SHARE

Businesses have an increasing amount of data to keep track of and act on these days, particularly when it comes to finances. Enterprise resource planning (ERP) solutions are designed to help, though it can be challenging to decide which solution is right for your operation.

If your business is looking to implement ERP software for the first time — or upgrade an existing solution that is no longer meeting your needs — it’s important to have a sound plan in place before proceeding. Let’s take a closer look at what ERP solutions offer and how to navigate the marketplace.

What can an ERP solution offer your business?

ERP software is designed to support all facets of your business, such as accounting, compliance, procurement, supply chain management and more. By bringing together these different areas, ERP solutions can help streamline your day-to-day operations, making critical data easily accessible with just a click.

Increasingly, modern ERP solutions are cloud based and lean into digital integration, which is the concept of connecting an organization’s tools, systems and data in a programmatic way with the goal of achieving increased security, reliability and scalability. With business data often coming from many disparate sources, an integrated approach is more important than ever.

Questions to consider when evaluating ERP options

There are many different ERP providers and platforms available in the marketplace today. Once you begin shopping around, here are some helpful questions to keep in mind when assessing your options:

1. If you currently use ERP software, which features do you like about the solution? What don’t you like? What limitations exist that you would like to solve for?

2. Are there features you have heard about in the marketplace that you want to explore further?

3. How do you see your business growing and changing in the next three, five or 10 years? How will growth impact administrative and operational processes?

4. Which of your current workflows need to be done manually or with a “swivel chair” between the current ERP and other systems?

5. Do you keep track of inventory in your current system? Is this a need that you have?

6. Are you seeking to integrate with your customer relationship management (CRM) system, or other systems in place for email, payroll and timekeeping?

7. Do you operate as a single entity or have multiple entities?

8. Do your vendors, financial partner or customers offer integrated services that could be utilized to gain efficiencies? What are the requirements of those integrations?

What role does your bank play?

As you begin narrowing in on some ERP solutions that you like, don’t forget to bring your financial partner into the conversation. If your goal is to become more digitally integrated, you’ll want to make sure your ERP software works in harmony with your bank’s systems.

This type of conversation requires a financial partner who is willing to roll up their sleeves and join you on your digital integration journey. Your partner can help you set goals and implement a timeline that makes sense. While sweeping change might not happen overnight, working toward more integrated systems will benefit your organization in the long run.