Much of the panel discussion Friday revolved around whether software can provide a strategic advantage, now that virtually every major business has incorporated software into day-to-day operations.

Not surprisingly, the SAP-selected panel agreed that companies can differentiate themselves with IT even when they use the same software platform.

"If you gave two inventors access to two identical factories, would they implement their ideas in an identical way? No, of course not," said Andrew McAfee, a Harvard Business School professor and author of "Investing in the IT That Makes a Competitive Difference."

"Good business ideas on top of the infrastructure ... makes a difference," McAfee said.

ERP is especially crucial in tough economic times, Apotheker said. It's hard to increase revenue in a recession, so companies need to streamline business processes to bolster their bottom line.