How NetSuite helps SMBs
In most Small to Medium Enterprise Businesses, it’s important to have a modern, agile business solution that is cost-effective, scales rapidly and future-proofs your company for long term innovation and growth. Too often, however, growing businesses are held back by entry-level software systems that stifle growth and unreliable manual processes that cut into performance and profitability. To keep your business growing at the dramatic rates you plan for, it is essential to have your business software applications integrated around a single codebase, database and business process. The advantages of designing your systems in this manner yield tremendous cost savings and improved business productivity.
NetSuite offers an integrated set of accounting/ERP, e-commerce, technology, and CRM applications to small and medium businesses that fits the bill. One of the key advantages to NetSuite is that instead of forcing customers to integrate these disparate applications together, they come as one united package. Customer or employee data is maintained in a central database and can be shared throughout the system without requiring extensive connecting applications or middleware. This integration helps improve company efficiency and allows management to make better and more informed decisions faster than would be otherwise possible.
Integrating key business processes and functions such as accounts, orders, inventory, customers, and operating expenses helps decision makers to more quickly identify opportunities for improvement or cost reduction. NetSuite customers take advantage of its core functionality to improve operations, resulting in reduced administrative costs, improved financial management, and improved inventory management.
In addition to the benefits of an on-demand application, many customers also found that NetSuite’s integrated approach to financials, budgeting, CRM, e-commerce, and other functionality reduced manual data re-entry and increased data visibility. NetSuite automates processes that enable companies to eliminate or re-deploy staff or avoid new hires. Many companies found deploying one application with integrated functionality meant less time and effort spent negotiating contracts, requesting support, and resolving problems with multiple vendors. With NetSuite, companies can keep all data (including employee, product, customer, and partner records) in a single repository without creating or installing expensive or complex integration hooks. End users also have a single source of up-to-date and accurate truth. Increased visibility is a significant benefit for NetSuite customers, resulting in better reporting and increased staff productivity.
NetSuite’s accounting functionality provides multi-currency budgeting, revenue recognition, and reporting capabilities, providing users with a single integrated source of financial information. This is crucial to see the financial health of the company, as it permits better decision making and allocation of capital. Migrating from un-integrated legacy and custom accounting systems and moving to one central accounting system with NetSuite can accelerate financial close times by 20%. It could also reduce finance staff hours or avoid additional hires.
Other than that, NetSuite also comes with an inventory management application that monitors stock, keeps the right mix in place, and automates replenishment. The application is able to do better demand prediction and increased inventory turns by 5%. This also freed up cash that was formerly tied up in non-performing inventory.
These are some of the benefits that NetSuite customers have gained after deploying the Enterprise Resource Planning (ERP) solution. Pororo Park Singapore is one of the businesses that has been transformed by NetSuite. Watch the video below to hear their story.