If companies are selecting an ERP vendor, Hackett recommended that they simply "pick and move" and not waste time over small differences in core finance features and functionality unless they are of critical importance to the company's business.
Finally, Hackett recommended that companies focus on creating an environment that facilitates easy integration of incremental applications, as this capability is quickly becoming a differentiating criterion.
"Companies can reap tremendous benefits by taking an ERP implementation approach driven by best practices," said Richard Roth, Hackett chief research officer. "By avoiding common pitfalls, companies can put systems in place more quickly, get significantly higher ROI and, most importantly, dramatically improve the ability of their finance organization to provide strategic insight that supports their business goals."
The Hackett Group is a business advisory firm that offers clients best practices research and process benchmarking. The company said its analysis is backed by research into best practices in use at more than 2,400 client organizations, including 93 percent of the Dow Jones Industrials.
Hackett's world-class designation is bestowed on an organization that scores in the top 25 percent of Hackett's database in both efficiency (cost and productivity) and effectiveness (quality and value) output metrics in a given functional area.
Hackett's research report is based on statistical analysis of Hackett's database of finance benchmarks. The research examined companies that implemented one of six leading ERP packages: SAP, PeopleSoft, Oracle, Baan, JD Edwards and Lawson.