HOW MUCH DO I NEED TO INVEST ON ERP?
Most of the business people even though they run business for more than decade ask this question themselves, “How much do I need to invest on my ERP”. Whatever industry you belong to either, Textile, Food, hospitality, Trading, FMCG, manufacturing etc., you may need to follow a formula.
As experts say, you may invest as much as you need to get the ERP as a tailor made(customized). But when you start check that you invest 0.25% - 4% of your annual turnover. Eg: If your annual turnover is Rs.1 cr., then you may start investing Rs25000 – 40000 as a beginning with.
But keep in mind that your ERP software is scalable. Means what, the ERP must able to customize as per your business requirement and growth. Most of the business owners make a mistake in this. They buy a fixed product at a minimum cost thinking that this ERP will be enough to satisfy my business transaction. But keep sure that this is not you.
How much do I need to Invest on ERP software?
Because when your business grows or scales up(resources-wise) your ERP service provide must be able to customize your software to meet the requirement. Considering the processes and reports, implementing latest technologies, adapting with environment, interfacing with third party tools and so on.
So before investing be sure you notice all these metrics in your ERP.