Effective Enterprise Resource Planning (ERP) systems can reduce operational inefficiencies and stimulate business growth. This means that selecting the most suitable system is crucial for every CEO and/or CFO.
Cloud platforms have many additional advantages, and they can only help a growing company. Understanding the benefits of Oracle NetSuite ERP and implementing the system into your fast-growing business will yield many positive effects.
When Can Your Business Benefit The Most Of Oracle NetSuite ERP
On-premise ERP systems have drawbacks like being locked into one version, and so, becoming obsolete quickly. A cloud-based ERP can be the best option for your business to prevent annoyance of constant upgrades.
The use of NetSuite ERP helps thousands of companies to become more efficient, cost-effective, and more competitive. There’s a good reason why it’s the most popular cloud-based ERP solution in use today.
However, when would it be particularly beneficial for your growing business to implement Oracle NetSuite ERP?
Let’s look at the top ten.
1. You Have To Keep Your Third-party Systems
Many teams in a company use function specific, purpose-built applications. Although an ERP is designed to eliminate the need of other systems, sometimes it just does not make sense to get rid of them.
In addition to its own features, NetSuite’s value also comes from its ability to integrate with other platforms. These include, but are not limited to: HubSpot, Salesforce, Amazon, and Shopify.
Since this good connectivity is given, a business may use NetSuite as a central system while also continuing to maintain additional platforms that better serve the specific functional needs of their various departments.
There are probably too many integrations that NetSuite provides for me to mention them all here.
2. You Need Real-time Visibility On Your Business Performance
Business decisions can be made much quickly with the aid of NetSuite’s real-time and consolidated management information through configurable dashboards.
These reporting elements enable you to maintain a shorter sales cycle, manage higher customer fulfilment, and provide above average service experience.
The benefits of Oracle NetSuite ERP lead you toward an automated future in which all of your data is stored in one central location. There is no real effect if you increase the number of data sources because all data is synchronised with a central hub, so it will always be simple for all leaders in your business to identify where the real problems lie and (even more importantly) take action immediately.
3. You Want To Centralise Your Processes
It’s not really desirable for any CEO or business owner to have to jump from one software to another only to look up some figures or analyse some data. All you have to do is log into NetSuite and your dashboard will immediately give you the most crucial reports.
Most fast-growing businesses have many systems active simultaneously. Chances are, each business unit, be it marketing, sales, finance or logistics, has its own platform to support their specific needs.
One of the advantages of an Enterprise Resource Planning system like NetSuite really is that it lets you link everything to a single hub.
Thus, company-wide information will be available within NetSuite ERP, so you no longer need to wait to hear back from different teams about their progress.
4. You Need A System That Can Scale Along Your Business
The capability to scale up NetSuite as your business grows is one of its major advantages, so, safe to say: Oracle NetSuite ERP has the ability to grow along with your company.
NetSuite’s flexible pricing plans facilitate growth as an organisation’s needs evolve. For example, NetSuite Enterprise is the way to go if you need way more users, while NetSuite OneWorld is the solution to go if your company has expanded internationally.
With NetSuite, you can forget about having to switch ERPs every few years as your company grows because the system is adaptable to your specific business needs.
The most scalability will be offered by NetSuite Cloud ERP system if your organisation grows quickly. Since cloud solutions are hosted on remote computers, adding extra resources to keep the solution operational is simple from your user perspective.
Much simpler than taking care of that inhouse.
5. You Want To Automate Everything Possible
End-to-end automating all of your data flow is a great benefit that Oracle NetSuite ERP offers.
I often say it’s rather a recipe for future headache to manually transfer information from one system to another, or what is even worse is to rely on the accuracy of data entered by other companies.
By automating everything, NetSuite prevents these sorts of disasters from happening.
Many mundane, time-consuming activities can be automated using Oracle NetSuite ERP, allowing your teams to focus on more strategic points. It can also help your employees to save time by simplifying processes and cutting down on wasted time that they spend on looking for answers to various urgent questions.
6. You Need A System That Supports Your International Grow
In addition to English, French, German, Spanish, Traditional Chinese, Simplified Chinese and Japanese, Oracle NetSuite ERP also supports a number of other languages.
That is a huge help for multinational businesses having overseas branches in non-English speaking regions of the world as local language is often a statutory requirement.
7. You Need Mobility And Flexibility
NetSuite ERP is completely mobile-friendly due to the fact that workers today are increasingly comfortable performing various tasks on their smartphones and tablets rather than laptops.
Users may view all necessary dashboards, reports, and other data forms by accessing the cloud-based system over a mobile web browser, but a better user experience is possible with mobile apps indeed.
As opposed to being a ‘nice-to-have’, mobility is a must for certain businesses nowadays.
These businesses need the ability to access the most up-to-date information about the company from devices other than computers, as they may have workers in the field or travel regularly. When these employees have access to a mobile-friendly ERP solution, they can take care of urgent duties like approvals or monitoring cash flow.
8. You Want Your Employees To Collaborate Each Other
NetSuite ERP provides a central hub for service organisations to share information and work together on projects, finances, and core functions.
With Oracle NetSuite ERP you can ensure that your business functions will no longer work isolated from one another as the system eliminates the use of such software that isn’t connected to the company’s main infrastructure.
The company as a whole benefits from increased staff communication and collaboration. By working together, they may find areas of overlap and can be streamlined or even come up with innovative ideas to improve business processes.
9. You Want To Keep Your Business Data Secured
Your data is usually spread over several remote servers when your business uses a cloud-based ERP system which creates redundancy and prevents single point of failure type of issues, providing you another degree of security.
If your business deals with loads of customer data, this may give you a peace of mind.
Another way in which Oracle NetSuite ERP might improve data security for you is by restricting user accesses. Controllable permissions in the system ensure that only authorised personnel have access to sensitive data and you can cut down on the likelihood of fraud or other illegal acts.
10. Your Business Have To Be Compliant
It might be significantly easier to comply with any regulatory standards that your business must follow if you have accurate data that is accessible and searchable.
NetSuite’s adaptable reporting features also make monitoring and adjusting for compliance a breeze. Since an auditor can quickly obtain any and all relevant data, you become considerably more auditable as a result.
Even more strict financial rules like local GAAPs and legislations like the Sarbanes-Oxley Act (SOX) can be supported by an ERP system. Since many of NetSuite’s clients went public, they are subject to SOX and SEC reporting regulations.
Wrapping It Up
Your fast-growing business needs an ERP system that can provide at least the possibility for all of the benefits I have outlined above.
When deciding between solutions of potential ERP providers, it’s important to invest your time and effort to learn about these 10 benefits the platform might bring to your company.
With over 28,000 clients in over 100 countries, NetSuite is a major player in the SaaS ERP market. Oracle NetSuite ERP allows fast-growing businesses to centralise their functions in one single place.
To assist your entire organisation in utilising best practices, NetSuite offers solutions for accounting, inventory management, order management, manufacturing, supply chain, commerce, and HR.
Whether you are just now switching to NetSuite ERP for the first time or upgrading an existing ERP system, you will face many challenges. However, the benefits you’ll get from doing so will be well worth it.
If your company is ready to take this leap, this technology may help you increase efficiency, unify your team’s efforts, and reveal previously hidden insights