By Nikhil Sonawane - November 24, 2022 3 Mins Read
Implementing or migrating to a new Enterprises Resource Planning (ERP) system can be a huge investment and undertaking for an organization. There are multiple cloud-based enterprise resource planning software providers available in the market that enterprises can leverage to streamline their business operations.
Implementing a new ERP can be a costly affair for enterprises with huge repercussions on business workflows and operations. According to a recent report by Fortune Business Insights, the ERP software market size globally was valued at USD 45.82 billion in 2021.
The report also predicts that the global market size for ERP solutions will scale from USD 49.28 billion in 2022 and grow up to USD 90.63 billion by 2029, at a 9.1% CAGR during the forecast period. Multiple options available in the market have made it challenging for business leaders to evaluate and select the right ERP tools for their organizations.
It is crucial for business leaders to select the right enterprise resource planning software that adapts to the business needs and scales with it to ensure a successful ERP implementation that yields higher ROI for their business. Here are a few strategies that enterprise decision-makers can consider implementing the right ERP tool in their IT infrastructure:
One of the most common reasons that the majority of ERP implementation programs fail is the lack of clarity and transparency in the entire process. It is crucial to interact with the entire workforce to understand their challenges in accomplishing daily business operations.
Additionally, it is also critical to involve the stakeholders to understand their expectations and get a budget sanctioned for this project. Business leaders also need to consider the compatibility of the ERP tools with third-party systems to streamline operations. Successful implementation of enterprise resource planning software needs everybody involved in the process to accept the change.
Once the core implementation interacts with the entire team and stakeholders, they need to determine the long-term, and short-term goals of the enterprise and which ERP features will enable them to accomplish the business objectives.
Based on the enterprise resource planning requirements of the enterprise to achieve the goals, the core ERP implementation team can explore the entire ERP market to find a tool that matches their requirements.
Every enterprise will have its own sets of needs and goals that they need to achieve from the implementation of the ERP system. However, selecting and implementing less reliable and scalable tools can lead to a loss of investment and effort in the project. Implementing ERP tools will ensure that the entire business operates on it, and higher lag or downtimes will create disruptions in operations and cash flows.
Hence it is crucial to explore, evaluate and select the enterprise resource planning software that adapts to the business needs, scales with it, and has lesser down or lag times.
After evaluating and selecting the best ERP software for their business, organizations should go for implementation in phases rather than adopting it all at once. Business leaders can concentrate on areas that need immediate attention and implement the features accordingly. Moreover, implementing in phases enables organizations to experiment and learn from their mistakes to ensure a successful enterprise resource planning adoption.
Nikhil Sonawane is a Tech Journalist with OnDot Media. He has 4+ years of technical expertise in drafting content strategies for Blockchain, Supply Chain Management, Artificial Intelligence, and IoT. His Commitment to ongoing learning and improvement helps him to deliver thought-provoking insights and analysis on complex technologies and tools that are revolutionizing modern enterprises. He brings his eye for editorial detail and keen sense of language skills to every article he writes. If he is not working, he will be found on treks, walking in forests, or swimming in the ocean.
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