Introduction to ERP

Introduction to ERP

Have you ever wondered how an ERP solution could help your business? This article is perfect for those starting their ERP journey, will help you to understand what an ERP is, how it can provide measurable benefits, and how to select the right ERP for your business.

What is an ERP?

Enterprise Resource Planning (ERP), as the name suggests is a software solution or system that helps businesses better manage their entire operations. ERP solutions can include a long list of features, but some of the main functionalities include:

• Financial Accounting
• Management Accounting
• Inventory
• Manufacturing
• Order Processing
• Supply Chain Management
• Project Management
• Customer Relationship Management (CRM)
• Warehouse Management

How can an ERP Solution Provide Measurable Benefits?

Improved Visibility: Accurate real-time reports to increase your understanding of the business.

Decreased operating costs: Improved business processes by adopting best practices.

Better user-adoption rate: Unifying tasks into a common solution with a consistent design and user experience.

Increased efficiency: Clear business processes, a shared user experience and integrated systems.

Consistent look and feel: Back and front office tasks uses the same infrastructure

How to Select an ERP

It is critical that you take the time to evaluate the different solutions in the market. Rather than quickly selecting an ERP, you should assess the solutions available from multiple vendors, then pick the solution that fits your organisation best. A project can be derailed from the beginning proper assessment of the options is not undertaken.

Tips on ERP selection – before you get started!

• Identify your exact business requirements. Best to have a project team to properly map out the must-have and nice-to-have and possibly work out a RFP (Request For Proposal)
• Identify the budget for the project. This will help you narrow down potential ERP solutions and partner. Would you be looking at mid-tier ERP or entry-level ERP?
• Identify the internal team that will work with your partner of choice. Preferably each team member should have clearly assigned tasks for accountability.
• Set timeline and deadlines for each task. More importantly you will need to have a clear idea of when you would want your new system to go live.
• Get started with initial research – get a rough idea of what is available. Understand the key ERP solutions used by companies in your industry, identify potential partners that you can work with, get brochures and read up on case studies.

What to Know More?

To help kick-start and simplify your ERP journey we have created the ERP Buyer’s Guide. In the guide you will be provided with practical advice, tips, and the appropriate steps to help your business adopt an ERP solution. The guide also provides a brief overview of the main ERP solutions available in Singapore.