Selecting a suitable Enterprise Software can be a daunting task but is a vital one too as the stakes are pretty high.
No matter which industry you belong to, there are challenges and opportunities available for all.
Selecting the right enterprise software can boost the organisation’s ability to leverage its application to meet emerging challenges and respond effectively to constant changes in the business world.
Enterprise Software must align with your business strategies and organisational goals.
Analyse your business and decide what are the needs of your business right now that software has to fulfil. If you are changing the software, determine if really need a new Enterprise Software and if yes, write down the changes you need in the new one.
Jot down the negotiable and non-negotiable requirements that you are looking for in the Enterprise Software.
Provide your vendor with the requirements in the written form. Check his portfolio of clients and see if he’s familiar with your industry.
There should be evidence of proven work experience in your industry. Make sure he has expertise in the work vendor’s offering.
Examine whether the software solution ticks off the checklist requirements that you wrote down while analysing your business needs.
The Enterprise Software needs to meet all the non-negotiable requirements and see which negotiable requirements can be let go off.
It is imperative for Enterprise Software to have a user-friendly interface. Because if the interface is complex and difficult for the employees to understand, the company may have to incur additional training costs. So, always check if the software is easy-to-use for everyone with little or no training.
With the pandemic into the picture or even before that, your software should be compatible with remote workspaces as that is the new normal currently. Well-designed Enterprise Softwares generally can deliver data to anyone, anywhere and anytime.
The very nature and aim of a business is to grow. The Enterprise Software that you select should be able to smoothly incorporate business growth without disrupting the then-existing functionality of your business.
The business world is a world full of uncertainties. “The change is the only constant,” this statement is true to the business world and hence it is important for the software and the vendor to take that into consideration. The vendor must have plans for them and should help you incorporate that into your enterprise software effortlessly.
Inquire about the charges before you buy. Find out if your vendor charges you every small change requested. Or does he have a flexible partnership open offer where he does not count the small ones but focuses and charges for the big changes only?
Additionally, before deploying the whole system completely, you should have the vendor if he can give you software for demo use. And if he doesn’t permit it, ask for partial implementation first.
Because it can get very risky for your business data if you fully implement the software without trying.
This is a significant factor especially now that we are stuck in lockdown or restrictions.
Before choosing your Enterprise Software, ask your vendor how the deployment process will work. How will the software deployment work in remote workspaces? Flexibility is the key for growth these days especially.
And the digital transformation has become the need of the hour.
Asking these important questions will hold your vendor accountable.
Further, it should be at your business’s discretion always as to where to deploy the software. The stronger your technology is, the better the business is thriving during the pandemic.
Your business deserves to be run your way.
For any financial decision, one must perform a cost-benefit analysis, especially on capital expenditure like software procurement.
Calculate the cost involved in buying the software, it’s deployment or installation charges if any, training costs if any, upgrade costs, ERP consultant fees for Negotiation or Market Research, or any other costs involved.
Evaluate its benefits by adding up the cashflows to be received in the coming years along with intangible synergies it can bring to the business.
This will give you an idea of the real impact on your organisation.
Moreover, you should conduct a risk assessment analysis. Take a categorical approach and figure out how risk might pertain to buying and implementing new technologies, assess associated issues like insurance, industry compliance, etc.
The vendor’s quality changes as per the budget and delivery time.
Ask for quotations from the vendors, compare and negotiate. It's crucial to set realistic expectations and have a budget before making such purchases.
Check if the vendor is ready to deliver your software within your set budget and the timeline. If not, negotiate. Hire or take advice from ERP consultants who have experience in such negotiations.
If you can negotiate well, it can earn you some real cost savings.
Inquire and check if the final quotation, quality and services mentioned are up to your expectations and matches your goals.
You know you’ve selected the right Enterprise Software when it aligns with your business goals, reduces costs, minimises risks and helps in achieving the best ROI.
Let us know your views in the comment section below.
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Ayushi Vanzara is currently pursuing Chartered Accountancy. No secrets there that she loves to read! She believes words have the power of healing and is a medium that can convey like no other. She hopes to connect with people through her empathy, thoughtfulness, and by adding value to their lives.
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An artist by heart and a writer by profession, Prachi is a vivacious reader. She believes in hard work and her dedication has never let her down. She puts her heart and soul in everthing she does. Though life has not been a bed of roses for her, she affirms that the best way to live it is to maintain an equillibrium between the tunes of life.