Here is brief implementation strategy that I would embark on:
1) Get core processes up and running: OTC, PTP, financial supply chain
2) Get basic reporting up and running: BW
3) Get incremental core R/3 functions: ATP, MRP, CO-PA
4) Get BW Analytics built on top of BW
5) SEM (planning functions)
6) APO, Supply-Chain, SRM, SRM
There is no preference for implementation of the technical components like portal, XI, etc., but I would usually do portal after step 3 above.
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