Regardless of how business-aware or technically savvy you are, it’s easy to get confused and overwhelmed by the complicated nature and the vast array of features of ERP systems. You can just as easily be enticed into purchasing ERP modules that aren’t required by your organization. You could purchase the most advanced and versatile ERP solution on the market, but it still won’t guarantee you success.
Before you start comparing and evaluating different ERP features, it’s important to figure out the exact requirements of your enterprise and determine which ERP functions are likely to have a positive ROI. During this process, these are the questions you should ask yourself:
- What are the goals of your company?
- Which areas of your organization are you aim to improve with your new ERP system?
- Which of your current systems need to be replaced or integrated with the new solution?
As each company has its unique requirements and its own set of challenges, answering these questions will help you know which ERP features you should opt for. Since each organization is different, we have created a list of ERP features that can beneficial for a wide variety of businesses.
Ease of Integration
One thing that you should know about ERP implementation is that the process is not set in stone. According to TEC, ERP implementations, on average, take 30% longer than the estimated time. Furthermore, in around 65% of ERP implementations, the costs exceed the estimates, often amounting to 3-4 times of the budget. While multiple issues can potentially arise during the implementation stage, problems most commonly occur when multiple modules are being integrated. Flawless integration is essential to get the maximum out of an ERP system.
Furthermore, most businesses require the integration of additional systems which are not a part of the ERP program. To avoid complications in the future, make sure to opt for an ERP solution that is compatible with other systems.
An important part of the ‘requirement gathering’ phase is figuring out which hosting solution is best for you. You can opt for on-site servers, a cloud-based hosting solution or a hybrid one which is a mix of both. Most businesses opt for a cloud-based hosting solution because of the ease of accessibility, security and versatility it provides.
However, each enterprise has different requirements and preferences. It’s best to opt for an ERP system that offers multiple hosting options.
We’ve already established that ERPs are complicated, many-layered systems with a plethora of features that should ideally enhance all of your enterprise’s operations. However, even the best ERPs are only as effective as their users. If the UI of the system is too complicated, then all of its vast features are rendered useless and the productivity of the organization goes down instead of going up. Therefore, it’s best to try out the demo version before you pull the trigger on an ERP purchase.
Your business is not going to remain rigid and static but it’s going to change and evolve. In the same vein, your ERP system should also be adaptable to future changes. Changing an ERP system can be quite costly and you don’t want to be investing in a new solution every couple of years. Make sure that you opt for an ERP vendor that provides a future-proof, scalable solution.
Mobility & Flexibility
While it might have been considered futuristic in the past, mobile access is a must-have ERP feature in 2019. These days, it’s common for employees of an organization to access the workflows and the data through their own devices. In addition to providing your employees with on-the-go easy access, a mobile-friendly ERP system will also give you real-time updates of the performance of your business at any given point.
Finance & Accounting
It’s safe to say that enhancing financial processes is a goal of all types of businesses. An excellent ERP finance module can efficiently handle payments, accounts receivables, tax requirements and banking. The benefits of having such a module include:
- Agile report generation
- Increased and more efficient information gathering
- Enhanced quality of reporting
- Elimination of human error
- More automation
Not only will a finance module help you slash labor costs, but it’ll also give your business a competitive edge by enhancing agility and forecasting.
When it comes to choosing an ERP solution for your business, make sure you opt for one that has all the features mentioned above. gotomyerp are leading specialists in QuickBooks hosting services. We can help you choose an ERP solution that is perfectly suited to your business needs.