According to its "2014 ERP Report," Panorama Consulting found that companies' overall satisfaction with enterprise resource planning software remained high in 2013, as 70 percent of respondents reported being content with their solution. An additional 76 percent of businesses would select their chosen software again.

The software consulting firm's annual report detailed the overall cost of implementation processes, volume and length of project and top reasons for investing in new software. While the project duration decreased year-over-year in 2013, 72 percent of the 192 responding entities reported an overrun in projects. Panorama's research found that over the past four years, the average cost of implementation has been $6.5 million, with an average project length of 16 months.

A majority of businesses felt that nav implementation was necessary for improved flexibility and visibility. Fifteen percent cited software investments are an effort to improve business performance. These modules can help companies track inventory on a daily basis while operating in accordance with a specific strategy, industry website ITC Infotech stated. The ability to organize better and make quicker decisions aids in market growth.

Learn how to define your ERP strategy by downloading the white paper, "ERP in Manufacturing: Defining the ERP Strategy," from the DMS website today.