The ERP project can be considered as the foundational backbone enabling business transformation. Measuring the success of ERP projects should not, therefore, focus on the only dimension of the ROI because ROI is actually just a consequential visible outcome. There are other dimensions that need measuring such as business models, relationships and processes with customers and suppliers. In order to sustainably provide significant business value, we need to identify success metrics through which you can measure the success of an ERP project.

In today's environment, managing growth effectively is harder than ever. The challenge mostly involves communication and shared data across the organisation. The world has witnessed the incredible development of social media, which makes us rethink how to turn this into an advantage to communicate in business. Working with Facebook, Twitter and LinkedIn, the new ERP solutions mirroring the functionality of online social networking tools may start the next generation of ERP systems.

Collaboration challenges

Many organizations have difficulty collaborating effectively. In a 2013 ERP Benchmark survey conducted by the Aberdeen Group, the top challenges that organisations face in collaboration were identified.

Inspired by CFO innovation on the topic "Accounting For Tomorrow: Integrated Reporting Will Soon Be Compulsory", I believe that the Integrated Reporting (IR) will be sooner compulsory and has insights how a social ERP system can cater to deliver all related stuff for an organisation with the create value process for the short, medium and long run.

According to the Integrated Reporting - A Force For Financial Stability and Sustainability, IR targets to 4 main purposes which are information quality improvement, effective approach promotion, accountable enhancement for capitals and support for actions to create business value.

Traditionally, each department has their own information tracking and operating system. And most of them run separately, which leads to a lack of interconnectivity between departments, wasting time and being hard to keep track your inventory. As a result, workflow is not efficient and sometimes creates frustration. This is where the ERP system steps in to help alleviate those pains.

Your company has just decided to change their business model, relocate head quarters or simply just wants to expand. Now your Directors wonder if it’s time for a new ERP system. Those changes are just catalysts while the real reasons are often the lack of meaningful processes or old technology that is resisting greater business efficiency. So how do we know whether it’s the right time to replace your current ERP system?