ERP budget template

Establish a thorough budget early in the project

Calculating and developing an ERP project budget is one of the first steps in the ERP software selection process. The budget is necessary to create the business case, calculate an estimated return on investment, and compare potential software suppliers. Having a comprehensive budget is also critical for securing management support and financial backing for the project.

Consider both external and internal costs in your ERP budget

During the ERP selection process, there will come a time when potential vendors respond to a set of detailed system requirements and provide in-depth price proposals via an ERP RFP. While these price proposals cover a fair fraction of the overall ERP project cost, elements often overlooked in an ERP budget include many of the internal costs associated with the project.

Below are a few examples of these budget impacts that are often overlooked.