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How to Answer, 'Does Our Business Need New ERP Software?'

Written by FHL

26 | 06 | 20

ERP  |  
8 minute read

If you have multiple systems used across your business, it’s likely the data they provide is slow to source and unreliable to use. It seems to take an age to collect information, which slows down business-level decision making and is hampering growth. Or, maybe, your current ERP software is just proving too costly to maintain. Or, you may be suffering with inefficient business processes with significant manual components.

You sense it's time for a change, but how do you know for sure?

You need to work out whether it's time to change to an efficient, single ERP solution for your business.

Here are some prompts and conversation starters for you to consider.

These 11 Questions Will Help You Decide If You Need ERP Software

  1. Does your business use multiple systems to manage core business functions and processes? If core business functions and processes are using various pieces of software, it may be time for one centralised solution that can cater to all. 
  2. And do these multiple products not talk to each other without an integration? Integrations may need maintenance with every product update from within your software stack. The risk of these integrations breaking is removed when using one ERP software.
  3. How good is the visibility of business performance, at board level? Right now, you could have enterprise-wide insight into financial and operational performance data by using a single ERP system. And with a cloud-based solution, like NetSuite, you could have it on any device.
  4. Then, what about your teams? Can they see the data they need to make better decisions? With a modern ERP solution, their data is real-time and reliable. This helps teams make faster and better decisions.
  5. Do you spend time collating information from several places? ERP software offers a single source of truth. With all teams using one database instead of multiple systems, business reporting is faster and more accurate.
  6. Is monitoring business activity and performance, actually, holding you back? If you're spending time trying to find out KPI data and validate that the information you collect is timely and accurate enough, you're wasting energy that could be spent getting ahead of your competition.
  7. If you need to pivot the way a division works or maybe add a new product offering, can your current systems change with you? A cloud-based ERP system, like NetSuite, is designed for just this scenario. Your ERP should be working for you, not the other way around.
  8. Are you expecting a high-growth phase or perhaps even a merger? It's vital that your core management software can cope. That's where a quality ERP comes into its own and disparate or out-of-date systems fall down.
  9. Even if it’s business as usual, will your current systems be suitable in three years time? The right ERP software scales with your business, without downtime or costly rebuilding projects along the way. A cloud-based solution can help eliminate these risks.
  10. Are you currently operating globally or working with international customers? An effective ERP solution helps with managing and reporting globally. From multi-language support to multicurrency, multi company support, and assisting with international tax compliance, and many other business-critical functions in between, an ERP can make things simpler.
  11. And, regarding compliance with standards, how easy is this with your current system? Meeting compliance requirements  shouldn’t be a headache once your ERP software is automating, tracking and recording data on your business processes. A solution like NetSuite can help you meet the relevant regulatory compliance requirements.

Deciding whether it’s time to implement a new ERP system is only the beginning. Investing in an all-in-one business management solution or changing from one software to another isn't a decision you'll make lightly. And you shouldn't.

Using these questions in your next board or planning meeting will help you reach a conclusion and finally answer, "Does our business need new ERP software?"

What's next is finding the right partner to help make your new ERP implementation a success.

Find an Implementation Partner You Can Trust

The versatility of ERP software means there are a number of design decisions to make before implementing. To set up the solution for your specific needs, you need to choose a partner you can depend on.

NetSuite is the leading cloud-based ERP solution and FHL has successfully delivered over 200 implementations, across various sectors. To see how the world's best ERP has helped businesses like yours, take a look at our case studies. Find out how FHL can help by clicking the link below. 

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