Maximising the value of ERP investments
20 May 2022
Chris Stock, Inforlogic, asks how businesses can derive greater value from their ERP solutions to achieve their wider business goals
Budgetary challenges abound. Almost all businesses are facing tough decisions at the moment, trying to strike that all-important balance between the need to invest in the organisation whilst still trying to fully recover from the impact of the last two years.
When it comes to ERP systems, this can prove a real conundrum. Business leaders recognise that keeping up-to-date with technological advances can help to secure a crucial competitive advantage, but what about when it’s simply not an option to invest in new capabilities? What then?
The good news is that you can still optimise the value delivered by your ERP solution without significant additional investment. Working alongside the right partner, it’s possible to maximise the benefits derived from your chosen solution, achieving not only your ERP goals but wider business objectives too.
All too often businesses are using only a fraction of the capabilities of their ERP solution. This might be because there was a rush to get the initial implementation up-and-running, so there was only enough time to explore the core functions that were crucial for day-to-day operations or, as is more often the case, there simply hasn’t been the time to dedicate to exploring the solution in its entirety.
So vast is the functionality provided by modern ERP solutions that there’s bound to be untapped or unexplored capabilities that could be helping to derive additional value.
The right partner will work with you to exploit an ERP solution to its full potential, ensuring that the incumbent system is doing everything it can to meet the often unique challenges that your business is facing.
This should be ongoing too. As a business develops, so its needs change and an ERP solution should adapt accordingly, with different system capabilities coming into their own as a business evolves.
Again, this is something that the right advisor can help with, recommending best practice and keeping you in-the-loop with innovations, ensuring that your use of the ERP solution evolves in-line with your business development, maximising your ERP investment.
You might have system experts in-house or through your IT partner, but what about industry experts, people who are skilled not only in how your ERP system operates but against the backdrop of the challenges and pressures your specific industry faces?
The best ERP implementations don’t follow the ‘one-size-fits-all’ doctrine, instead you should be guided as to how certain capabilities of your chosen ERP solution can address the challenges that might be unique to your industry.
Knowing how your ERP can be applied within the context of your industry is key to unlocking additional value, as well as helping you to overcome industry-specific challenges, whilst seizing industry-specific opportunities too.
Bringing on board best-practice knowledge and industry experience, the right partner can advise as to what works and what doesn’t, grounding this advice in real-life experience.
They can take an objective look at your business situation, offering advice and recommendations as to how you can make your ERP solution work harder to achieve your wider strategic aims.
Support shouldn’t begin and end with implementation. Solution fixes and updates are often included but, to add real value, support needs to go beyond this.
Consultative advice from those with experience and expertise of both the solution and your industry should be readily available, helping you to derive the maximum value from your chosen solution on an ongoing basis.
Sights should be firmly set on optimising not only how you use your system, but what benefits the system can bring to your business, not just today but tomorrow as well.
At a time where budgets are stretched further than ever, the ability to optimise what you already have in pursuit of your wider business goals is extremely welcome.
Working alongside a knowledgeable, supportive and experienced partner, it’s possible to derive additional value without having to invest substantial amounts of time and money in new solutions.
Working smarter with what you already have can make the world of difference, underpinning a more efficient business, one which has the ability to stand firm against challenges whilst readily seizing any opportunities for growth as and when they arise.
For more information on how the Inforlogic support team can make a real difference to your business, get in touch or call the team on 01606 720499.