Let’s admit it, ERP implementation is resource-heavy. Not just in terms of money, it also consumes a lot of time and feeds-off on external resources.
So ask yourself this. Can your business survive without it? Do you really need NetSuite or are you better off without it?
Interestingly, the question is more like a paradox that forever has wobbled businesses as they try to weigh the pros and cons of the implementation.
Is there any definite answer?
Well, unless you are a really small business. Perhaps, a startup that’s still struggling to establish its footings in the market., You would survive if you opt. to not invest in NetSuite right away..
However, there are various advantages of implementing NetSuite for new and small businesses. These include improved organizational efficiency, better data management, enhanced customer servicing, and many others. It can all be done for a fairly small amount too.
When would you need NetSuite Services?
Let’s make it simple for you. If you’re in one or all of these states, you most definitely need NetSuite:
- facing difficulty in reconciling the business financials at the end of the month
- making business forecasts based on assumptions rather than evidence-based figures or having difficulty in managing the orders
- have no idea about inventory, and having trouble in keeping up with the customer satisfaction
In the world of business, no two companies are the same. So it may just be hard to generalize when your business really wants an ERP system while a similar business (most likely a competitor) isn’t using one.. However, we have come up with some pressing signs which scream that your business needs NetSuite ERP. here they are:
– You are dealing with various software and processes
In today’s business world, keeping operational efficiency is crucial for businesses to keep the competitive advantage. However, managing various business functions like accounting, inventory, sales, marketing or any other division is never easy.Especially because the data silos make it impossible to ensure consistent data flow across different systems.
If you are working with various individual systems to manage different business functions. It would simply be too cumbersome a process to have any agility or accuracy required to gain the upper-hand over your business rivals.
With NetSuite, companies are able to integrate all important business functions by creating a unified data repository. With a centralized data center that contains precise, structured and real-time data, it becomes easier for businesses to have detailed insights into entire business functions. They’re easily able to identify potential weaknesses and take necessary measures to improve low-performing processes. This ensures operational excellence.
– You aren’t able to access key business information
How long would you need to tell about the average sales margin, when asked instantly? Are you aware of the various key performance metrics of your business like sales to date or orders per day? Companies using legacy siloed systems always seem to be stuck somewhere in spreadsheets looking out for numbers and key metrics to assess business performance.
Businesses need to be aware of all the key financial and operational metrics at all times to remain competitive and survive in today’s fast-paced business world. NetSuite is essentially meant for fast-growing companies that understand the importance of keeping up with the company’s performance. With the NetSuite, business leaders are able to have a holistic view of the entire business processes and systems at all times. Also, it enables staff to access all the relevant data they need to be more efficient in performing their tasks. For instance, with NetSuite ERP, sales representatives of the company would have direct and instant access to customers’ transaction history, which puts them in a better position to take proactive measures and increase upsell and cross-sell opportunities.
– Accounting Takes Longer
The accounting department is one of the very first departments that reflects the pressing need for an ERP system. If your accounting department still relies on a manual paper-based approach to manage sales orders, and invoices; spending hours and hours to sort and enter data into the accounting system, you need radical change. The same story goes with financial reporting, if it is taking forever for your employees to reconcile the financial information, you might be losing big time due to these inefficient processes.
With the NetSuite ERP system, the entire process of accounting, and financials is automated. This means that you no longer have to rely on redundant and inefficient processes to keep up with the books of accounts or reconcile financial records. The NetSuite ERP system integrates with other business functions like the sales department to automatically extract the relevant data and feed them into the system in real-time. Thus, with NetSuite ERP implementation you not only optimize the accounting and financial processes for better efficiency but also reduce chances of errors, and save costs with automated processes.
– It is getting difficult to manage Sales and the Customer Experience
Effective inventory management is one of the major hurdles faced by almost all fast-growing companies. For companies to ensure business continuity, it’s important to effectively manage inventory stocks in line with the customers’ preferences, and purchase trends.
Effective inventory management is only possible when it’s fully integrated with sales and customers’ data. Separate management of sales, inventory, and customer data only leads to data redundancies and inaccuracies for the business. For instance, without integrating sales data with the inventory system, it’s hard to estimate when you would run out of a popular product. A poorly managed inventory also leads to poor customer experience as they fail to find the desired product, severely damaging the business’s reputation.
With the NetSuite ERP system, businesses can integrate all business functions seamlessly, reducing data silos and improving data flow between different business processes and systems. This subsequently results in the efficient management of inventory stocks and thus better customer servicing. With NetSuite’s powerful inventory management features, businesses can automate the inventory ordering process based on historical trends. This thus leads to a better customer experience and enhanced business reputation.
– Your IT Is Too Complex
Managing multiple systems for business functions is no less than a nightmare for the IT department, which will always struggle to manage, customize, integrate and maintain these systems, while also keeping up with the security upgrades. All of these steps aren’t just time-intensive, but also resource-intensive and may require companies to maintain a costly IT department.
Things may get even more complex for an on-premise patchwork of systems, where often system upgrades are more costly and complex than they are actually worth.
With NetSuite ERP technology, businesses get access to the agility and integration they need to meet the changing business needs. As a cloud-based ERP solution, NetSuite systems are updated automatically, whereas new functions can easily be integrated to ensure business continuity and expansion plans.
So, are you really better off without NetSuite?
Probably not. In today’s cutthroat business world, you need to be agile, flexible, and scalable. Bring about the change your business needs. Implement NetSuite to gain the upper-hand, remain competitive and achieve bottom lines.