7 Features That Make NetSuite ERP the Right Choice for Fast-Growing Businesses
Rewind back to a decade, Enterprise Resource Planning (ERP) systems were considered to be a must-have for big businesses only, like the name suggests. However, the industry has come a long way since then and ERPs have proven to be a worthy investment for startups, fast-growing, small, and medium companies to manage all of their business processes and data in one place.
The popularity of ERPs is accelerating. According to research, the total market size for ERPs is expected to exceed $49.5 billion by 2024[i]. In fact, the global ERP software market is expected to reach $78.4 billion by 2026[ii].
In this data-driven landscape, ERP systems are the key to managing all big and small things of your business. And when we think ERP, one of the biggest names that is bound to come to mind is Oracle NetSuite.
In this article, we’ll decode ‘why’ ERP is a great addition for any business to improve communication across departments and simplify business processes by providing easy visibility of all operations.
Why Startups, Small Businesses, or Fast-Growing Companies Need ERP?
ERP systems enable businesses to put their growth mode in gear.
According to research, over 95% of startups and emerging businesses[iii] in their respective sectors use ERP systems or are willing to. In fact, ERP solutions for small and medium businesses reduce the decision-making time by 35%[iv].
Here’s how an ERP can help.
- Process Optimization – Small businesses, start-ups, or fast-growing businesses must rise above common hurdles such as manual processes, silos among teams, and more to drive revenue. And an ERP system can eliminate inefficiencies, wasted time & resources.
- Managing Operational Risks – Following proper accounting and procurement controls can be tricky for small businesses. ERP helps limit these risks by embedding approval workflows into procurement, accounts payable, and more financial processes. When you place controls on access to system features and data, based on user roles and individual permissions, you can mitigate operational risks.
- Data Risk – Be it a small business or a fast-growing one, no business is immune from data risks. To improve security and accessibility, you can move your ERP to the cloud to scale, extend, and upgrade quickly.
- Reporting – Old systems with manual processes hinder a full view of your company, leading to a lack of visibility and accountability, which can affect decision-making. With ERPs, you get access to up-to-date reporting functions that increase business visibility.
If you’re considering an ERP system for your business, here’s a list of the powerful ERP systems, specifically aimed at small businesses:
- NetSuite ERP
- Dynamics 365 Business Central
- SAP Business One
- Acumatica Cloud ERP
- SYSPRO ERP
What Makes NetSuite the Ideal ERP Solution for Small and Fast-Growing Businesses?
From emerging start-ups to established businesses, NetSuite empowers fast-growing companies across industries to go beyond spreadsheets, poorly-integrated best-of-breed software, and unlock their growth potential.
NetSuite was recognized as a 2020 Gartner Peer Insights Customer Choice for Service-Centric ERP[v]. This recognition was based on a survey conducted for current NetSuite customers.
NetSuite SuiteSuccess Starter Edition is a complete solution to help small and fast-growing companies manage all aspects of their business in one system.
Oracle NetSuite is transforming industries. If you are wondering why your company should choose NetSuite ERP, we’ve got the answers.
Choosing NetSuite can put you in a win-win because it:
- Runs all business management processes smoothly in the cloud.
- Is multinational, multi-lingual, multi-currency, and multi-subsidiary.
- Offers business intelligence tools that help businesses in decision-making processes.
- Offers bi-yearly updates, which makes the system more adaptable to current changes in technology and business.
- Has a powerful suite of software tools, such as financials, supply chain management, eCommerce, human resources, order management, and more.
- Has applications that are role-based, thus, making them more user-friendly and easier to navigate, based on the user’s department and responsibilities.
- Has reliable data centers with advanced features like data back-up and redundancy, disaster recovery, and failover capabilities. They consistently meet a 99.98% service uptime to their customers globally.
It is an agile and integrated software system that is designed to grow with you. As a cloud-based business solution, NetSuite is always up-to-date. Being a cloud platform, you can save costs on IT Infrastructure with a 24X7, scalable solution. Another way you can save cost is by locking the licensing costs for the entire term by opting for a multi-year NetSuite licensing contract.
7 Features That Make NetSuite a Great Addition to Your Business
NetSuite can support long-term growth and productivity that growing businesses need. Here are 7 features of NetSuite that make it the right choice for modern businesses, no matter the size or complexity.
1. Order Management
NetSuite ensures efficient order entry, item fulfillment, and invoice processing, all within an integrated suite. It utilizes the details from sales orders to sell products and services to automate invoice creation and reporting. Its order fulfillment feature can adapt to any warehouse type. It contains facilities such as pick, pack, and ship, and integrates the same with key shipping providers.
2. Financial Management
NetSuite automates your accounting functions. Its general ledger supports the unique requirements of your business. You can get a simplified chart of accounts structure to better organize financial and statistical data. Also, journal entries are created automatically in real-time as transactions happen.
With NetSuite, businesses can optimize the system to meet specific business process requirements, with dashboards & business intelligence metrics for actionable insights. Within NetSuite, you can choose modules as per your business needs. For instance, if your business is looking for financial management they can opt for modules like Advanced Financials, Accounting, Advanced Revenue Management (ARM), Fixed Assets, Revenue recognition, and more.
4. Tax Management
NetSuite’s tax management feature makes it easy to run the actions to understand, track, calculate, and pay multiple types of taxes according to the sales or purchase of products/services. It ensures transparency, management, and effective control of tax in a global environment.
5. Inventory Management
NetSuite’s inventory control feature enables businesses to experience improved inventory tracking. To maintain inventory accuracy, you can receive functionalities such as categorizing inventory to the volume of transactions and value, regular periodic counts, and more. Also, the inventory visibility feature helps to track the inventories across multiple locations, safety stock, demand planning, and more for better decision-making.
6. Inbuilt Dashboards
NetSuite offers role-based, pre-configured, inbuilt dashboards for each user. Get insights into your sales, number of leads, top customers, and more with ease. These real-time insights help to eliminate the need for third-party business intelligence tools.
7. Audit Trail Visibility
NetSuite provides an audit trail visibility feature, which makes it easy to view and track necessary information, such as initial actions, record creation, user activities, data accessibility, login attempts, or administrator activities.
If business growth is the name of the game, then NetSuite ERP is the answer. It can be the fuel to improve overall processes, boost productivity, and improve customer experience.
If you want to give your business the NetSuite ERP boost, we’ve got you covered. Our experts can pitch in for consultation, implementation, customization, and integration to help you ace your goals. Feel free to drop us a line at [email protected] and we’ll take it from there.