ERP Solutions: 4 Key Factors For Consideration  

Is your company in the market for cloud services? Statistics show that 42% of Australian businesses used paid cloud services in 2019, according to Statista. When selecting such services, you have various options, including ERP solutions through Oracle’s Enterprise Resource Planning (ERP). This cloud-based software provides functions like inventory management, online payments, and customer service.  

What Is ERP?

While cloud storage was developed in the 1960s, it has only been mainstream in the past few decades. This method for digital data storage eliminates some of the drawbacks of on-site software through benefits like greater mobility. Cloud computing or Software as a Service (SaaS) lets users access software applications that run on the internet through shared computer resources. 

Meanwhile, Cloud ERP is a SaaS that lets users access ERP software through the web. One main difference of on-site software is that computing resources are rented instead of purchased. Companies can then access various business applications from any location and anytime.  

When selecting an ERP system, here are some of the most critical issues to weigh:

System Functionalities

In terms of software functions, “the more, the merrier” rule doesn’t always apply. Many companies are picking cloud software that has fewer functions since they achieve results by streamlining operations. 

You should instead pick ERP systems with the functionalities that meet your particular business needs to a tee. In turn, this can provide various benefits like increased efficiency, higher sales, and improved competitiveness. 

Here are some of the central business functionalities of cloud-based software to consider:

  • Finance
  • Production 
  • Order/Payment
  • Inventory
  • Warehouse/Fulfillment 

Industry Customisation   

It’s also essential for an ERP system to provide individualised service based on your particular industry. Finance and Professional Services are Australia’s largest industries, according to IBIS World. Even if your company is in a smaller industry, it’s important to use cloud services tailored to it.  

A cloud service provider should also provide customised solutions for your particular company. With this, you can achieve priorities within your particular industry. The process of designing an ERP system for your company is just the first step. If your company has future problems or questions, the service provider should then offer needed support.  

Price Tag

ERP systems are generally cheaper than on-site software since companies lease cloud storage monthly instead of buying software outright. While the cost of ERP systems is one factor to consider, it shouldn’t necessarily be the biggest factor. 

A more important issue is whether a particular system meets your cloud storage needs now and in the future. Make sure to consider the return on investment (ROI). If a higher-costing ERP system boosts sales more than another one, then you should still consider it as a business investment.

User-friendliness

While your company’s IT Department should certainly provide input when selecting an ERP system, the choice should not entirely be based on technical issues. It is also important to get input from daily software users. 

This is a critical issue since your company’s employees will be using the software on a day-by-day basis. Their needs and preferences should be considered to get the best functionality from the cloud services. 

Today’s companies store and process massive amounts of data. Possible options include cloud computing options like ERP solutions. Issues to consider when choosing a system include functionalities, customisation, and price. Choosing wisely can help put your company on cloud 9.