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Enterprise Resource Planning (ERP) is a business management software that allows an organization to leverage a suite of integrated applications. ERP software streamline and automate processes, creating a leaner, more accurate and efficient operation. ERP provides complete visibility into core business processes. Enterprise Resource Planning platforms, like InvexERP, optimize systems through superior resource tracking and reporting, database management and data sharing and overall improved information systems. ERP software can allow your business to expand without the addition of IT or staffing costs.
Think of an ERP software as the brain of your company's technology system. In the human body, the brain controls all areas of your body by telling them what to do and ensuring they all work together. The human body is unable to function without a brain, and a retail company cannot function without a proper ERP software. It integrates all facets of a business including product development, manufacturing, marketing and sales. By synchronizing all of these areas, businesses are able to gain visibility, increase productivity and operational efficiency, reduce costs and enhance competitiveness.
If you’re considering implementing an ERP software, upgrading an existing system, or even if you aren’t sure if you need one yet, it’s worthwhile to understand the benefits that an ERP software can bring to your business. Gain real-time visibility across your entire business with 24/7 access. Increase your ability to understand, monitor and control various organizational systems with unprecedented access to all facets of your business.
ERP CAN ENHANCE YOUR BUSINESS IN OTHER WAYS:
1 | Make your business more agile: In a rapidly evolving business climate, being able to respond to change is essential. A good ERP software is flexible, modular and scalable enough to adapt to shifting market dynamics and changing customer needs. You can initially implement specific applications that make sense now and add on seamlessly integrated applications as needed as your business grows.
2 | Drastically increase efficiency and productivity: Inefficient spreadsheets, manual workflows and outdated software can inhibit your business growth. An ERP software can streamline your entire organization and put your data all in one place, enabling more accurate reporting and a more efficient, collaboration-based and data-driven work environment.
3 | Save on unnecessary costs: Running your business with an ERP software creates efficiencies that make your business leaner as it grows. Many businesses report that they are able to expand without adding additional staff or IT costs. The cost of implementing an ERP software is easily eclipsed by the ROI of a more efficient, fully optimized business environment.
4 | Improve security and accessibility: You can reduce your risk and hardware costs by moving your ERP to the cloud. Embrace the future of information systems with a modern ERP hosted in a secure cloud. Moving your ERP applications to the cloud allows you to scale, extend and upgrade quickly. It also increases visibility and accessibility even further, taking full advantage of an ERP software’s capabilities.
5 | Gain a professional partner: When you upgrade to an ERP software, you also gain the partnership of your ERP implementation provider and all the support – from implementation and training to software support to community membership – that they have to offer. Some ERP softwares have dedicated user groups and communities that open up entire networks of industry innovators and dynamic brands.
6 | Grow your business: An ERP software can eliminate inefficiencies, wasted time and wasted resources, empowering your business to thrive and flourish. If you’ve been burdened by an inability to keep up with demand because you’re limited by conventional systems or stagnant legacy ERP softwares, upgrading to a modern ERP software frees your business to realize its true growth potential.
5 STEPS FOR SELECTING THE RIGHT ERP SOFTWARE FOR YOUR BUSINESS
Selecting an ERP software is no small decision.
Beginning the search for an ERP software can be exciting – but also complicated and stressful.
Not only are you looking for a system that will seamlessly integrate your core business functions, you’re also looking for the best of the best when it comes to software – and a vendor who can provide you with world-class service and support.
It can be difficult to know how to select an ERP software. A quick search will conjure up an endless list of software and vendors, all of whom are vying for your attention. How can you be sure they’re the right match?
These five tips on how to choose an ERP software would take away any guesses you may have:
1 | CREATE YOUR ERP RESEARCH TEAM
Whether you're a long way down the road or at the beginning of your ERP journey, creating an ERP software research team is a crucial first step. This team will help you capture the greatest needs of your organization and avoid missing key considerations for selecting an ERP software.
Most importantly, this step will create greater ownership and buy-in from key stakeholders and influencers. Consider people in the areas of accounting, inventory, order management, human resources, and customer relationship management. Each area of business will provide a unique angle on pain points, essential needs, and future needs of your organization. Creating an effective team early on can take time, but long-term it will save you time, resources, and frustrations. And besides, you will be thanked for inviting key personnel to the conversation.
2 | DETERMINE YOUR ERP NEEDS
Once you have your team in place, begin to evaluate your greatest needs for selecting an ERP software. As you brainstorm with your team, look to balance present pain points with the future needs of your organization.
Common questions to consider are:
- Financial reporting: How will we gain reliable financial reporting that is both accurate and timely?
- Analytics and data: How much visibility will we be provided in terms of sales, production, and procurement processes?
- User experience: How intuitive will the software be? How will it impact the productivity of employees? What is the direct cost benefit to the organization?
- Automation: What automation of processes is needed? Can we use the software to automate job costing, sales orders, and supply chain management? What other processes would be advantageous to automate?
- Mobile accessibility: How accessible will the software be for mobile users who need real-time access in the field? Which users will need mobile accessibility?
3 | EVALUATE ERP PROVIDERS
There’s no shortage of ERP software providers, and it can be overwhelming trying to narrow focus to the top two or three providers. You don’t have time to wade through a sea of online brochures and endless phone calls.
Fortunately, there are some key considerations that will allow you to narrow the field, saving you time and online headaches:
- Industry experience: What ERP providers are widely used in our industry? What degree of expertise do they have specific to our industry?
- Customization & applications: . Does the ERP platform allow for the development of applications laid on top of it so we can customize for our specific organizational needs?
- Flexibility: How flexible do we need the ERP software to be now, and in the future? What degree of customization is needed to work in our industry?
- Reporting: How will the ERP software support industry-specific compliance requirements and reporting?
4 | EVALUATE ERP VENDORS
Once you’ve narrowed your field to your top two or three providers, the next step is to secure a vendor who provides an effective and efficient implementation with continuing support.
While many providers and vendors can offer you a slick launch time frame, it’s important to consider all phases of research: prelaunch, post-launch, and ongoing support from an experienced vendor:
- Implementation experience: What level of experience does the ERP vendor have? Will they be able to anticipate problems before they happen? How long have they supported the ERP software we are looking to use?
- Industry expertise: What level of expertise will be provided? Do they have a deep bench of industry specialists who will understand the specific needs of our business units?
- Customization: What level of customization will be provided? Will the ERP vendor have the expertise to customize and add applications to meet our organizational needs, or will it be a “cookie cutter” experience?
- Implementation: What is the launch time being offered? Is the launch time frame more about “hitting a date” rather than providing world-class service?
- Training: What pre- and post-launch training is offered? What additional resources will be provided to help employees enjoy a smooth user experience?
- Support: What does ongoing support and collaboration look like? Will it be the same consistent team who knows our organization, our nuances, and our history?
5 MOST POPULAR ERP SOFTWARE USED IN NIGERIA
- InvexERP: InvexERP is a market-leading cloud enterprise resource planning (ERP) solution in Nigeria for all sizes of business. It helps businesses around the world run faster processes in manufacturing, human resources and payroll, sales, supply chain, etc.
- Sage: Sage is known for its accounting and ERP software. It has a presence in Nigeria and is used by many businesses for financial management and other ERP functions.
- SAP: SAP is a global leader in ERP software and is widely used in various industries in Nigeria, including manufacturing, finance, and telecommunications.
- Oracle: Oracle offers a range of ERP solutions that are used by businesses in Nigeria for financial management, supply chain management, and more.
- Microsoft Dynamics: Microsoft Dynamics provides ERP solutions that cater to businesses of all sizes. It's used by many Nigerian companies for finance, human resources, and operations management.
Depend on an ERP implementation partner that goes the distance with you. InvexERP has got an implementation model for every need.
5 | SPEAK TO CLIENTS OF THE ERP VENDOR
You’re nearly set on making your decision, but there’s one last crucial step: talking to a client of a prospective ERP vendor.
Most vendors can provide you with a testimonial of a job well done, but let’s be honest, such testimonials are given shortly after launch. It’s telling if a vendor is able to connect you with one of their clients who can walk you through their experience. Make sure you ask about ongoing support, training, and their relationship with the vendor.
While implementing a new ERP software can be a big change for any business, the benefits can be seen almost immediately. You do not want to wait for the industry to pass you by.