When it comes to choosing or implementing an ERP strategy in your business, it is important to consider the foundation necessary to ensure its success. An effective ERP solution can be very costly, which is why it is important to ensure that all your requirements are met. If you are looking to implement an ERP solution in your business, take a look at our list of essential ERP requirements:

1.    Define Your ‘Why’

Before budgeting for a large-scale ERP solution, it is important to define ‘why’. Identify your business goals and the various problems that you may need to solve. Are you overspending on external resources? Are you struggling with output? Once you have defined your ‘why’, it will be easier to see exactly what you need from your ERP system. This will help you find a solution that is tailor-made to your business and the various needs that should be met.

2.    Customer Relationship Management

Any business that is seriously considering an ERP solution should have an existing Customer Relationship Management tool in place. This will give you a better grasp of the types of leads, opportunities, customer service requirements and client communication needs that come into your business. An ERP solution will, in turn, give you an idea of how to better manage this data and how to use it to your advantage.

3.     Finance and Accounting

One of the most important requirements is to ensure that your business has accurate financial processes like tax payments, vendor payments, and payments received. It is crucial to ensure that these processes are in place before implementing an ERP solution, as this could help you with: increased data extrapolation, faster report generation, improved reporting quality, greater automation, and fewer human errors.

4.    Scalability

One of the sole reasons an ERP solution exists, is to scale your business and assist in rapid and sustainable growth. However, investing in an ERP solution when your business has neither the budget, aptitude, nor potential for growth, can be a massive financial burden. Before making a decision on an ERP solution, it is important to ensure that your business is scalable over a short and long-term period.

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