White paper: How do I buy an Enterprise Resource Planning system?
An enterprise resource planning (ERP) solution is the best fit for a growing and aspirational fintech company, but how does one go about choosing the best solution?
I have spent the last ten years of my career working with small and medium sized enterprises (SMEs) to select and implement new ERP and client relationship management (CRM) systems. One of the things I experience time and time again is that it is actually incredibly difficult to run a successful ERP selection process and make an informed decision between systems. How can you avoid mistakes when selecting a new ERP, finance or CRM system? What is the best way to replace systems that are no longer meeting your organisational goals?
It usually takes an experienced hand who has been through this process a few times to manage it successfully, and they usually end up buying a system they have used before because they trust it and already know how it works. The problem with this approach is the system chosen may not actually be the best fit for the business and decisions may be influenced by personal comfort with a system that is known.
If you do not have an experienced hand in the organisation where do you begin? Do you simply Google or ask Alexa “How do I buy an ERP system?”, or do you go for the relatively comfortable, but expensive approach of employing a consultant to write a request for proposal (RFP) document to aid the selection?
After all, when you recommend a system and implementation partner to your business, you are exposing yourself to some personal professional risk, to some extent. If the project fails who will be questioned and asked to justify their decision? Who will the users look to in the coming months and years when they are actually using the system on a daily basis?
This white paper examines what I have seen work well and not so well over the years and recommends a new way forward.
By Mark Hennessy, sales director, Nolan Business Solutions