5 Key Considerations When Evaluating ERP

Choosing a new ERP provider can be a business transforming decision, and should be treated with the care and consideration such pivotal decisions deserve. There are many different considerations that should be weighed careful to determine what features are most important for your business. Acumatica has put together a checklist to help business rank what is most important to them. These categories are:

Productivity: This category encompasses features and capacities that help boost the work efficiency and productivity of businesses that choose it. These features can range from in-program document management and wiki functions to the ability to operate financials in multiple currencies and as well as the system having support for multiple languages. A central consideration in this section involves how the system actually runs: top of line ERP systems will be both powerful and intuitive.

Functionality: This leads in to the discussion of functionality, encompassing features directly related to how the ERP system will work in day to day operation. Key systems to consider are financial management, reporting, business intelligence, and a solution’s ability to work with existing business processes and other third-party vendors.

Technology: This category deals with the level of technological sophistication powering a solution. Key things to consider are if it is truly cloud-based, what sort of mobile-app support it offers, how the database functions and is accessible, the artificial intelligence powering it, and how customization it is, particularly in its interface. A modern, cutting-edge solution is vital to almost any industry, as research shows legacy, monolithic systems are not as effective as their agile counterparts.

Value: The value category deals with the cost of ownership and operations, and the cost vs benefit ratio. While the total cost of ownership is the most obvious consideration in the category, other things to keep in mind include how scalable a solution is, as well as how flexible it is in terms of licensing. An often overlooked consideration is how a solution charges- does it charge by number of users or total resources engaged? Top line solutions will be the latter, allowing for greater use across the entirety of a business.

Risk: No ERP solution, no matter how well researched or top of the line, comes without risk. Things to keep in mind when analyzing the risk category include how predictable monthly costs are, the security features included in the system, and data back-up and recovery systems. Checking references provided by other customers is vital, and finding a solution with first-hand experience in your businesses’ field can be the difference between an average partnership and a top-of-class partnership.

These are just some of the considerations to keep in mind when choosing an ERP vendor. For a full, checklist visit https://info.nexvue.com/checklist/.

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