تاثیر سیستم های سازمانی بر عملکرد شرکت ها : مطالعه ی پیاده سازی سیستم های ERP (برنامه ریزی منابع سازمانی) ،SCM و CRM

This paper documents the effect of investments in Enterprise Resource Planning (ERP), Supply Chain Management (SCM), and Customer Relationship Management (CRM) systems on a firm's long-term stock price performance and profitability measures such as return on assets and return on sales. The results are based on a sample of 186 announcements of ERP implementations, 140 SCM implementations, and 80 CRM implementations. Our analysis of the financial benefits of these implementations yields mixed results. In the case of ERP systems, we observe some evidence of improvements in profitability but not in stock returns. The results for improvements in profitability are stronger in the case of early adopters of ERP systems. On average, adopters of SCM system experience positive stock returns as well as improvements in profitability. There is no evidence of improvements in stock returns or profitability for firms that have invested in CRM. Although our results are not uniformly positive across the different enterprise systems (ES), they are encouraging in the sense that despite the high implementation costs, we do not find persistent evidence of negative performance associated with ES investments. This should help alleviate the concerns that some have expressed about the viability of ES given the highly publicized implementation problems at some firms.

Enterprise systems (ES) represent an important technology investment option for operations managers, and have been acclaimed in the practitioner and academic literature for their potential to improve business performance (Akkermans et al., 1999 and Davenport, 1998). For the purposes of this research, ES include one or more of the following applications: Enterprise Resource Planning (ERP), Supply Chain Management (SCM), and/or Customer Relationship Management (CRM) systems. This paper documents the effect of investments in ERP, SCM, and CRM systems on long-run stock price and profitability performance. The results are based on an analysis of a sample of 186 announcements of ERP implementations, 140 SCM implementations, and 80 CRM implementations at publicly traded firms. Performance effects are examined over a five-year time period for ERP implementations and a four-year time period for SCM and CRM implementations. Performance effects are also examined for both the implementation and post-implementation periods. Firms have invested heavily in ES. AMR Research estimates that investment in ES amounted to more than US$ 38 billion in 2001 (Kraus and O’Brian, 2002). Forecasters predict continued high growth in the level of investments in ES (AMR, 2004), which makes quantifying the financial returns of these investments an important research issue. By estimating the long-run financial effects of investments in ES, we shed light on the value of these systems.

Our analysis of the financial benefits of ES implementations yields mixed results. In the case of adopters of ERP systems, we find some evidence of improvements in profitability but not in stock returns. The results for improvements in profitability are stronger in the case of early adopters of ERP systems. On average, adopters of SCM system experience positive abnormal returns as well as improvements in profitability. There is no evidence of improvements in stock returns or profitability for firms that have invested in CRM. Although our results are not uniformly positive across the different ES systems, they are encouraging in the sense that despite the high implementation costs, we do not find persistent evidence of negative performance associated with ES adoption. This should help alleviate the concerns that some have expressed about the viability of ES given the highly publicized implementation problems at few firms. Our results also add to the emerging literature on information technology and productivity. The mixed results of studies examining the financial impact of IT investments led some to propose a “productivity paradox”. Brynjolfsson and Hitt (1996) and Kohli and Devaraj (2003) argue that often the financial value of large systems was hidden from those studies because of lack of sufficient rigor. Some of the research issues that may obscure the results are: (1) the choice of the performance metrics (Bharadwaj et al., 1999), (2) the time period studied (Devaraj and Kohli, 2000), (3) the method of analysis (Robey and Boudreau, 1999), and (4) the presence of important intermediate variables (Barua et al., 1996 and Bresnahan et al., 2002).