Realising business value and identifying the benefits arising from implementations of ERP systems remains a significant challenge for both research and practice. A review of existing work on ERP benefits reveals that current frameworks pay limited attention to contextual and temporal variations; socio-technical and business change; and levels of benefit realisation. This paper presents findings from an ongoing research project to develop a framework for investigating ERP benefits and business change, which addresses the identified limitations of previous research and provides a more detailed analysis of ERP benefits and their contextual variation. Using an iterative content analysis, the preliminary study presented here is based on 15 case studies. The final study will draw on data gathered from more than 60 case study organisations of differing size, maturity and industry sector.