10 best practices for optimizing the lifetime value of your erp investment
TRANSCRIPT
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Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals
10 Best Practices for Optimizing the Lifetime Value of your ERP Investment
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• Understand how to avoid inherent barriers to ERP implementation success
• Discover actionable advice for the proper alignment of people and processes in executing an ERP implementation plan
• Understand how to build a partnership with your ERP vendor and consultants to maximize the lifetime value of an ERP investment
• Discover current and emerging trends in ERP solutions
Learning Objectives
After attending this event you will be able to:
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Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals
10 Best Practices for Optimizing the Lifetime Value of your ERP InvestmentMatt Kenney, Principal of the Technology Consulting Practice, McGladrey
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Agenda for today
• Why managing ERP matters to your organization and your career
• Best Practices across ERP lifecycle– Choosing the right system– Implementing Successfully– Optimizing and Enhancing
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Why managing ERP matters
Source: 2014 McGladrey Monitor Report
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Why managing ERP matters
• ERP is increasingly the domain of finance rather than IT
• ERP is a key tool for improving performance– Must measure in order to manage– The right task at the right time by the right person– Automation drives efficiency and accuracy
• ERP presents inherent risks that must be managed– Obsolescence – Data Security– System Failure
• Managing ERP is integral to improving performance and minimizing risk for your organization
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Choosing the right system
Best Practice #1 – Start with strategy• What is your business objective?
• What obstacles must be overcome?
• How can business applications help?
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Choosing the right system
Best Practice #2 – Define scope
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Choosing the right system
Best Practice #3 – Determine where you’re special – and where you’re not.• Which current business processes are
standard and which are unique to your organization?
• Why are processes not standardized? Competitive advantage or bad habit?
• Do you need an industry-specific solution?
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Choosing the right systemP
RO
SC
ON
S
Vertical Solutions Horizontal Solutions
Functionality developed to meet your niche
Industry Expertise Implementers understand your
companies unique needs
Large install base Better Financial core More add-on vendors Usually more current technology Usually more consultants
available
Technology may be dated Smaller customer base to use to
make investments – Less R&D Less flexible solutions if your
company changes Typically have weaker financial
packages
Might not meet needs of your specific industry – need to rely on add-on solutions
Implementers may not be familiar with your industry
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10 Best Practices for Optimizing the Lifetime Value of Your ERP Investment
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