Meeting the challenges posed by the pandemic, economic upheaval, political instability, and other disruptive events isn’t easy.
Companies that succeed in this environment, those that are able to acclimate while others can’t, have built-in resilience. They have the ability to launch new products and services quickly, modify business processes—or their entire business model—and respond to new opportunities as they emerge. These organizations recognize the importance of supporting their customers and team members during a crisis, communicating with stakeholders, and making decisions based on the most accurate, up-to-date information available. While operating effectively in dynamic situations takes leadership, management ability and the right corporate culture, it also requires systems that provide a solid foundation and have the flexibility to adjust as business needs change.
You cannot adapt to today's world with yesterday's fragmented business systems.
Moving to a single, integrated cloud-based system is the best solution, but you may not recognize signs that an application hairball is limiting your business due to manual processes, errors and lack of real-time data and visibility to make important business decisions. Since 1998, NetSuite has worked with growing business across all industries, and with thousands of finance and IT professionals navigating through different stages of business development. While these companies are unique, they experience similar challenges in dealing with traditional, on-premise systems or "fake" cloud systems.
By putting finance and accounting, customer service, procurement, inventory, supply chain management, warehouse management and order fulfillment on a single platform, ERP unifies core business operations, improves internal controls and enhances visibility into organizational performance. Here’s how these capabilities help support more intelligent, resilient organizations and why companies need to begin evaluating their need for ERP now rather than later:
Complies with accounting standards and regulatory requirements.
Cloud ERP solutions receive regular feature and capability updates that are automatically passed on to the user and can better handle these types of changes to accounting rules than older on-premises systems or entry-level accounting software, which typically issue less frequent updates.
Gives all organizational departments a unified and accurate picture of the business.
Cloud ERP solutions provide accurate, real-time data that helps teams collaborate more effectively. Using real-time inventory data, sales and marketing can develop promotions for products that are actually in stock, leading to increased revenue and happier customers.
Reduces operational risk.
ERP helps limit risks by embedding approval workflows into procurement, accounts payable and other financial processes, as well as by controlling access to system features and data based on user roles and individual permissions.
Tracks unit economics, customer and project profitability.
Using cloud ERP, companies have the visibility they need to know which products are posting positive versus negative margins and make projections around business development and profitability.
Enables remote workforce management and collaboration.
Using NetSuite’s cloud ERP, your accounting team can confidently review data, make any changes and close the books remotely without having to be in the same physical location. The system’s checklist functionality lets users know exactly what steps need to be taken and ensures a smooth close process.
Drives quick reaction times.
Modern ERP systems feature role-based dashboards that give employees immediate access to the data they need to do their jobs and the ability to drill down for further analysis without the need to call on IT for support. As a result, employees can make more informed, faster decisions and take advantage of new opportunities or realize and correct inefficiencies.
Helps companies scale and adapt.
Companies that initially rely on QuickBooks, spreadsheets or another basic accounting system generally outgrow those solutions as they scale and add complexity. When these organizations open additional locations, add subsidiaries and/or start handling multiple currencies, the need for a more robust, enterprise system increases exponentially. Those that adopt cloud ERP not only improve their existing business management processes, they’re also well positioned to scale up in the future.
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