Enterprise resource planning (ERP) can be a powerful tool when businesses leverage it to manage data for core business processes. However, several common ERP myths can discourage companies from making the investment. To understand what’s true and what’s not true about ERPs, explore these top ERP myths and discover why they’re false in real-world applications.
Myth #1: ERPs Are Only for Big Businesses
One of the top myths about ERP is that the software platform only works for large businesses. People may think enterprise resource planning is only valuable for large-scale operations. In reality, enterprises of all sizes can benefit from ERPs. As the technology continues evolving, it allows for customization on multiple levels.
While ERPs were most often a solution tailored for larger businesses in the past, today’s ERP options can work for everyone. Designed for versatility and adaptability, modern ERPs can deliver the specialized capabilities smaller enterprises and larger businesses require.
Myth #2: ERPs Are One-Solution-Fits-All
Every enterprise has unique needs and operation strategies, so a tailored approach to management solutions is crucial. Rather than being one-size-fits-all, ERPs can be highly versatile for individual business needs, and companies should implement software that matches their unique requirements.
When you select a platform for your operations, take the time to compare your options and evaluate based on business trends, industry specific features, functionalities and requirements. You want to find software that fits your business goals, production requirements and industrial needs. Each business’s ERP can look a bit different depending on its specific applications and requirements.
Myth #3: ERP Is Too Expensive
Many businesses think ERP’s are too costly to implement, but it can deliver a high Return on Investment (ROI). Getting an ERP is a long-term investment that can reduce inefficiencies and optimize processes across the enterprise, leading to many savings for years to come.
One high cost that can contribute to an overall more expensive project is the time put into crucial decision-making. Streamlining the decision-making processes between management and key stakeholders and optimizing the enter process can significantly reduce costs during implementation.
Myth #4: ERP Only Benefits Executives and Management
Another common ERP myth is that the platform solely benefits top management. ERP does deliver sizable advantages for executives and management, providing valuable insights into processes as they make vital decisions in the future.
However, these advantages extend across the enterprise, optimizing processing efficiency, data sharing and management and other critical operations throughout all levels of business. By facilitating streamlined information sharing, ERP software improves company-wide communication, reduces inefficiencies from duplication and miscommunications, optimizes project planning and helps reduce operational costs.
Myth #5: ERP Implementation Takes Too Long
Many enterprises think of ERP as an arduous process that can take years and considerable resources to implement. In reality, these drawn-out timelines are typically due to issues with planning and scope-setting rather than an intrinsic part of the implementation. To effectively implement an ERP system, setting the proper scope and objectives and identifying available resources is critical.
With effective management, the implementation process can take a few months to a few years, depending on the size and scale of the project. When evaluating options for implementation, businesses should consider time and resource constraints to identify the best opportunities for their unique needs.
Myth #6: ERP Belongs to IT
While it may seem like ERP is solely an IT concern, it provides value for and requires engagement from the entire organization. An ERP platform is a business asset that necessitates ownership and input from areas across the company and from various levels and departments. After implementation, it serves as an integral part of daily business operations, and enterprises should run it as a business initiative staffed by the best-qualified people.
When businesses recognize an ERP’s potential and center their operations around it, they can get maximum value from the platform. Implementing it as a central part of operations allows the ERP to provide sustainable use that can adapt to changing needs, streamline processes and promote business growth.
Optimize Your Business With ERP Solutions From Multiview Financial Software
Take advantage of what a robust ERP can offer for your organization when you partner with Multiview. Our fully scalable ERP solution has an optimized design for rapidly growing small, medium and large businesses. With our ERP, you can get the versatility and scalability you need for critical processes across your organization.