Optimal ROI of your ERP Solution
When your business incurs an expense, it’s only right that you expect to get something in return. It could come in the form of good will, brand reputation or general awareness—but in other cases, you’re looking for strictly monetary value, either through savings over time or better profitability going forward.
One large financial cost that many companies choose to accept in the interest of modernization and improved business outcomes is the implementation of an enterprise resource planning (ERP) solution. When designed to suit your industry, these systems can be the foundation for optimized operations, but that must be balanced with the money, time and effort that your teams devote to deploying and utilizing the platform.
Maximizing Your Return with Best Practices
A solid approach to getting the most out of your ERP implementation includes both efforts to minimize costs as well as measures taken to get the greatest benefit out of the solution. That being said, one critically important part of maximizing your return takes place before you begin deploying the system—during your research and request for proposal stages, you absolutely must confirm that all platforms you consider are truly tailored to your industry.
While there are many ERP systems that claim to be “one-size-fits-all” and universally applicable across many business types, such an offering won’t cut it for a highly sophisticated and specialized organization like yours. Whether you manufacture, process or distribute products in the food and beverage, consumer goods, apparel, chemical, cannabis or fabricated metals industry, your solution must be specifically designed for the unique challenges you face.
Once you have thoroughly vetted your selected solution for industry-specific features and the segment-specific functionalities you need, the following steps can increase your chances of achieving the excellent ROI you’re hoping for:
Choose a trusted vendor – Not all ERP systems are created equal, and neither are the providers that sell them. Conduct your due diligence on all vendors you consider, ask their current clients and other industry peers for their feedback and request specialized demos to see the platform in practice.
Deploy via the cloud – We mentioned in the above section that implementation costs will be greater for those businesses that opt for an on-premise installation, as that can come with larger hardware and maintenance costs. A flexible cloud deployment lowers your overhead costs, promotes agility and ensures mobile access for on-the-go employees.
Prioritize open communication and education – A successful ERP implementation takes buy-in from all members of the organization, from those who work the factory floor to the C-suite executives. Communicate your purpose and plans clearly, engage a variety of stakeholders and make sure that everyone understands how to use the software for their responsibilities.
Know the value of data – In the preceding section, the accuracy and comprehensiveness of your information was mentioned as critical to calculating the ROI on ERP. It’s also generally one of the greatest assets your business has, so ensure that the ERP solution you select has excellent data capture, management and analysis features.
Finally, rely on your solution provider for guidance throughout the implementation process and beyond. They’ve seen other businesses like yours through this journey and should be able to provide further advice and best practices to really get the most out of your ERP.
Exploring the Advantages of an Industry Specific ERP
We’ve looked at many of the aspects involved in getting the best ROI out of your ERP, but one that bears repeating is making sure that you’ve got the right platform and vendor for your business’s unique circumstances. After all, you can only maximize the value that you get out of the system if it suits all your needs and is backed by a knowledgeable and trustworthy provider.
We’re proud to offer a full suite of industry-specific solutions built with decades of collective experience and in-depth knowledge of best practices in all the markets we serve. We’ve prioritized being a partner to our clients in thousands of successful implementations, starting with detailed roadmaps for the process and providing guidance throughout each phase and past deployment.
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