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Proficient way of choosing ERP software for Best results.

This Blogpost presents a Method which explains the benefits of ERP software and what are it,s features for Best selection.

This Book I came across on the Amazon Book store, regarding ERP by Giancarlo Jimenez inspired me to put it in point form ,the steps and requirements for choosing ERP software for Best results.

This is not a technical article, nor a detailed exposition. For details I recommend you to buy the book on Amazon. (Put the keyword ERP Guide and select 2 nd book)

.Know your why? why do you want ERP software. One of the key reason could be working hard, but at the end of the day, not able to generate sufficient cash flow from the business which can be taken by the owner home as a reward for his/her efforts and risk.

.By using this software will I be able to automate processes which I have shortlisted as important and recurring.

Is the software able to accommodate the growth in my business transactions and is scalable.
Is the software able to give financial statements, and other accounting information in a timely manner.
Can we perform basic MIS like the creditors/debtors ageing list. The inventory quantity , it,s ageing list ( for what duration the product lying in stores), valuation and others.

These Benefits must be there for ERP software. i.).save time ii).Receiving data with useful information on time iii.)The reports generated should be transparent iv) Increase in productivity.
The points mentioned in the book for check list are as follows.
i.)Processes. ii).customization iii.)Industry specific requirements iv.)Platform. cloud or on premise v.)cost vi) tax code for India GST, TDs, and others. vii.) The export and import of files , emailing capability. For each point ask what we need and what the ERP has.

. The ERP software are Basically of 3 types which are either based on internet cloud or on premise).

i.)The Biggest players which have many features and are suitable for any industry. ii.) Industry specific for example ERP software suitable for FMCG. Retailers, shops, Manufacturers of durable goods. iii) Specifically designed for SME,s .

From the above points check out the comparison table of the various ERP software available in the market. (In the book an International ERP software vendors comparison table has been given)

.one can Increase the return on the ERP investment by doing the following.
i.)Clarify on why you wanted the ERP in first place. ii)The second thing is ask your team if there are limitations to the ERP and if there are, address them. iii.) The third thing is to share with your team the goals and what reports you expect to see in the ERP. Also set deadlines. iv)Finally, you need to request your team to learn how to use the ERP, and show you the information you need, by an agreed upon date.

The Author states that it is possible to give accurate information regularly and in the shortest period if one is diligent and does the work on schedule. for example reconciling Bank statements is easiest if done immediately after the week end, otherwise the purpose of the expenditure may be forgotten. The other things one must do are use ERP for recording all the possible transactions, rather than on different software, Register your sales on daily basis, pay only once in a week to all the suppliers, setting regular meetings for analyzing all the important accounts.
lastly ERP is only the first step towards organizing and controlling your company, along with receiving up to date, on time financial reports.

It is a necessary step, but not a sufficient one. You need proper systems and processes put in place to assure you that the information presented to you is accurate and represents your company’s reality.
For further details or question regarding selection and implementation of ERP software please contact me at connect@rahulmadhiwalla.website and cell. 8655843886. Please do read  Blogpost on ERP and why it is important on this Blog.

 

PS: If someone is interested in the Free and Paid Video Finance course by “Giancarlo Jimenez”the Author of the book mentioned above then please visit  The finance course link

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By Rahul Madhiwalla

I am Rahul Madhiwalla.
A Digital Marketer, Lighting Entrepreneur, Network Marketing professional. I wish to help 100,000 or more people get better in the above fields. I have seen many ups and downs in my life, from which I have gained lot of experience and learning. I wish to share it with those people who resonate with me.

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