Four basic points to help you start comparing ERP vendors, including, financials, company vision and more
Shopping for an ERP system is a complex job. You are looking at the software itself and, at the same time, the vendor from whom you will make your acquisition. Many ERP systems are available from the development company as well as a variety or independent vendors, which is why comparing ERP can be quite a complex task.
Here are four basic points you can use to start to compare ERP vendors. Think of them as the first step to deciding which software is right for you.
1. Vertical market
Look for an ERP vendor that is well established in your industry. They should be familiar with your vocabulary and have a good concept already for how you will use ERP and what benefits might be available for your business. If they have already helped a business you know with an ERP selection and implementation, they should have learned how to help you and your business obtain and use ERP tools. Be wary of a vendor whose answers seem to come from a text book and not clearly from experience. Even in your own industry, there are businesses much larger or smaller than yours so ideally you want to find experience that matches your requirements.
Recommended reading: compare different ERP systems with our easy-to-follow ERP selection checklist.
The ERP vendor you choose will be part of your team for many years. Check their balance sheet and other financials and try to have confidence they will be around to help for ten years or longer. Compare with other ERP vendors using the following questions:
- How long have they been in business?
- Has the form of their business changed drastically over those years?
- Are they profitable now and in the past?
- Are their revenues consistent and growing?
Now look a little deeper; was their past success based on the founder only or have they developed a good team of experts who can continue to be of service long after the founder retires?
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