The fact that there is a new startup or business in the market every day does, in some ways, prove that setting up and running a business has become a tad bit simpler as it used to be a few decades ago. We’re not saying that it is not stressful anymore and has no hurdles or obstacles; all we’re saying is that it’s comparatively less stressful and challenging.
Setting up a traditional business meant finding the perfect location, ensuring utilities, providing a safe and secure workplace for employees, and setting aside a huge amount of working capital. Similarly, running a brick-and-mortar company meant maintaining the physical facility and paying for utilities. To sum it all up, setting up and running a physical business is too costly.
On the other hand, online business owners don’t have to be physically present to address customer needs. They can easily function from the comfort of their homes and manage things as per their convenience.
Even though these two types of businesses, traditional and online, offer a unique set of challenges, there is one possible solution to all their problems – Oracle NetSuite.
What is Oracle NetSuite?
As a business owner operating in this modern, competitive market, it is close to impossible not to have heard about the magic of Oracle NetSuite. Even though thanks to technology, there are countless business management tech tools in the market, none has been able to perform with such finesse. Be it an automotive company, an investment firm, or a retail brand, NetSuite has proved to work wonders for businesses in every sector.
But what is NetSuite?
Released in 1999 as NetLedger, NetSuite was originally a bookkeeping software suite. The company soon realized the need to offer accounting services as well. Within a short time, NetSuite expanded its software suite to include accounting functionalities as well.
Today, cloud technology has become a buzzword. NetSuite launched way before ‘cloud’ became the ‘talk of the town,’ came into play as a cloud-based software suite. From Enterprise Resource Planning (ERP) software to Global Business Management, NetSuite offers a wide range of tools to assist businesses to perform better in the competitive market.
NetSuite comes with five amazing features that allow business owners to acquire internal stability and seamless functioning while strategizing for expansion and growth.
- Unified business view
- Native integrations
- Seamless cloud technology
- Efficient reporting
- Flexible capabilities
Many people say that this is a comprehensive solution for all businesses, but it is for you to decide, right?
Is NetSuite a Comprehensive Solution?
If you do your research, you will find loads of reviews, comprising both good and bad. Well, nothing is perfect, right? Be the judge yourself and see if NetSuite has to offer any solutions that might be able to get rid of your pain points and contribute to your company’s success.
We believe that NetSuite is a software suite designed with one primary purpose; to help companies achieve internal stability. Having stabilized and seamless functioning is crucial to the success of a company. The reason is quite obvious. If you do not have smooth functioning internally and direct all your focus into achieving that, you’ll end up missing business growth and expansion opportunities. And this isn’t the ideal situation if you take our word for it.
Streamlined Business Operations
As we’ve discussed earlier, having internal stability is crucial for a company’s success. Without smooth and proper functioning of a company’s day-to-day operations, it can’t grab growth opportunities. It will make them miss out on amazing chances to grow and expand the business.
Oracle NetSuite has a solution for this. It brings its first-ever cloud-based ERP to assist businesses. The focus of this software is to eliminate the tasks that unnecessarily consume resources, time, and effort. It helps in automating financial processes. In addition to this, with NetSuite ERP, you can gain inventory visibility and even optimize your supply chain as per your company’s requirements.
Along with these benefits, with this ERP, you can easily boost the efficiency of your order management processes and that of your warehouse. With this ERP on your side, you can get past the following challenges;
- Manual, tedious, and exhausting processes.
- Hard-to-access data, piled up documentation, and lengthy spreadsheets.
- Time-consuming and inefficient reporting with high chances of human errors.
- Delays on order fulfillment due to inefficient processes.
- Ineffective supply chain management due to changing industry
- If unorganized internal operations are your challenge, NetSuite ERP is the perfect choice for you.
Improved Control on Financials
Being an entrepreneur yourself, you realize how important keeping in complete control of your financials is, right? If you’re struggling to keep up with your financials and your finance and accounting teams are occupied in manually managing data, you need to consider integrating NetSuite Cloud Accounting Software.
With this software by your side, you can acquire complete control of your finances, and you also equip yourself with the capability to generate fast and efficient reports. There are many benefits that your company can enjoy with this software integrated into your finance operations.
NetSuite Cloud Accounting Software increases accounting accuracy and allows you to gather actionable insights in real-time. It also becomes easy to align your finance operations with your region’s accounting standards.
If these challenges become too difficult to beat, you definitely need to consider integrating this powerful accounting software.
Inefficiently managed general ledger
- Unoptimized AR
- Manually working on AP
- Inaccurate tax information
Strong Customer Relationships
One common strategy helps every business, irrespective of the industry, succeed – satisfying customers to build a loyalty network. While acquiring new customers is a huge milestone, retaining the old ones is an achievement for businesses.
This is where NetSuite Customer Relationship Management (CRM) software comes into play. If you’re struggling to provide your consumers a satisfying experience, your company’s soon going to witness downfall. This software by NetSuite provides an overall view of the customers, potential leads, vendors, and sales support teams. You can gather data in real-time and curate experiences like no other competitor have ever been able to provide.
If any of the challenges mentioned below make it difficult for you to design powerful customer experiences, you need to invest in NetSuite’s CRM.
- Unorganized data, multiple storage places.
- Inefficient visibility into pipeline and forecasts reduced sales performance.
- Ineffective campaign management.
- Huge network on unsatisfied customers and low rate of returning consumers.
Efficient Management of Globally Spread Business
Many businesses are skeptical about expanding their businesses overseas, not because they’re not confident about their products or services, but because they don’t have a tool to manage such a widescale business.
To address these issues and help companies expand and grow in different locations, NetSuite introduced its Global Business Management Software. If you are a business operating with subsidiaries, branches, and business units spread far and wide, this software will work wonders for you. Not only does this software allow standardization of processes across all units, but it also provides visibility that assists with other business management operations.
With NetSuite Global Business Management, you can beat these challenges;
- Unstandardized processes, incoherent operations.
- Inefficient and delayed reporting and generation of financial statements.
- Complex administration with inconsistency across different units in data management.
The End Notes
These are just a few of NetSuite’s most popular and widely used solutions. You can find countless other options in this software suite, including NetSuite Commerce, HRMS, analytics and reporting Business Intelligence (BI) tools, NetSuite Experience, SuiteSuccess, SuiteCloud, Cloud Infrastructure, and countless others. If you look at the complete picture, you’ll agree with us when we say that NetSuite is a comprehensive business management solution.
If you’re having a hard time choosing the perfect solution for you, partner up with Folio3, an Oracle NetSuite Alliance Partner, offering the very best integration, implementation, and customization services to help businesses integrate the most suitable NetSuite solutions into their business models.