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ITFin and Payoneer MoneyTalks recently held a joint webinar, and today, we want to share its recording and critical insights. For over an hour, we shared valuable ideas and explained how and why to choose an ERP system for your business so that we couldn't help but share it. You can view the full recording by following the link.
Our CEO, Olexandr Kushnir, talked about ERP systems and their impact on the functioning and development of businesses. He also analyzed myths and facts about choosing and implementing such a system, compared ERP with 1C and Excel, and shared his practical experience in automating dozens of IT companies. Main theses of the webinar:
⚡️ ERP vs Excel, or can Excel replace ERP
⚡️ Truth and myths about using 1C
⚡️ How to make managerial decisions relying not only on intuition
⚡️ ERP systems in the Ukrainian market: their advantages, disadvantages, features
We also talked about ERP's main advantage - the fact that it increases a business's capitalization. Not only does it simplify and optimize the company's operations, but it will also be helpful in the potential sale of your business because if you have it, it is easier to objectively assess the company's value since all the necessary data is at your fingertips. Such a company will cost more because of the transparency and visibility of its reporting.
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⚡️ Choice/presence of an integrator: Implementing an ERP system is quite a long process that sometimes takes months, so you need an integrator to fully reveal its value to your business.
⚡️ Sufficient functionality (modules): If you have a specific request, you need to test how it will work in a specific ERP system to ensure it suits you. Olexandr advises taking a trial period for this.
⚡️ Customization options: There are different types of products. Some are not customizable, and others can be almost entirely modified depending on your needs. The ideal is somewhere in between, with specific rules, but not cutting down on the ability to customize the product for yourself.
⚡️Compatibility with other systems: that is, the ability to transfer data from your ERP system to other services you use for work and vice versa.
⚡️ Data security: Data can be stored locally or on the company's server, granting you a license to use the ERP system. Both options have their advantages and disadvantages, so it all depends on your wishes.
⚡️ Price: Olexandr deliberately put this aspect in the last place, emphasizing that there are several more important aspects when choosing an ERP system than the price, and you should not focus on it first.
See the full version of the webinar recording to find out why most people in Ukraine still use the russian ERP system 1C and what alternatives are available on the market.