How SMBs can leverage NetSuite Cloud-based ERP to turbocharge their business
Consider this scenario where you’re stuck in the office, tracking daily business processes such as keeping up with orders, grappling with dropping customer satisfaction numbers and more. To add to your woes, your sales forecasts are mostly guesswork rather than analytics and you have no idea how much inventory you have left in the warehouse.
If your business is experiencing these issues, it’s time to invest in an enterprise resource planning (ERP) suite. Oracle NetSuite Cloud ERP can help you overcome most if not all of these business challenges by empowering you with:
An integrated system
As an organization grows, it usually adds on software in an ad-hoc manner. As a result, several systems proliferate throughout the organization. With time, this becomes an unnecessary burden in itself along with the fact that managing multiple systems adds inaccuracies and complexity.
To illustrate this point, let us pose a simple question: Have you wondered how long it takes your employees to track, record and download reports every day?
We find the answer in a recent McKinsey Global Institute report which states that workers spend approximately 28% of their workweek managing emails. Besides, they lose 20% of their time looking out for internal information and seeking help from colleagues who are busy with other tasks. The last point is very poignant. All the information you seek is spread across the company, stuck in silos. Tracking and updating data is an insurmountable challenge when you have multiple systems running in silos. Reentering the data into different interfaces is inaccurate, tedious and a waste of time.
Oracle NetSuite ERP helps you avoid such repetitive and time-consuming activities by integrating all the business tools you need into one tightly integrated ERP that empowers you with all the functionality you need to run a business. A cloud-based ERP includes dashboards, forms, workflows, 3rd party integrations and thousands of hours of pre-configuration which are all based on best practices. Serving as a single source of truth, it eliminates data silos, providing your business with accurate real-time business insights for better decision-making.
Single source of truth
A common uncertainty that plagues most SMBs is whether the information being shared across the organization is up-to-date or outdated. The fact is, old, inaccurate data may result in ineffective decisions which can affect your business negatively.
On the other hand, good strategic planning needs comprehensive information analysis. When a business isn’t able to gather the right data from the word go, it may not be able to quickly evaluate the risks and dynamic trends in the industry. Eventually, this means you fall behind your competition when it comes to reacting fast or delivering what the market wants.
Fast, accurate and reliable data interchange between departments reduces duplicate tasks and enables streamlined processes. With NetSuite ERP, you get accurate and real-time data and seamless information flow. These capabilities encourage a quicker response to customer and employee information needs.
NetSuite includes SuiteCloud, a built-in platform that is flexible and feature rich. The cloud-based ERP provides employees 24/7 access from anywhere. SuiteCloud has advanced reporting capabilities that allow businesses to create complex forms & reports, helping you benefit from real-time data synchronization. For instance, the Record to Report feature of NetSuite streamlines F&A management processes that involve collecting, processing and delivering relevant, timely and accurate financial information to stakeholders across the business. This capability provides strategic, financial and operational feedback to understand how a business is performing.
Enhanced customer experience
Accuracy and immediacy are the bulwarks of business success in the digital age. To enhance the customer experience, you need to give the customers what they want as soon as you can. This is challenging without a robust system that tracks their needs and issues.
As a unified business platform, NetSuite combines your CRM and ERP to enable end-to-end visibility and a true 360-degree view of your customer, empowering you to make quick, real-time decisions. It enables companies to deliver an exceptional customer experience and seamless information flow across the entire customer lifecycle – from lead management right up to fulfillment and post-sales support.
With NetSuite, sales teams get an accurate record of each opportunity and its status through powerful automation. NetSuite’s 360-degree customer view includes comprehensive dashboards for real-time reporting, analytics and planning along with advanced sales forecasting and quote management. These capabilities help you predict demand, accelerate fulfillment and track customer satisfaction levels throughout the sales cycle.
Another major challenge businesses face is the need to improve processes across warehousing, logistics and order fulfillment. When an order is delayed, there is the risk of customer dissatisfaction as a single negative review can have a detrimental impact on your brand. NetSuite helps you eliminate such problems by enabling the Order to Cash process which covers all the order fulfillment stages – right from receiving orders to the payment, right up to the entry getting logged into your accounting books.
Streamline inventory and sales processes
Most businesses use poorly designed systems that are hosted on-premise or spreadsheets to organize their day-to-day business activities and reporting. For instance, the sales team may be struggling to track stock availability while the inventory department updates the data. These are process gaps that can be optimized using an integrated ERP platform.
NetSuite ERP streamlines complicated processes and operations while increasing staff productivity using the SuiteAnalytics Business Intelligence Platform. It provides everyone in the organization with access to real-time, unified data across marketing, procurement, manufacturing, inventory, order management, billing and shipping, enabling faster insights and decision-making. Questions about orders, shipping, inventory and products become moot as everything is at your fingertips.
To illustrate NetSuite’s capabilities, consider the Procure to Pay process. The ERP simplifies the processes involved by integrating purchases and account payables to create greater efficiency. The entire process, from selecting goods to order and finally invoicing and payment are all streamlined.
Benefit from faster production cycles
Having a better insight into your inventory is a time-saver. A centralized, cloud-based ERP increases production and output as your workers know what is already taken care of and what needs to be completed. The added benefit is that it may help reduce inventory storage and production costs.
In NetSuite, the Design to Build process is pre-configured helping organizations work together as one team, enabling faster production cycles and reducing costs.
Enhanced financial management and reporting
Money is the lifeblood of a business and accounting plays a crucial role in ascertaining the financial health of a business. Small businesses usually use spreadsheets or on-premise accounting software to record transactions. As your business grows, unwieldy spreadsheets and constrained accounting packages won’t scale or adapt to your needs. Your employees will end up spending hours entering data into inflexible accounting software and the lack of integration between these packages will make reconciliation a complicated process.
NetSuite ERP helps you manage the entire business with a holistic view of all the financials through a single interface. NetSuite Financial features include:
- Finance & Accounting
- Revenue Management
- Financial Planning
- Financial Reporting
- Global Accounts & Consolidation
Reduce IT costs
It is a common occurrence across businesses for multiple systems to do similar things badly, costing you more and more as time goes by. These disparate systems lack integration and are hard to customize. Keeping these systems up-to-date is challenging and with such an unintegrated assortment of applications, IT staff lose more time.
NetSuite is an enterprise grade cloud-based ERP platform. As a cloud-based ERP system, it remarkably reduces the costs of maintenance, configuration, licensing, upgrades and implementation while eliminating the cost of hardware and software.
It is important to note that NetSuite has two major upgrades per year with ongoing minor upgrades throughout the year. All your customizations are carried forward and customer use cases are incorporated in the upgrade/ migration process. This ensures high-quality software that is customized, reliable and poses little to no implementation challenges.
Fast implementation, performance and scalability
Gartner and McKinsey report global ERP implementation failure rates of more than 70%. The primary reason is that a typical on-premise ERP requires a lot of thought, planning, resources and involvement from stakeholders.
As a cloud-based ERP, NetSuite is quick to implement. Hosted on enterprise-grade infrastructure, Netsuite scales easily while delivering unmatched performance without the need for granular configuration and tweaking. NetSuite implementations are cost-friendly with a 100-day go-live schedule. The pre-configured modules and functionality can be added quickly. In addition, phased deployment using a stepladder approach means that customers can build their NetSuite ERP environment in small increments that are easier to manage and execute.
Why Consider Oracle NetSuite Cloud ERP?
Want to run your business hassle-free?
Oracle NetSuite ERP provides end-to-end solutions for businesses that help break down interdepartmental and application data silos enabling true collaboration and real-time decision-making.
As a single integrated platform, Oracle NetSuite ERP simplifies your business processes while accelerating your growth.
Want to take your business to the next level? Get in touch with SaasWorx.