A Guide to Selecting the Best ERP System for your Business

In today’s global marketplace, businesses are increasingly looking for the best ways to improve organizational efficiency and can reap the benefits of having an ERP system. In fact, having an ERP system in your business ecosystem is no longer an option anymore. It is a requirement for any growing business or entrepreneur to use it as an essential tool to manage its operations efficiently.

Since there are so many ERP systems available in Singapore today, it can be overwhelming for the business owner to choose one for his/her business. A small business owner may not even know where to begin when it comes to choosing an ERP system for his/her company; however, having the right ERP system can be a useful addition to any business enterprise because it will be the foundation of all business operations. Without a good ERP system in place, you won’t be able to effectively manage your business or keep track of its finances. With the right ERP system, your business can run seamlessly, therefore, it is essential to have a system that is right for your business.

The main reasons for implementing an ERP system for your business include:

  1. Business analytics—ERP systems help managers with the effective use of data in order to secure financial management and make strategic business decisions.
  2. Supply chain management—ERP systems help organizations monitor and control inventory levels, reduce waste and minimize inventory turnover costs. It also helps them fully plan their inventory needs based on demand factors such as time of purchase and seasonality.
  3. Financial management—ERP systems help managers with effective use of financial data in order to gain insights into the business performance metrics that are key in making decisions; helping them identify the right resources to meet their goals (for example, sales, cost, or product planning).
  4. Customer service—ERP systems can be used by companies as a network that provides access to customer data so that all stakeholders in the organization will have access, allowing them to make better decisions for their customers’ satisfaction and loyalty.
  5. Competitive intelligence—With ERP solutions being available at competitive prices these days it is easier for businesses with tight budgets but still want top-of-the-line features than ever before!

Most businesses are not technology savvy. They have no idea how to set up their ERP System.
So they turn to a bunch of professional software companies who promise them that their ERP system will be able to cope with the IT requirements of their business.

This is true, but not all ERP systems come with the same features in fact it is impossible for anyone company to tell you if your system can meet your needs. It is important for every business owner to do some research on the different features and functions of a different ERP system before making a final decision.

So, here are some tips that might help you choose the best ERP system for your business:

  1. Have an idea of what you wanna do with your ERP system? What would be the first thing that pops out at you?
  2. Do you have specific functional requirements like being able to manage large lists or contact lists?
  3. Do you want all the functions done by just one person or in multiple different locations?
  4. Do you want your ERP system to be highly scalable and customizable for future growth?
  5. Do you want it with advanced reporting and analytics capabilities?
  6. Do you want your system to be integrated into your existing processes and workflows instead of forcing them into separate systems?
  7. What business processes do you want it integrated into, like Sales, Inventory Management, or Shipping & Receiving?
  8. Can your existing hardware/software support what needs to be done with this new product?
  9. How much money are you looking at spending on this project?
  10. Are there any specific features that make this product better than others available out there in terms of managing customers/orders in real-time or automating inventory control, etc.?
  11. Are there any specific features that make this product better than others available out there in terms of user-friendliness and ease of use

Choosing the right ERP system provider in Singapore for your business can be a difficult task. There are many available options, and each one will have different features and functionalities so choosing one that will work as you need it to can be difficult. If you have any more questions about ERP systems; from the cost all the way down to the grants that we can apply; I am here for all-around digital advice. If you’re in the wholesale trade, do take a look at DSM Suite 2.0, an ERP system built for the wholesale trade built upon IMDA’s GO-DIGITAL ROADMAP for Wholesale Trade by Zooloo, a leading technology company in Singapore.

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