According to a recent article by G2, almost 50% of ERP implementations fail the first time around. That’s a staggering number. The leading cause of failure is software fit and not choosing the right solution for a business’ specific needs. This can lead to improper planning, high costs and a lack of necessary functionality. That’s why it’s critical to take the time to choose your ERP system wisely.
According to the same G2 article, companies spend an average of 17 weeks selecting an ERP. Additionally, 87% of companies seek guidance for ERP implementation and 67% for ERP planning. While it’s common for businesses to experience challenges in the early stages of an ERP implementation, enlisting an experienced provider with industry-specific expertise can help streamline the process and ensure a smooth implementation, go-live and beyond.
Below, we discuss why choosing a partner with a deep understanding of the cannabis industry is critical to your ERP success.
The Difference Between Generic and Industry-Specific
Generic ERP solutions by nature consist of a wide range of features and functionalities designed to work across industries and verticals. While these solutions promise out-of-the-box functionality and quick implementation times, the opposite tends to be true when dealing with unique markets like cannabis cultivation and processing.
Alternatively, a cannabis-specific ERP solution comes equipped with the tools companies need to be successful. Instead of relying on a generic solution that requires extensive customization to address the distinct needs of the cannabis industry, a purpose-built solution will include all the costing, US state and Health Canada compliance reporting, recall management and inventory control features cannabis businesses like yours need on a daily basis.
Still not convinced? Here’s a list of reasons why industry-specific software is best:
- Reduced Costs and Faster Implementation Times
Because generic solutions aren’t designed to meet the demands of a specific industry, they typically have to be customized or supplemented with add-ons to address an industry’s unique challenges. These modifications can be costly, time-consuming and need to be reconfigured each time the solution is upgraded to the latest version.
A solution built for the industry offers features and functionality purpose-built for cannabis cultivators and processors to build and grow their businesses.
- Support for Industry-Specific Regulations and Requirements
Functionality supporting industry-specific compliance – like GMP standards, US state and Health Canada reporting – is built right into an industry-specific ERP solution. This means that as regulations evolve, your ERP system will evolve along with them, helping to support your compliance efforts along the way.
- Adaptability to a Changing Market
With the right ERP solution, cannabis businesses can achieve a greater level of flexibility and pivot operations according to changing regulatory rules. Multi-state cannabis operators (MSOs), for example, can better prepare for something like the federal legalization of cannabis by having a comprehensive software solution in place to help create a solid business foundation. This allows MSOs to quickly expand on national opportunities, ensure flexibility as the industry changes and pivot operations with the help of inherent business practices created early on.
Taking Industry-Specific to the Next Level
It’s clear that a purpose-built solution is integral to the success of any ERP project. But what about the people behind the product? To get the most from your software, it’s important to have a capable and reliable team working with you to support your business’ growth.
Look for a cannabis ERP partner with the following qualities:
1. Decades of Experience
A partner with team members who come from the cannabis industry can better understand your business and what it takes to compete. The right partner will help implement process best practices, suggest ways to make your operations run smoother and guide your team through the selection process, implementation, go live and beyond.
2. Deep Industry Expertise
Relying on a partner who knows the ins and outs of your industry helps ensure you’re getting the best possible product and support. A team of implementation experts with a proven methodology that is tailored to the unique needs of cannabis companies will streamline the process, saving you time and money.
3. Dedicated Internal Teams
An ERP solution is only as good as the teams behind it, which is why it’s critical to look for a partner with dedicated business analysts, solution architects, project managers, product developers and more. When new industry opportunities and changes arise, a cannabis ERP partner with teams dedicated to the industry will be there alongside you, creating new features and software releases to reflect market trends and regulatory advances and supporting your growth.
CannaBusiness ERP is software purpose-built for the cannabis industry. Our specialization in developing solutions for the cannabis cultivation and processing industry has resulted in some of the most respected cannabis companies around the world managing their day-to-day operations using CannaBusiness ERP. To learn more about our software and team of industry experts, reach out to us. We’d love to chat.