An Enterprise Resource Planning (ERP) solution is an integrated suite of applications that can automate and control an organization’s business processes throughout the entire order-to-payment-to-delivery cycle by providing the end-to-end functionality that is required to operate effectively in any business scenario. Companies that use an ERP can improve efficiency, deliver better customer service, reduce operating costs, support growth and enhance their profits.

The cloud takes ERP to a whole new level with the ability to do business anytime, anywhere, and from any device with internet access. The data and solutions are parked on secure servers in remote locations from the client who accesses it through the internet via a web browser.

The cloud is already the preferred choice for ERP solutions due to its affordability, easy & anytime/anywhere access, lower financial & investment entry barriers as well as minimal set up times.

Selecting a cloud ERP solution that is offered in the Software as a Service (SaaS) model brings you greater value than an on-premise model as all aspects of operating of the solution are managed for you, you just have to log in and use it with the right security protocol.

As per a research by the Aberdeen Group, companies implementing a cloud ERP solution see an over 20% jump in profits after implementing a Cloud ERP SaaS solution compared to a less than 10% jump in profits when an on-premise system is implemented.

We are in the midst of a technology revolution, with a majority of adults now constantly connected via a variety of devices that are constantly generating data and need access to data for vital decision making and transactions. The right cloud ERP solution needs to take into account BYOD diversity and allow staff in the field to have the flexibility and connectivity they need to keep pace with business needs in real time. This is especially true for SMB’s. SMB’s can increase their productivity significantly when they implement a mobile friendly ERP business strategy.

The critical factors for ERP selection are:

  • Define what you are looking for: Identify the problems you want to address and the features and functionality that you want in the solution. Brainstorm with cross functional teams and leaders and arrive at a definition of what you want, your price band, and the functionality before looking for a solution provider.
  • Cost: It is the most critical factor and cost must be weighed against benefits that have been demonstrated in your business vertical or a similar one by the solution. A solution that can generate a good ROI is the feasible one. Also the price and payment models offered by the solution vendor must be flexible and be able to provide customization options with scalability as per needs. Also affordability depends on your current financial situation that must be taken into account and also the need to plan for credit or other financial resources.
  • Involving your IT team is important: It’s is very important that your ERP selection team includes stakeholders from your key business operations that will be impacted by the ERP as well as your IT department. Those in leadership positions of company’s critical functions need to play a key role in the selection process. Their opinion on the workability of the solution is extremely important.
  • Weigh the functionality against your actual business needs: Many firms can become more successful by using basic functionalities like simply streamlining business operations. It makes prudent business sense not to be dazzled by brilliant software that has many capabilities that you or your team never thought of. Instead, it will make more sense to focus on the solution that addresses each of your actual needs in the best manner while being affordable and meeting your team’s approval.
  • Evaluate key criteria like quality of support, implementation time, security conformance to standards, competence of cloud environment provider, contingency protocol and the level of your involvement required.
  • Ask for referral information, product tours and live demonstrations before you make up your mind. Before you sign up on the dotted line, it makes sense to ask for the draft agreement and get it rechecked legally and professionally. Also it is a good idea to research the firm and the solution on the internet especially feedback from experts, users etc. if do not have the competence to assess the product, you can avail the services of an independent ERP expert that is not related the vendor in any way in conjunction with your IT team and ERP selection task force.

We at VersAccounts have created a secure cloud based one stop comprehensive ERP solution. It has been catered to take care of all the business needs and concerns for operating your business effectively. It addresses key issues of the small business domain in the most effective manner possible. It is affordable and targeted towards SMB’s and is backed by a promise of dedicated support. It is being used by clients in diverse verticals and could help you redefine the way you operate and grow your business.

Our solution is designed for fast growing businesses, between $1-$50M in annual revenue, looking to upgrade business management solutions like entry-level accounting products or mid-tier legacy on-premise ERP systems or even those looking at comprehensive and affordable ERP solutions. Our solution is built to be capable, affordable and easy to use by small and mid-sized businesses.

With the VersAccounts ERP solution, you can integrate project management, inventory management, multi-entity accounting, purchasing & order management, distribution, production, customer relationship management, and e-commerce functionalities into one solution with easy integration across your business functions. There are customization options with easy migration from and compatibility with respect to other systems preexisting or in the business environment.

Built from the ground up on the latest cloud and mobile technology, the VersAccounts Cloud ERP system allows businesses to automate and optimize their operations across multiple companies, countries, and currencies with one integrated ERP system.

To know more, please visit www.versaccounts.com or contact us directly.

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Reference:

https://selecthub.com/enterprise-resource-planning/erp-advantages-and-disadvantages/