERP solution you choose has the reporting and analytics that you require so that you’re not turning to third-party applications post-implementation and requiring additional workarounds in order to gain visibility into your processes.
6) Time to ROI
Finally, you’ll want to consider how long it will take your business to recoup the amount of resources you invested into your chosen ERP solution. Ideally, you will want to seek out a solution that can quickly pay for itself and deliver the highest ROI in the shortest amount of time.
With so many ERP solutions available on the market, it’s important to spend time considering what’s important to your business. The more information you have entering the selection process, the more seamless it will be. Learn more about the selection process in our guide, ‘How to Grow with an ERP: A Guide for Midsized Companies’.
Ready to get started on your ERP project? Reach out to our team today.