Instead of jumping right into researching different ERP systems, it's smart to first focus on problems and solutions. What inefficiencies/problems/issues are you trying to address with a new ERP? What ERP features and capabilities do you need?
First, make an extensive list of your requirements. Focus on your specific business processes and system requirements. It’s important to be very specific about what you want and how you want to do it, so you can eventually find out if vendors have a system to meet your needs.
Next, make a wish list of ERP capabilities and separate them into three categories: 1) must-haves; 2) beneficial but not essential nice-to-haves; and 3) fancy but not useful for our business.
In this stage, it may also be helpful to have one of the selection team members doing some generalized ERP research and disseminating the useful information to the rest of the team.
You'll find that there are many types of ERP systems out there. Some are new and innovative, while others are tried and true. The type you choose depends on your size, goals and budget. If you've done your research, compiled your extensive requirements list and have your capabilities wish list ready to go, it will be much easier to narrow down and deep-dive into vendors and systems- when that time comes.