Every business investment comes with a set of challenges. As the complexity level of these solutions increases, so too do the hurdles that need to be overcome for them to be successful. One prime example of this is enterprise resource planning (ERP) software.

In the manufacturing industry, ERP solutions are becoming a key factor for success. This system improves operations and streamlines data sharing and communication. Unfortunately, according to a new study by Panorama Consulting, 53 percent of companies went over budget and 61 percent exceeded the deployment schedule when implementing ERP.

While those were the averages, the manufacturing industry experienced a worse result. The study found that 63 percent of manufacturing companies exceed the budget. From a financial standpoint, this vertical overran by $3 million. By comparison, non-manufacturing industries averaged $1.7 million.

According to Eric Kimberling, a managing partner at Panorama, manufacturing has a larger gap than other verticals between expected ERP costs and actual costs. The software is only one component of the investment. Businesses need to be aware of the "hidden" costs like re-engineering, training users and interaction applications. Prices can also be driven up by customization and technical integration.

"Because manufacturers deal with purchasing, procurement, logistics, global supply chains and distribution, they do tend to have more complex business processes than non-manufacturing companies," Kimberling said in the report.

When it comes to implementing manufacturing ERP software, partnering with the right vendor can be a wise solution. This will ensure a company is able to limit the "hidden" costs while staying on time and budget.