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How To Maximise ROI on Your ERP Investment

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September 7, 2023

The elusive ‘competitive edge’ is always high on the list of priorities of modern businesses. Streamlining operations and maximising growth potential are important considerations, and powerful software solutions are one of the first ports of call to reach these goals. This has led to Enterprise Resource Planning (ERP) systems becoming integral to modern business operations, functioning as a key catalyst in making wholesale improvements throughout the business.

The problem is that ERP implementation, though more accessible than ever, is a significant investment. It takes careful planning and execution to ensure you are getting the maximum return on investment. Thus, in this post, we look at strategies to help get the most ROI from your new ERP system.

Successful ERP Planning for Maximum ROI

There are several strategies that can be applied to achieve this goal. Essentially, they are all about the planning and implementation process, emphasising the importance of paying close attention at these early stages.

Planning and Preparation

A successful ERP implementation is founded upon comprehensive planning and preparation. An investment in an ERP system should come after a thorough process of:

Key stakeholders should be involved in the process, covering all departments in the organisation, ensuring everyone’s needs are met so that everyone is on board.

This is an opportunity to evaluate different vendors for both cloud and on-premise ERP solutions. The factors to consider include industry-specific capabilities, scalability and the complexity of the integration. The solution you choose must align with the long-term goals of the organisation, including having the ability to adapt to future growth and other changes.

The planning should also involve the creation of a realistic budget and timeline. A dedicated ERP implementation team should be assigned to the project, and there should be a clear idea of the required resources and steps to launch successfully. By taking a proactive approach to the initial planning, you lay the foundations for a seamless ERP implementation and get a greater chance of maximising ROI.

Choosing the Optimal ERP Solution

With maximum ROI as your goal, it is essential to select the right ERP system. There is an array of options before you, so you need to carefully evaluate what’s available. Your ultimate choice should align with business objectives and unique requirements. The criteria to evaluate potential options against must include:

  • Industry-specific functionalities.
  • Scalability.
  • Flexibility.
  • Ease of integration.

It can be helpful to engage closely with experienced ERP vendors with a good record of successful implementations. You can also work with third-party implementation consultants whose services include helping you find the right solution for your needs. Doing these things boosts your chances of a high ROI.

Seamless ERP Implementation

Smooth implementations of ERP systems require a structured approach. There must be:

  1. Detailed project planning.
  2. Efficient allocation of resources.
  3. Effective change management.
  4. Robust training programs for end-users.

These things can help keep disruption to a minimum so that a successful transition is achieved. Communication and collaboration are key, with periodic progress evaluations and milestone reviews to ensure everything is proceeding as planned and making changes where necessary.

Follow these best practices and retain a focus on a seamless ERP implementation. This way, you can be efficient and keep disruption to a minimum, thus maximising the ROI on your ERP investment.

Measuring Performance and Aiming for Ongoing Improvement

Once you go live with your new ERP system, the work is not finished. You must measure performance against defined KPIs if you want to get the most value from your investment in ERP software. Your KPIs may include:

  • Cost reduction.
  • Operational efficiency.
  • Customer satisfaction.
  • Revenue growth.

Whatever the metrics are for you, tracking them can help evaluate the impact your ERP system is having on your organisation.

You should conduct regular reviews of these performance metrics. Carry out post-implementation audits and actively seek feedback from users to identify areas where you can enhance and optimise the system. Fortunately, ERP systems have many built-in methods of measuring performance in various areas, so it is not difficult to access this information.

By continuously evaluating performance against your defined KPIs, you can foster a culture of continuously striving for improvement. This enables you to keep climbing to new levels of efficiency from the ERP software, getting the maximum ROI.

Use the ERP to Design Effective Sales Strategies

For maximum ROI, your sales strategy needs to be well-defined in order to increase profits. The foundation of this is a strong understanding of customer pain points. Your ERP system should have the capability to carry out a comprehensive needs analysis to identify the challenges faced by the customer. This enables sales teams to optimise their messaging and demonstrate the solutions they have for those pain points. This highlights the long-term value proposition of your organisation.

Look for an ERP solution that can design effective sales strategies. This will enable you to increase your chances of making sales, thus maximising the ROI on your ERP solution.

Final Thoughts

The strategies outlined in this post are an effective way for organisations to unlock the full potential of ERP software. This is key to gaining the best return for your investment. Planning is absolutely fundamental to this kind of success, which means creating and implementing strategies tailored to your organisation’s needs.

It can be helpful to work with a specialist with a wealth of experience in the implementation of ERP systems in your industry. An ERP implementation partner with a strong reputation can be the best place to go for this. They will know the needs of your business and the capabilities of different ERP systems. They can support you in choosing the right vendor and coordinate the planning and implementation processes for a successful outcome.

Why choose Eventura as your ERP implementation partner?

Eventura has been providing robust business solutions to countless organizations for over two decades. We are ERP experts and can identify all of your business needs, and deliver a comprehensive ERP solution that works for you.

As Sage 200 Partners and NetSuite Solution Providers, we can help you identify which solution will fit your business needs the best. Our expert team of business analysts, developers, consultants, technicians and support staff can guide you through your entire project, from initial scoping through to implementation and on-going support.

We’re also managed IT service providers meaning we can help you identify your entire IT infrastructure requirements from day one. If you would like to speak to one of our ERP experts, you can request a free call back here.

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