In the twenty-first century, achieving business growth isn’t as tough as it used to be. There are ample technologies to ease your journey to triumph, and they are sure to optimize your business process in the most efficient ways. However, choosing the right out of a complex lot is a decision that will make all the difference.
If your business sells products, you will have different options at your disposal. On the other hand, if you are a services business, your focus will be on a different pool of software. While both are geared towards simplifying your operations, your needs will determine the kind of software you should implement.
To be specific, if you are an IT organization, there are numerous tools you could bring into your business, with the leading one being NetSuite for software companies. It is one of the most significant innovations that is helping multiple IT companies completely transform their operations. And, that too, towards substantial progress.
The Business of Selling Software
With the corporate world advancing at the speed of light, you must be ready for what your competitors are about to launch. More so, you should stay ahead of them and make it happen by utilizing the technology available in the most productive ways.
Further, when your business is involved in dealing with software selling to the international market, and that too on a subscription basis, you must employ the most suitable processes. You must implement only the best software to manage your income recognization needs, renewals, and recurring revenue.
It’s amazing how software helps each other boost functionality. NetSuite consult for IT companies helps companies monitor and analyze recurring revenue while helping them comprehend better ways of enhancing performance and increasing profitability. That, too, while providing assistance in funding.
For businesses following a model based on predictive revenues, NetSuite helps in various ways. It measures the degree of certainty and stability of the recurring revenue to help you predict them better.
Not to mention, solid recurring revenue management is vital for software businesses with expansion plans of going public and dealing with the outside environment. Gladly, NetSuite helps you with this facet of your business as well.
Growth Makes Business Complex
A back office system is a leading preference for most businesses operating in the IT sector and working with the idea of promoting growth. It enables you to face every challenge the modernized world brings while forming a robust platform for your future business needs. NetSuite gives your back office system a direction, so your operations always run smoothly.
“With growth comes business complexity,” NetSuite comments. “You have to manage more complex business processes such as revenue recognition, forecasting, procurement, specialized pricing models, recurring/subscription-based revenue streams, order management, and an embedded professional services team, just to name a few.”
More often than not, the procedures and mechanisms that worked wonders for startup businesses, or revolved around only a single product set, are starting to collapse. Businesses may optimize with spreadsheets and applications to satisfy their cumulative needs as they progress.
However, these tools act as barriers in the way of continued growth; these unintegrated methods, alongside ad-hoc applications, have a negative impact on productivity.
The Advantages that NetSuite Offers
IT businesses have a lot to manage, and juggling multiple tasks at once might compromise quality. In such a case, NetSuite offers the best answer with automation and helps bring more precision than ever before.
- It handles recurring and initial transactions while looking after order fulfillment, recording, invoicing, expense approvals, financial consolidations, cash collection, and more.
- It eliminates the need to hire an entire department to look after these processes while saving a lot of time and physical energy.
- It digitizes billing and integrates billing across various revenue streams, including products, services, subscriptions, and usage.
- It amplifies recurring revenue with highly effective solutions for perpetual license providers and SaaS.
- It provides you with real-time visibility that eases decision-making by making data available from any location at any point in the data.
- It allows you to smoothly consolidate a broad range of currencies while simplifying the reporting procedure.
- It reduces the wastage of resources while making the most out of those available and enhancing the speed and accuracy of data extraction.
- It takes the load off of procuring, installing, and supervising multiple systems simultaneously by integrating them under one umbrella.
- It lowers your operational costs and hones the effectiveness of your systems, as NetSuite allows you to bring overall efficiency to your business.
- It makes expansion possible by helping you tap into various sales channels and integrating seamlessly with CRM to unlock lead-to-cash mechanization.
- It brings your more opportunities for upselling and cross-selling to retain and attract customers to your offerings.
- It streamlines your project accounting while improving the timeliness of order delivery and utilizing the resources available with the utmost efficiency.
NetSuite Isn’t Just for Startups
NetSuite is a technology that aids businesses operating on every scale, in any industry, or at any location. And well, it is an ideal option for startup businesses. If you can get your business information, recurring revenue records, receipts, subscriptions, and more such data consolidated on one platform right from the start, there’s no better way to get started.
Henceforth, NetSuite for IT startups is highly recommended. While large-scale IT businesses are availing marked benefits out of this piece of automation, the startups shouldn’t be left behind in taking advantage of this all-inclusive software.
At present, everything is automated and digitization is taking over every industry in the world. It’s fair to say that IT businesses are on top of this list as the current stats present every proof in NetSuite’s favor. Indeed, software like NetSuite are lifesavers and your IT business can’t ever go wrong with its implementation.