Enterprise Resource Planning (ERP) offers enormous advantages for companies. It automates important business operations and presents clear and concise metrics in real time for better decision-making–this makes collaboration between different departments more seamless and improves overall productivity.
ERPs can come in packages that specifically cater to the size and complexity of your business. One of the benefits of ERP systems for mid-market companies, such as SAP Business ByDesign, is that they offer basic functionalities at a reduced cost. These include accounting and inventory management, customer relationship management (CRM), supply-chain management, project management, and human resources. This Software as a Service (SaaS) solution provides 24/7 ERP support without having to maintain an in-house IT team.
Here are a few things to consider when choosing the right ERP provider:
Scalability and Global Capabilities
You expect your company to grow in the coming years so you need an ERP software that can keep up with your needs. It must be adaptable enough to meet your current and future business requirements; this may include adding new functions like tools for international commerce. One key aspect of growth is data storage, as the ERP solution should be able to provide higher capacity and handle increased data processing.
An ERP with global capabilities can help you comply with local government taxation and business regulations in that country. Data privacy laws also vary in different locations, so you should look into an ERP system that helps you remain compliant.
Total Cost of Ownership
Identify the total cost of ownership (TCO) to get the most out of your investment. Many factors contribute to TCO such as implementation, customization, management, training, additional software or hardware for on-prem solutions, bandwidth, and even IT personnel.
When evaluating ERP solutions, you need to be fully aware of all the costs. Mid-market businesses that have limited budgets can opt for a cloud-based subscription to get their ERPs up and running quickly while minimizing financial impact.
Ease of Use
Your company’s digital transformation will fail if employees refuse to adopt the new system. Platforms that offer a modern and clean interface with organized menu structures will be much more appealing and will make migration less painful.
Be sure to get feedback from employees about what they expect and determine whether there is an existing solution that can cater to their needs.
Some companies use general ERP solutions that do not have niche functionality. Customizations and additional system integrations can address these problems but it makes implementation complex and costly.
ERP vendors now offer industry-specific solutions to address this segment of the business, which provides features beyond the core functions that fill specific niches to deliver targeted solutions.
A prevailing issue that affects most businesses today is cyber-attacks. Whether it is a large corporation or a startup, cyber security has become a necessity for any kind of technology-based solution. A data breach could not only impact a company’s operations, but it could also damage the brand’s reputation.
Choose a cloud-based ERP solution that offers cybersecurity features that protect your enterprise from data breaches. This saves you valuable time and money from setbacks caused by loss of data and downtime.
Internet-of-things (IoT) increases efficiency and offers invaluable data for improving asset management. Modern ERP systems that can support IoT integration can deliver real-time business insights for companies investing in smart systems for their operations.
Another growing trend is artificial intelligence (AI) and machine learning–an AI-enabled ERP software that can look into real-time data and come up with the right insights. It can automatically prepare comprehensive reports to help you make data-driven business decisions.
Are you looking for an ERP system to drive your mid-market business forward? Check out our recent SAP Business ByDesign review, or contact NBS today for a Business ByDesign demo.