Criteria for Selecting an ERP System

While purchasing an erp software singapore , there are numerous factors to think of and several considerations to make. But where do you start from? What are the key criteria for selecting a good ERP system that should be known to your team and you prior to going ahead with purchasing one? It is imperative that you consider the various criteria before hoping ahead with your decision to purchase and deploy an ERP system across your business. Check out the following key considerations for guiding you while you try to decide on the most appropriate ERP system for your firm

Resources and budgets

ERP software is available at varying prices today. In fact, the most expensive system could be as high as 5 times the cheapest ERP software. Ever thought what you are planning to change could be the reason for such big price variations? The reason is that some businesses require certain advanced functionalities in the system that may shot the price of the software, On the other hand, there are other businesses where the criteria could be less complex and so they can opt for a reasonable prices ERP software, it is not always necessary that a more expensive ERP solution will be superior.

Objectives and goals of the company

One of the most important reasons to migrate to an ERP system to make sure that your corporate goals get the necessary support. Different organizations will have their own unique set of objectives. Here are some such instances:

The speed with respect to market goals: Is it possible to take your product to the market more quickly after complying with all the regulatory needs?

Efficiency goals: Can process and task redundancy be done away with so that multiple tasks are clubbed together and every element occurs only once?

Growth goals: Is it possible to double the size of a business with the available resources?

Future scalability and underlying technology

Once upon a time, the technology used by an Enterprise Resource Planning system was not a key consideration. It was the functionality of the software that played a dominating role while selecting a fresh system. If you are planning to change your existing ERP system, the cost includes not only the software price but also the cost if lost time, training and business disruption. When you select an ERP system, which uses a newer and more advanced technology, the software will enjoy longer longevity and will definitely be a better investment.

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Delivering on Brand Promise with Konverge Retail POS in Singapore

As a retailer, you have a brand promise that you want to deliver to your customers. You want to learn about them more, you want everyone to experience seamless transactions and have an inventory visibility that meets the required standards. This is not easy without technology that is easy to use. For this and much more such as fast processing of customer transactions, you should consider having a POS system.

The Benefits of the Konverge Retail Pos

There are a multitude of benefits that users of this system enjoy. Its an e-commerce integrated system that tracks inventories whether it is in a chain or a single store operation with a guarantee of inventory visibility. It becomes easier to handle real-time data, trace stock movement, handle promotions, multi-tier pricing and discounts as well as track refunds and returns that have been made in the past. No matter how complex the retail business requirements are, these retail pos is reliable and user-friendly.

The self service kiosk is one good example with a integrated function.

Better Inventory Management

Tracking inventory movements is not efficient if it is done manually. A staff may postpone the recording and end up forgetting. This does not happen with Konverge POS system with its inventory management system. It handles lots, batches, allocation and SKU numbers. By providing real-time reports, this system automates inventory count update. At the end of the day, it enhances inventory accuracy and reduces inventory turnover cycle.

No More Missed Order and Manual Errors

Missed orders and manual errors can be avoided when reliable software is in place. The profitability of a business is highly affected when such mistakes occur, but with technology advancements, these are mistakes that should not be happening today. The question is, how can you make this possible? With the POS, there is an automated end-to-end system that comes with the Konverge Pos Item Requisition module linking the head office with outlets. Every order that is made at an individual outlet is electronically transmitted to the order office. This saves the company a lot of time.

Promotes Business Growth

If a business is stagnant, there is no use in running it. One of the things that can slow the growth of a business is having staff focus on sorting out manual errors and administrative issues. A lot of time is wasted on such tasks which slows down growth and in turn affects revenue. With the POS , everyone in the company focuses on other important aspects of growing the business. It is the time saved by use of the system that improves staff capacity for the overall growth of the company.

Besides all the advantages of using this system, the beauty of it is you do not have to go through a complicated process. It is a user-friendly system that gives the customer the experience they are looking for. It might seem to be a simple system, but it handles complex requirements in a business. The market today is competitive, and this integrated system will help you stay abreast.

Top Emerging Trends in Enterprise Resource Planning

Today, the ERP or an Enterprise Resource Planning system is no longer a hyped concept. Rather, it has become a reality and is here to stay for long. When you are aware if the emerging trends in ERP, you get a chance to understand what should be done in your enterprise so that the ERP implementation can give you the desired outcomes. Here are the top emerging trends in Enterprise Resource Planning.

1. Higher demand of erp software singapore on the cloud

Today, many organizations prefer that an ERP system should be delivered on the Cloud. This is because giving an ERP on the Cloud offers a host of benefits to the companies including saving storage solace and no risk of precious business data getting lost.

2. Mobile ERP

The immense popularity of mobile devices has led to many organizations willing to invest in those ERP solutions that can be easily accessed from different types of mobile devices such as smartphones and tablets.

3. Focus is now more to get profit from the installed ERP

The success of ERP, in General, is hardly debatable these days. But gone are the days when many businesses just implemented them blindly. Companies today gave become extremely conscious about their Return in Investment from it.

4. Large companies are acquiring smaller businesses

There has been an increasing trend on bigger companies acquiring of merging with the smaller startup businesses. Whole there are several new players operating in the market, the big players are becoming more prominent.

5. Integration architecture is better

As the number of specialized ERP software has increased, there has been a shift in the focus of ERP consultants towards offering superior integration architecture to get more competent ERP systems.

6. ERP with specialized business intelligence is in demand

An increasing number of organizations want to focus on making more advanced forecasting and predictions by deploying an ERP system that features specialized business intelligence by doing so, there can be marked improvement in the decision-making processes, especially when the right ERP solution is in place.

7. Tiered ERP systems are emerging in a big way

Bigger companies have been focusing towards creating 2-tiered Enterprise Resource Planning solutions. While the lower tier is supposed to work for the various subsidiaries, the top tier is meant to work for a company’s headquarter.

8. Customer Relationship Management is getting greater prominence

Due to the high level of recession, a number of consumer-based businesses have demonstrated dismal performances. This has also led to the realization within these businesses how important their customer data is. Thus, a majority of purchases for the ERP systems have been a Customer Relationship Management solution.

When And Why A Company Should Go For SAP Implementation?

SAP implementation is not an easy process at all. In order to implement it successfully, an organization needs to be patient and careful both. Typically, organizations go for it when they want to go for a change management from their current systems. There can be different forms of change management such as the expansion of existing business processes, acquisitions, mergers, and process re-engineering and new ERP or technology roll outs.

However, a key concern that pops up is when the introduction of SAP is so expensive and complicated, why do more and more organizations go for it?

While there is no debate over the fact that sap implementation is not a child’s play, it is a challenge worth accepting for the array of benefits offered by it. But prior to going for SAP implementation of software solutions, an organization should take out some time and find out the answers to the questions mentioned below.

* Does the business have a turnover of a million dollar that will support them purchase the SAP product and user licenses along with other requirements?

* Does the organization have easy access to skilled and experienced consultants who are experts in drafting a blueprint for SAP implementation?

* Is the company prepared for drastic changes in its business processes and are the various teams ready to accept the challenges?

* In case there is a failure after the implementation, is the organization ready to bear losses and take big risks?

* Is there a backup plan available with the company in case the primary design does not work out for whatever reasons?

When an organization gets replies for all these above questions, it can enjoy the innumerable benefits offered by SAP implementation in the business processes used on a daily basis. Organizations implement SAP to get the best out of their businesses a and to ensure that the efficiency of the manual and automated business processes involved in day-to- day operation is maximized,

There are three major priorities for the process of successful SAP implementation which are as follows.

* Processes- there should be proper sequencing and structuring of the key business processes so that they are capable of delivering the expected and desirable output. All the business processes should be efficient and inter-linked so that they are helpful in gaining bigger benefits.

* People- both the end-users as well as the professionals in the IT department who are closely involved with the process of implementation should be able to appreciate and understand the system or the updated business processes with great ease.

* Technology- There are activities like employee training, ensuring vendor and customer data security, bringing new dimensions to the business processes should be productive in such a manner that they enhance the efficiency of people as well as processes. When all the above three key components coordinate with one another, there is a high probability of the success of SAP implementation.

Should Small and Medium Enterprises go for Standardized or Customized ERP Solutions?

Often when small and medium enterprises (SMEs) go for ERP solutions they prefer for the erp software to be customized. There can be many reasons for this. The most important and prevalent among them is the question of how the staff will handle the new ERP system. If they will be comfortable with the new software or would they prefer some basic changes in the older one. Given this thought, employers ask SME vendors to customize their ERP offerings so that they can avoid staff-related implementation issues.

This problem can arise whether a company is going for ERP solutions for the very first time or are opting for them from a different vendor than before. The question here is, if customization should be preferred over standardization.

Why companies prefer customization?

SMEs evolve at a very fast pace. Everything, from their business processes to their manpower grows at an astounding pace which makes flexibility a very important factor for them. They need their processes to be scalable, and the same applies to the ERP solution that they want to be implemented. They feel that the ERP software should mirror the scalability and flexibility that their business has seen over the years.

Why standardization is a good option for them?

Although the SMEs need for flexible business ERP solutions makes sense, standardization makes for a better factor when it comes to implementation. The ERP solutions that you find today are based on years of industry expertise and best practices. As a result, these solutions have already covered all the challenges that an SME might face during implementation, thus offering a specific solution to every kind of possible issue that can be expected to arise.

How can the concern of staff retention be addressed?

Many SMEs also think that the implementation of standardized ERP software might lead to a decrease in employee morale and productivity. This can also lead to loss of employees. This is a valid concern and can be taken care of by using proper change management techniques. By making the shift from no/old ERP to a new ERP, seamless and comprehensible, with proper introduction and training, this problem can be easily taken care of.

If the employees receive proper training and are involved throughout the implementation process, then they start to feel like a part of the entire journey which helps to build an efficient eco-system.

Aligning ERP Requirement and Delivery

ERP helps in optimizing your business’ internal value chain. It is the solution to your problems of scalability and data flow within the organization. You have information at your finger-tips, real time. However, you might think that ERP solutions are at the very best an off-the-shelf product. How well can it help you and your business’ specific needs? This question brings us to think about the alignment of the requirements that a business has from ERP software and how the software can deliver and match up to expectations.

ERP can be customized according to the customer’s needs. However, most ERP vendors often advise against it. Present ERP systems have been built over a foundation of tried and tested methods and best practices. More often than not, problems that SMEs currently fear facing in ERP implementation have already been dealt with and addressed by the current breed of ERP software. This partially solves the worry of business process going topsy-turvy during an ERP software implementation. Standardization in this case can help address problems better than customization of the ERP software.

Flexibility over Standardization

There is however one thing that trumps standardization and that is flexibility. Even if you implement standardized ERP software you will need to constantly upgrade and update it. Technology is a dynamic variable and as such it demands continuous upgrades. You should ensure that every time there is a change in any business process, you update your ERP software too.

For example, your business must comply with certain financial regulations. You should check that your ERP accounting software is designed to ensure compliance with such regulations. Finance is the life blood of business, and there are major regulatory frameworks to adhere to when it comes to finance. Properly implemented ERP accounting software will help you make sure that there are no breaches.

Flexibility also means scalability

With the rise in ecommerce, SMEs are scaling globally. They deal with customers overseas and ship their products all over the world. Dealing with customers around the world means having your systems and business processes running 24/7. This can be achieved effectively only when you have holistic ERP software implemented. Scalability also means an increase in manpower within your business. Increased workforce calls for Human Capital Management, which is another area where ERP can help you perform effectively.

In short, ERP software can mean a world of difference to your business. You will need to identify your business’ specific requirements well and communicate them to your ERP vendor: so that they can provide to you a standardized yet flexible ERP solution that can help your business grow exponentially.

Easy Inventory Management with Enterprise Resource Planning

Can you imagine the situation of a business that gets more orders than the inventory that it has? Such a situation can arise due to poor production planning and inadequate inventory forecasting. The business will lose all the orders, thereby affecting its revenue. They could have avoided such situations if they had managed their inventory.

An Enterprise Resource Planning system is the solution for such problems. ERP is mainly used for automating the various back-office functions so that all the functions are integrated seamlessly. All the operations of the business that are crucial for the running of the business can be easily integrated and incorporated into the Enterprise Resource Planning system. From production planning to warehouse management, inventory management, order processing, purchases and financials, everything is covered under one umbrella.

Inventory management is very crucial for the successful running of the business. Only with a proper inventory management system can the businesses analyse the stock available and therefore determine the amount of stock to be replenished. It can help in defining strategies that can be useful for planning future growth.

Benefits of integrating Inventory management with ERP

Optimize inventory

The key benefit of automated inventory management is that it can optimize the inventory for meeting the ROI goals and product availability. Keeping a right mix and amount of inventory is quite important for improving the profitability of the business. The business can neither afford to under-stock nor can it over-stock. With all the reports and systems in place, the system would be able to analyse on fast-moving and slow-moving products so that appropriate measures can be taken.

Supply Chain

For companies that rely on supply chain partners for managing the inventory and shipments, an effective inventory system can be integrated with the supplier’s system. This will help the suppliers in analysing whether the stock is available in the warehouse or not.

Accurate Financial Statements

One of the significant components on a Balance Sheet is the inventory value. When the inventory is managed through an ERP, the chances of variation are minimized. This gives more accurate information on the financial statements, which can be useful for the shareholders.

Easier physical stock takes

Every company that deals with inventory has to go through annual physical stock takes. When the inventory management is automated, the physical stock take becomes much easier.

With a proper inventory management system, the movement of stock becomes real-time, giving an accurate picture of the stock position. Stock reconciliation also becomes easier.