You’re looking to invest in new ERP software. How can you find the solution that best meets your needs?
Sending out an RFP (request for proposal) is an effective way to whittle down potential products and find solutions you’d like to try. An RFP lists your requirements and expectations; it’s up to vendors to satisfy these and demonstrate an understanding of your business.
Below, we set out what to include in an RFP, so you can gain a side-by-side comparison of vendors and solutions.
Why Do You Need an ERP RFP?
An RFP is an industry-recognised means of finding ERP software. It forces you to define your requirements, keeps you on track to achieving those requirements and, and ensures you waste no time demoing irrelevant solutions.
Whatever your requirements, an ERP RFP will help you find a solution that best meets the needs of your business,
Creating an ERP RFP can:
- Lead you to the right software, fast
- Improve the success rate of ERP implementation
- Offer a side-by-side comparison of the best solutions for your needs
- Help you gain a deeper understanding of how ERP software will impact your business
Learn more about ERP RFP and why you need one in our expert guide
What to Include in an ERP RFP?
The more detailed your ERP RFP, the better your vendor responses. Use our checklist to structure your requirements document and guarantee valuable feedback from selected vendors.
Background – Provide an overview of your business, including key objectives, company structure and expected number of users. List your current system’s shortcomings – this may be in terms of flexibility, functionality, features, technology, usability, intuitiveness, or a combination of all of these.
Scope – Outline your project expectations, giving vendors insight into your desired outcomes. Provide clear examples of what you wish to achieve with your new software – describe the challenges you face daily that your current system does not address. This is also the place to set your budget, timeline, and preferred go-live date.
Requirements – List your technical requirements and project spec. Be specific and ensure you list your ‘must-have’ features first, followed by your ‘nice-to-haves’. This will ensure your key priorities for the new system will be tackled first and foremost. This will also facilitate a smoother journey to ERP success.
Vendor background – Learn more about potential vendors by requesting a list of references, qualifications, and experience. They could become a long-term partner, so make sure they’re the right fit.
Pricing – Request a full price breakdown, covering both short and long-term costs. Request information on any additional fees and any hidden charges, too. It should be noted however, that you may only be given a ballpark figure here until the vendor has fully fleshed out your requirements and taken you through a demo.
Terms and conditions – Outline your preferred contract terms, as well as any specific conditions which you would like to apply to the project.
Contacts – List the points of contact vendors can reach out to regarding your ERP RFP, including all internal and external parties.
What Happens Next?
After receiving responses to your RFP, it’s time to compare and rank vendor offerings. There are three key steps to this:
- Rank – Create a best-to-worst list of vendors, assigning each a score based on how well they’ve met the requirements of your RFP.
- Compare – Taking your top three vendors, compare them side by side, looking at things like features, pricing, and support options.
- Arrange a demo – Most ERP vendors provide no-obligation product demos, so be sure to arrange this to get a feel for prospective software and the software provider. ERP success is not based on software alone – the relationship you form with your provider will play a huge role in achieving your objectives.
Once you’re satisfied with a vendor, you can enter formal cost, scope and timescale negotiations, before entering the most critical stage of ERP onboarding: implementation.
Introducing Intact iQ
Intact iQ is a future-ready ERP system, delivering enterprise-wide management solutions that elevate your business. One solution, multiple functions – our flagship ERP product supports all areas of your operations, with innovative features that boost efficiency, access, and control.
Invest in iQ and benefit from:
- Stock Control SOP/POP
- CRM, SRM & Marketing
- Business Intelligence
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- Complete Financials
To learn more about Intact iQ, book a demo or speak to our trusted experts, click here.