Eric Kimberling, one of my colleagues at IT Toolbox (Where I write "A day in the life of a supply chain technologist"), has suggested a six step process to evaluate the ERP software packages in his blog. Here is what he has suggested:

1) Define the potential industry-specific and general ERP packages

2) Once the "long-list" has been identified, identify the key requirements that a package must have in order to make the short-list

3) Conduct a more detailed assessment and analysis of the short-listed vendors

4) During the short-list and demo evaluation, involve key users and ask them to complete evaluations for each of the vendors

5) In parallel with the functional assessments, assess the technical capabilities of the short-listed vendors

6) Make a decision based on the input from the vendor evaluations and technical assessments

You can read the full article at his blog In Search of Business Value & ROI: Achieving IT Benefits Realization