An ERP system has long-term benefits to support your business operations, but successful implementation and optimization are critical to securing this value. As complicated or intensive as it sounds, an ERP system is worth the investment of time, effort, and money as it integrates various parts of the business to provide valuable insights and make operational processes reliable.
Setting up the right ERP system for your business is a three-part process: Identify, Assess, Implement.
Begin with identifying if your startup or business is ERP-ready. Are you in the right stage to utilize the system and obtain best return on investment? Review your business processes to identify if an ERP is beneficial for you. Here are some situations to consider:
When you’ve invested in multiple platforms
CRMs, Accounting Software, HR & Payroll Plans, Inventory Management – Feel like you’ve been investing in too many of these platforms? These platforms work great on their own, but they might not be talking to each other. Additionally, there are possibilities of manual errors in data entry, gaps in insights and, of particular impact to cash, increased costs of purchasing multiple software licenses. A simple investment in the ERP’s ability to integrate functions and create a centralized workspace will contribute to a streamlined business.
When you are building a team
If your startup’s team is growing, especially with employees and contractors working remotely, it may be time to consider an ERP platform. An ERP system will enable your employees to get access to data that will help them do their jobs efficiently. For example, your customer reps can view inventory information while connecting with the customer through the CRM allowing them to better set expectations on deliverable timeframes. An ERP will also help you as the employer to manage payrolls personnel and training costs and get real-time insights into all the company’s functions.
When you raising capital or looking for investors
When your company grows, you need a system that will grow with you. Scalable ERP systems can help you grow effortlessly while keeping up with technological needs, trends and regulations. The platform will have the flexibility to add new users, new functions, customize the dashboard based on your requirements, manage international operations, and aid in business process improvement.
An ERP selection can be an overwhelming process. Shortlisting an ERP system requires a lot of considerations including needs, costs, training, accessibility, etc. But there are some non-negotiables that you should consider to ensure efficiency.
Look for Web-based ERP systems
Gone are the days when you had to purchase new software or hardware to implement an ERP system. Almost all ERP solution providers have moved to offer cloud-hosted ERP solutions for which you don’t need IT staff or expensive infrastructure investment. SaaS-based options such as NetSuite also reduce your total cost of ownership and make maintenance a much smoother and easier process.
Customization and scalability
While shortlisting ERP system options keep the end-user, your employees, in mind. The ERP system will be used across departments in different capacities. The user experience of the ERP should be effective enough to provide each user with the right data at the right time. It needs to offer customizable functions for multiple verticals in your business as well as have the flexibility to grow. Consider the features that might help in your startup’s operations now and in the future. This includes the ability to adapt to international growth as well. With solutions like NetSuite, for example, you can integrate cloud-based ERP solutions and customize them as per your business requirements and industry needs.
Generates required reports
The ERP system should be able to create a reporting dashboard that is relevant and necessary for your startup’s industry. The reports should be data-oriented, real-time and with historic data for comparison. They must also be easy to read with built-in business intelligence. Note that a financial technology startup will track different metrics and data points than an e-commerce startup, for example.
Organizations typically don’t pay as much attention to the implementation process of an ERP system as they do in choosing a system. A healthy ERP system should equip your management as well as stakeholders with insightful data and a solid implementation is critical to that success.
A poorly implemented ERP system leads to extensive costs for a business. Bad decisions and outcomes such as incomplete installations, inexperienced vendors or teammates, and inefficient integration can all contribute to damaging costs.
It would be wise at such a time to get a partner, like Rooled, to help you with the implementation. As much as selecting the right ERP platform is important, so is selecting the right implementation partner.
While vetting the partner, ask them the right questions – what is the process during and after the implementation? Do they have ongoing support for the system? How long will the implementation take? Do they have sufficient familiarity with the industry?
Your partner should not only be skilled at managing and implementing ERPs but should also be familiar with your industry. Different industries have different requirements, and your partner should be able to implement the system as customized to your industry-specific requirements. Your partner should also be able to drive insights into your business to adapt the system to address your pain points. Their team of consultants would be able to guide you through and after the implementation. The right partner is fundamental to a successful implementation.
Rooled has partnered with the cloud-based system, NetSuite, to provide our clients with an extensive ERP system that grows as your business grows. NetSuite boasts a customer base of 26,000+ in every industry and across the business scale. Venture-backed and early-stage startups can deploy the solution quickly and affordably to outsource operational processes and get BPO support. It covers an array of financial management functions: Accounting, Billing, Financial Planning, Reporting, Global Accounting, and Revenue Management.
Together with NetSuite, the Rooled team can help you optimize and tailor the experience of implementing and running an ERP system for your business.
Talk to our CFOs to learn how NetSuite can ease your operational capacities while scaling your business.