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10 Best Practices for Optimizing the Lifetime Value of your ERP Investment

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Leading a successful ERP implementation can be a career defining event for a finance leader. An ERP selection, implementation, or ERP system management gone wrong can negatively impact a company’s …

Leading a successful ERP implementation can be a career defining event for a finance leader. An ERP selection, implementation, or ERP system management gone wrong can negatively impact a company’s financial health in addition to derailing the careers of those who professional brands are tied to an ERP solution investment. The right ERP solution in the hands of the right professionals can fuel company growth and even offer a company competitive advantage. New platforms, including cloud-based technologies, enable companies to leverage the best technologies available—making ERP adoption more streamlined, less risky, and more cost-effective. Attend this webinar to discover 10 key best practices in developing and executing an ERP investment strategy that maximizes the ROI of an ERP solution investment from implementation through optimization.

Matt Kenney, Principal, McGladrey will discuss the key components of successful ERP implementation, and how to optimize the value of an ERP solution through its lifecycle long after the initial implementation. Discover how to build and maintain successful relationships with, among, and between key internal and external stakeholders in an ERP investment to optimize its lifetime value.

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  • 1. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals 10 Best Practices for Optimizing the Lifetime Value of your ERP Investment
  • 2. Learning Objectives After attending this event you will be able to: • 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
  • 3. Welcome to Proformative Proformative is the largest and fastest growing online resource for senior level corporate finance, treasury, and accounting professionals. A resource where corporate finance and related professionals excel in their careers through: • Uniquely valuable, online Peer Network • Direct subject-matter-expert advice • Valuable Features and Resources All of it completely noise-free Check it out at www.proformative.com
  • 4. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals 10 Best Practices for Optimizing the Lifetime Value of your ERP Investment Matt Kenney, Principal of the Technology Consulting Practice, McGladrey
  • 5. 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
  • 6. Why managing ERP matters Source: 2014 McGladrey Monitor Report
  • 7. 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
  • 8. 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?
  • 9. Choosing the right system Best Practice #2 – Define scope
  • 10. 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?
  • 11. Choosing the right system CONS PROS 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
  • 12. 10 Best Practices for Optimizing the Lifetime Value of Your ERP Investment Thank you for your interest in this presentation. View the on-demand webinar or download the full presentation at: www.Proformative.com