Four Factors to Consider When Selecting the Best ERP for Your Organization

Posted by Deltek on June 4, 2020

Four Factors to Consider When Selecting ERP

Are you a government contractor looking for a new enterprise resource planning (ERP) solution? Or, are you re-evaluating ERP vendors because you are facing an expensive, time-consuming and painful upgrade to a newer version? Before you evaluate all the options, Deltek can help cut through the ERP noise with some handy tools to narrow down your organization’s needs, a vital step in the discovery process for a best-fit solution.

We’ve Made a List, but You Only Need to Check It Once

1) Vendor Prioritizes Product Accountability: You want to be certain that your ERP vendor owns and is accountable for the solution and its roadmap. If a vendor cannot be fully transparent, you may be opening your organization up to more risk.

Questions you should ask:

  • Does the ERP vendor own all of the solution’s IP?
  • Who is responsible for enhancements, fixes, and technical support, especially on modules the ERP vendor doesn’t own?
  • How do the ERP vendor and partner work together, and how can I know that their partnership will stay solid for the duration of my solution usage?

2) A Comprehensive, Purpose-Built Solution: Accurate financial data is the lifeblood for effective contract management and is especially important for compliance consistency. Government contractors need to connect every transaction to an organization, account, project and the general ledger. Generic ERPs require customizations and add-ons to meet rigorous compliance requirements for Defense Contract Audit Agency (DCAA) and Defense Contract Management Agency (DCMA) audits; solutions have been known to feature irrelevant fields, restrictive reports and forms.

Questions you should ask:

  • Does the solution have the capability within its financial architecture to show how each division, department and business team is performing?
  • What is the solution’s audit readiness when it comes to DCAA and DCMA compliance?

3) Transparent Total Cost of Ownership: All recurring costs should be clear from day one. All monthly and yearly pricing models should be upfront, with all details accounted for.

Questions you should ask:

  • What are the fees involved with the customizations required to meet compliance needs?
  • Does the solution have a fixed-cost or variable model for additional licenses?
  • Does the ERP require full-time staff to maintain the solution and manage upgrades?

4) A Respected Industry Reputation: It’s important to know where your ERP vendor stands in its field—is it a recognized and respected leader? Look outside of the product itself and observe the vendor’s influence in the industry.

Questions you should ask:

  • Has the vendor proven themselves to be trusted by government agencies, auditing firms and other industry regulators?
  • Does the vendor understand the networks that can be leveraged within the industry?
  • How often does the vendor monitor regulations and seek customer feedback to incorporate all necessary solution updates, like revised reports and improved visibility into a company’s data?

How Does Deltek Costpoint Match Up? See For Yourself!

Deltek has been in the government contracting space for more than 35 years. It’s where we started, and continues to be our primary focus. We’re an acknowledged leader—just ask some of our Costpoint customers. With 96 of the top 100 government contractors counting themselves as Deltek customers, auditors are extremely familiar with and trust Costpoint. Plus, more subcontractors are using Costpoint to better coordinate financial transactions with primes.

See how Costpoint compares to a majority of solutions within the government contracting space.

Four Factors to Consider Selecting ERP

Now that you know the questions to ask, how do other ERP vendors you have considered stack up? Best guess, they don’t. Sure, they check a box or three here or there, maybe they’ve promised that “future versions are on the way and will have all the capabilities” that Costpoint actually has today. Why wait until some day? Check all of the boxes on your ERP wish list now. See Costpoint for yourself anytime by requesting a one-on-one demo.