In our last article we looked at what key performance indicators should be used to judge an ERP Solution’s effectiveness when it comes to productivity. Today we will be continuing our look at the ERP Provider Checklist with the functionality category. In this category we will be looking at what, exactly, the chosen solution does to improve your business.
One vital area that every ERP solution should be graded on is its ability to integrate with other systems, particularly any systems that your company is already using. Many companies are choosing to go with a complete solution, meaning their system provides both ERP and CRM functions, lowering the amount of systems their users have to operating in, raising efficiency and saving money. These complete systems offer full eCommerce and Business Intelligence integrations, two key future technologies many companies need to thrive. These solutions are also ideal for multi-site businesses, enabling sharing of key data across all sites.
FINANCIAL MUSCLE AT YOUR DISPOSAL
How a potential solution handles financials can be make or break for a number of industries. A modern ERP solution should provide a full suite of financial management tools, such as general ledger, payroll, cash management, and more. Top of the line systems can also provide quote to cash support as well as procure-to-pay functionality, covering all the financial bases a company could need, from quote creation to invoice generation and matching.
A modern ERP platform will have a full array of reporting functions, allowing for in-depth visibility in to a wide variety of business aspects. A key consideration when grading potential partners is how customizable the reports are, as well as how quickly the data populates. Is it real time, or is there a lag to process?
SUPPORTING YOUR COMPANY
When choosing an ERP solution it is important to ensure that the provider is capable of giving your company the support it will need to thrive, even after implementation. A good partner will provide third-party support, ensuring that your business is able to keep cohesion with partners who may be operating with other systems, as well as offering the ability to extend the functionality of their own product to cover any unique business needs your company may have. Top partners also offer specialized support for particular industries, such as distribution, eCommerce, retail, or construction.
While there are a large number of possible concerns when choosing a new ERP partner, functionality should always be near the top of the list. The needs of your business should always be kept top of mind, and to assist that we have put together THIS ERP CHECKLIST to help you prioritize the different aspects of an ERP search, as well as see how they stack up against one another.