The following article explains how to select an enterprise resource planning ERP software for business, including questions to ask, factors to consider and features you need.
How to Select Enterprise Resource Planning ERP Software for Business
by Daniel Stockman
There is no doubt as to how important ERP systems can be as they bring business management, operations, and functions under a single umbrella, making them more effective and efficient. However, the catch to this is choosing which ERP module, or particularly, which ERP design you want for your business.
The thing about ERP Software for business is that it comes with a lot of variety and that is where things do get a little trick. Here are some tips and guidelines that can make it easier for you to decide on as to what features and factors you need to consider when choosing anERP Software for business.
How To Select the Right ERP Software for Your Business
Step 1 – Discuss Your Business First and in Detail
It is important to know the reasons behind the decision which led you to choose ERP Software for business to be integrated into our business process. It is extremely important to know that you and your team ponder upon the factors where ERP Software for business is going to be beneficial for business growth and profitability in the first place. This would allow you to jot down the necessary features you require, and the software vendor can map them to the ERP modules that can deliver the required functionality.
Step 2 – Estimate The Cost Of Change
Your decision to to implement an ERP Software for business should be based on grounded facts such as the impact it will have on your business’s efficiency, productivity, and growth. The decision should not simply be for the sake of being innovative on the business field. This often leads to deploying additional costly modules that have no use for your business now. For every module you add, simply budget the following to realize the projected cost of your investment:
- Hardware upgrades
- Software maintenance
- Security breaches
- Malfunctions etc.
Step 3 – Plan it Out Thoroughly
Implementing ERP software into your business isn’t child’s play. You must focus your energies in deciphering how your decision to choose an ERP software would offer solutions, along with being fully functional in your related business field, and if it is tested and fully accepted by end users or not. Your planning should include:
- The entirety of your business process
- The workflow design to data migration
- Multiple testing of the software
- Key organizational carnages
- Management activities
Here are some of the best features that you can choose for your ERP software by simply demanding them from your software vendor:
- Inventory Control
- Work Order Management
- Purchase Orders
- Bill of Materials
- Job Costing
- General Ledger
- Bank Reconciliation
- Account Receivable
- Accounts Payable
- Multi Currency
- Fixed Assets
- EFT Payments
- Progress Billing
- Fund Accounting
ERPs are often the biggest investment that businesses make to streamline their growing business operations and processes. This decision should be properly planned, and have sound reasoning behind the need for every module. This is only possible by carefully understanding your business needs, discussing it with the right vendor, and mapping a holistic ERP Software for business.
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