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What are the main points to be considered while selecting an ERP solution?

On the priority basis the first choice should be that the ERP you are selecting must be Product Fit. As you know there are many ERP products on the market and each designed for a particular segment. Therefore, you must ensure the product is aimed at your type of organization. If you are a small, regional discrete manufacturer, then don't buy a product intended for very big organizations such as oil refineries etc.

Second point is the ERP software must be Process Fit. After doing a rough cut analysis for product fit, it is necessary to look thoroughly at your own needs and match them against the ERP solution you have opted for. Make sure that the software is integrated with all the modules you are looking for and it is well designed to suit your requirement.

You must also check the reliability of the solution providers. Since ERP is a long-term commitment, ongoing support / maintenance are essential. The software firm that you are dealing with must have the resources and technician to carry out the whole operation and further maintenance and training successfully. You must also check that their implementation methodology is efficient and reasonable.

Lastly before you have decided with one of them consider whether the pricing is reasonable and the terms are acceptable. Don't forget to include ongoing support and maintenance in the price discussion.