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Enterprise Resource Planning (ERP) software has become a vital tool for modern day businesses, allowing executives to streamline firms and ensure maximum performance. However, before going ahead with ERP investment, it is vital to define a company’s specific market position.
There are many ERP solutions on the market, and choosing the correct one can sometimes be difficult. This is why executives must first consider their market placement, and decide how large or small an investment they need to make.
The first step to take is to determine company size, with midmarket businesses normally having between 100 and 999 employees. Revenue does not often come into play with this factor, but for those taking more than £1 billion in revenue, executives should define their company in the enterprise market. Geographical footprint is also important, with individuals needing to consider how many offices and outlets that they have. Are these in one country or spread internationally? If different currencies are involved, ERP systems will need to be able to have both multi-currency and multilingual features.
Finally, executives should consider their business operations, and the size of data that needs to be captured. The majority of ERP systems will manage management, business, financial and supply chain operations, but it is vital to ensure that any additional areas are also taken into consideration.
ERP investment can be a large milestone for companies, and by defining a firm’s market position, executives will have a better idea of the ERP system that they will need.
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