Yeah, I don't think it would be any cheaper,
or any likely to meet success. Succesful software development is hard, whether you hire a consultancy or are a non-software company trying to create an in-house department.
Software around workflow (an ERP) is one of the most challenging areas. Because it is hard to shoe-horn it into a universal pattern, or figure out what a given organization actually needs (not always what they say they need).
To do it in-house succesfully requires a level of healthy functioning in the organization as a whole (to be able to figure out and decide functional requirements, to prioritize, to give engineering the environment where they can be succesful, etc) that few organizations have.
And with current software engineer salaries (and UX designer, product manager, etc), even if all your cards are in order for success (very rare), few could afford it. It am confident it would not be cheaper than the big ERPs; you'd hope it would at least reliably end up better/less bad than the big ERPs for the cost, but I'm not confident of that either.