The countless digital transformations in recent years have brought about rapid change in Singapore and paved the way for many businesses of all scales to gain from implementing Enterprise Resource Planning (ERP) systems to improve their business models. Be it looking for your first ERP software, or selecting your next ERP system, we have compiled 3 tips on how to choose the right ERP for your business below.
While ERPs are extremely useful in improving work processes and implementing data automation, it is no longer a matter of whether to invest in ERP systems or not, but rather, how to know if your business is ready for it.
1. Define and Understand Your Needs
During the process of choosing the right ERP system for your organisation, you will have to know the ins and outs of your business processes like the back of your hand. Be sure to know how business processes such as purchasing and inventory management are being handled currently to find out which ERP is optimised for the functionality you need.
Other than being on top of your business processes, you should also talk to your staff and management teams to find out any pain points and room for improvement for existing processes. With this information on hand, you can then proceed to look for suitable ERP systems with add-on modules such as Point of Sales (POS) systems, payment management or customer service modules your business requires to compare with the different ERP systems available in Singapore.
The next step to choosing the right ERP for your business is to understand the costs involved with such implementations. Implementing an ERP system is not a cheap investment for businesses, especially Small-Medium Enterprises (SMEs). Therefore, determining the full cost of implementation is important if liquidity is essential for your business. Having a functional and efficient ERP system can improve workflow among your staff and potentially bring returns, but it will definitely take some time for you to reap tangible rewards. Ask yourself if your business can survive the lack of liquidity during this period of time before deciding to invest in an ERP system.
While choosing the ideal ERP system for your organisation, you should know how you would like to see your business grow in the next couple of years. Are there any plans for expansion outside of Singapore? If your answer is yes, choose an ERP system that is suitable to accommodate a larger number of users at the same time, is able to work on a global scale or is seamlessly integrated into business operations so you will not spend precious time and money to train new staff coming on board.
If your business deals with numerous vendors and suppliers on a regular, factor in the technical capabilities of your vendors, find out if they will be able to keep up with the change in processes or have the ability to implement similar processes to complement yours.
Find Your Ideal ERP System with Naviworld
Every business has its own set of challenges, and no two business processes will be exactly the same. By teaming up with an ERP vendor who specialises in your industry, like Naviworld, we will be able to provide you with industry-specific solutions while embracing and accommodating your uniqueness. If you would like to know more on how to choose the right ERP for your business, contact us today!