You’re probably always trying to think of ways to spend more time teaching your students and less time running what is essentially a mid-sized business. In fact, at times it’s probably like juggling two businesses at once. With the education industry being so competitive it’s important to get ahead and keep ahead and that is where ERP software may be your answer. Of course, not all solutions are the same, and you’ll need something that meets the enterprise-level accounting and financial reporting needs of educational organisations.
We took a deep dive into the world of ERP software and
produced an essential guide on what you need to know:
. What is ERP Software
In simple terms, ERP or Enterprise Resource Planning
software is a package or suite of applications that facilitates the integrated
management of key business functions forming a business management system. In
terms of educational institutions, this translates to providing solutions for
things such as financial management, customer service, inventory management,
project accounting and much more. The right ERP software solution can support
your entire operation, meaning you are more efficient and have more time to
spend teaching.
. Choosing the Best ERP Software Solution
The best solution will be built with education in
mind, designed by specialists who understand the needs of your sector in
Australia and New Zealand, with a comprehensive set of tools for financial
management, project accounting, auditability and governance, stakeholder
service, and more. The best ERP
software for schools will be designed to streamline
organisational processes, automate tasks, and provide real-time insights into
key performance indicators. The ERP software you choose should be a reliable,
stable, well-supported, powerful system that can be tailored to meet your
needs.
. Choosing the Right Implementation Partner
Whilst ERP software can be the solution you have been
looking for, to get the best results it’s not just a case of buying a package
off-the-shelf, you will want guidance and support from a technology partner who
is experienced in implementing ERP software solutions for educational
organisations, because they will understand how it can be tailored to meet your
specific needs. A reputable partner will have a dedicated team who take the
time to fully understand your organisation and adapt the ERP to meet your
needs.
. Cost of Implementation
You won’t be surprised that implementation costs vary,
because no two organisations are the same and every site will need something
different. You may not require all the functionality that the ERP can provide,
at least not to start with, and so you should only pay for the modules you use,
and the number of users. As a guide, you can expect to pay somewhere in the
region of $50k to 100$k to implement a typical system using a reputable
partner, however, more complex organisations may be outside this figure. In
addition, this type of software invariably comes with ongoing licence fees
which may range between $2k and $5k per month. A reputable technology partner
will be able to provide you with a quote for implementation, ongoing licences,
and support.
. Training and Support
ERP software can be daunting to the untrained, and
therefore your technology partner must have a comprehensive training package
and tools available to help you. This may be through online learning, or even
training portals that present you with upcoming events and topics of interest.
Failure to provide effective training is often the difference between
implementation success and failure and a good partner will consider support as
an extension of the training. Having the right help when you need is key to
staying productive and motivated. Training is also an effective way to boost
employee engagement and make staff feel more valued. Click here for more ways
to enhance
employee experience in the workplace.
. Security – Nothing Left to Chance
When you’re using ERP software to manage your
organisation, you are entrusting a lot of data with that provider, so they must
take security more seriously than you do. A good ERP solution will offer
two-factor authentication (2FA), using a dedicated app, email, or SMS to secure
logins. However, it goes beyond just logins, and you should look for software
that implements industry best practices such as globally recognised ISO 31000
Risk Management Standard; security controls based on ISO 27001 Information
Security Management Standard; use of secured encrypted channels, compliance
with the Australian and New Zealand privacy laws, including the Australian
Privacy Principles, and utilizes the same security measures required of banks
and other financial institutions when transmitting data. As a final stamp, an
exceptional ERP solution will have been tested by external security vendors.
So, if you are looking for a way to streamline your organisation, ERP software is certainly an excellent choice, but if you’re still not sure where to start, contact a reputable technology partner and remember, as with any software, the security of data is critical. Click here for more information on cyber security.