Many companies initially implemented their ERP systems to solve Y2K and disparate systems issues. These same companies are now looking at a how to strategically leverage their investment in these systems through the implementation "second wave" functionality. This paper identifies the expected and actual benefits of "second wave" implementations. In addition it identifies barriers, which limit the benefit realization. The findings reinforce that ERP implementations are people focused projects which rely heavily on change management for success.  --Conference held: Big Island, Hawaii, 5-8 January, 2004