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WHAT CAN ERP DO FOR YOUR BUSINESS?

Here’s a break-down of some key business challenges and insight into how a new ERP system could solve them for you.

CHALLENGE #1 several STAND ALONE SOFTWARE SYSTEMS

Do accounting, sales, marketing, warehouse, production and so on, all use different applications? When front- and back-end systems run separately, it can disrupt the processes designed to ensure the business runs smoothly.

Business Impact:

  • Inaccurate overview of company performance
  • Less productivity and growth
  • Retrieving and consolidating the data is time-consuming 
  • Unnecessary copies of data or even lost data
ERP Solution: ERP software integrates operational, sales and financial information across multiple departments, locations and subsidiaries so every business function relies on a single source of truth. ERP equips you to anticipate trends and make informed decisions, frees employees from wasting time on switching between different systems and helps to focus on more productive tasks. Brings out the potential for new profit centers to expand.

Challenge #2 Accounting takes longer and BECOMES more difficult

Often, the first noticeable signs that your company needs ERP software is looking the efficiency of your finance and accounting department. Manual data entry, manual accounting tasks and spreadsheet-based processes are time-consuming and labor-intensive. It takes longer and longer to reconcile financials at the end of the month,  putting a strain on accounting resources.
Business Impact: 
  • Increased overhead and labor costs
  • Lower data quality and productivity
  • Reporting and month closing delays
ERP Solution: Streamlines processes across all departments and entities that also creates efficiencies in finance department. Moving from entry-level accounting software and spreadsheets to an automated end-to-end accounting solution eliminates error-prone, manual data entry and minimises the time and effort required to perform routine accounting tasks. Your accounting team will be more productive, freeing them to deliver critical reports without delays and frustration.

Challenge #3 LACK OF information about the business performance

What’s your sales margin, average orders a day, sales to date, or net profit? How long would it take you to find out? For companies that rely on multiple systems, data sources and spreadsheets which need to be constantly updated and reconciled manually, it can take ages to get relevant information. 
Business Impact:
  • Lack of measurable and clearly identifiable data
  • Poor decision making
ERP Solution:  The pace of business is faster than ever before, which means employees across your company need immediate access to key data. With an ERP solution, you get greater visibility and sharable, real-time data for faster decision. Executives can get a holistic view of business operations at any time, while other employees can get the information they need to do their jobs more effectively. For example, sales representatives should be able to view a customer’s full transaction history and more proactively improve renewal rates while increasing upsell and cross-sell opportunities. 

Challenge #4 Sales and customer experience are both suffering

As companies grow, one of their biggest challenges is inventory management.  If sales, inventory and customer data are maintained separately, problems can emerge across your company. Ensuring that the right amount of products is in the right location at the right time is a vital part of business operations. If you run out of a popular product, sales will be off until the next shipment arrives. Meanwhile, if a customer calls to inquire about an order and employees can’t track it to see if it’s been shipped or if it’s even in stock, your company will start to develop a poor reputation for reliability and service.
Business Impact: 
  • Inventory Management Is Inaccurate
  • Lower sales and margin
  • Poor customer relationships
ERP Solution:  The right ERP can turn this around. Employees in every department will have access to the same, up-to-date information. Customer-facing reps are able to answer customers questions about order and shipping status, payment status, service issues, etc., without need to hang up the phone and check with another department. Better yet, customers are able to simply go online to their account and view status information. Meanwhile, the warehouse manager can see that stock is getting low and can reorder. Read more about how a NetSuite solution can improve production efficiency.

Challenge #5 Global expansion complicated by software integration issues

When international businesses are missing integrated key business processes in  one system are not able to handle the operation of many locations - all with different requirements and local needs. The further your business branches out to the various parts of the world, the more complex your end-to-end operations will become. 
Business Impact:

  • Risk of non-compliance with various local tax laws
  • Inefficiencies managing complex international customer and vendor relationships
  • Difficulties gathering data to track performance of each new location and its impact on the company as a whole
ERP Solution: Integrate local offices and subsidiaries with headquarters systems across multiple entities and borders to enable shared services, planning, and budgeting. Customises for local requirements, while meeting enterprise-wide needs for data consolidation, tracking, and analysis. Simplifies compliance by managing local tax, regulatory, and market requirements with multisite, multi-language, and multi-currency capabilities. Defines enterprise-wide standards thus enabling the system to scale quickly to support new locations, geographies, and industries

Challenge #6 IT-management is too complex and time-consuming

One of the biggest downsides of having multiple systems across your business is that IT management can become a nightmare. Customising disparate systems, integrating and maintaining them with patches and upgrades can be complex, costly, and sap critical resources.
Business Impact: 
  • System upgrades for  on-premise, legacy business software can be expensive and more trouble than they’re worth.
  • Risk of undo customisations implemented by IT resources. 
  • Risk of running outdated versions of their business software
ERP solution: Rather than adding more software and complexity to an already ineffective system, ERP technology can give you the agility to respond to changing business needs rapidly. With NetSuite ERP, system updates are no longer an issue and new functions are easy to add as your business grows and changes.

NetSuite is a game-changer in the business management software industry, providing a complete, integrated solution that helps businesses achieve their goals

Unified view of the business

Run your entire business from a single platform - get a view of finance, CRM, sales, supply chain, manufacturing, ecommerce. Real-time metrics, KPI-s and role-based dashboards help you keep an eye on every corner of the business.  

HIGHER PRODUCTIVITY by Automation and centralisation
Make it easier for your people to do their jobs by automating processes and providing easy access to the information they need when they need it. Automating repetitive tasks will free up time to review data, analyse, investigate and find errors. NetSuite provides all the related data research and analytics in one place so the employees do not need to switch between different systems.

BETTER DECISION-MAKING
Real-time visibility across your whole business helps you understand how your business is performing and make decisions to drive growth.

SAVE TIME AND MONEY

There is no need to install and maintain complex IT systems  that has various integrations in between. NetSuite solution decreases the operational cost of the project dramatically and reduces the overall development time,  as cloud-based implementations are usually much faster and easier to deploy than on-site deployments, and maintenance is much easier since the cloud-based ERP provider is responsible for keeping the technology up to date.

PLATFORM THAT GROWS WITH YOU
NetSuite is built as a suite of modules, giving you the flexibility to start with the basics and add new functionality as you need it.

BUILT-IN FLEXIBILITY

The platform can be customised to accommodate your processes and corporate structure through SuiteCloud apps and tools, whether you’re a multinational company or a startup.

TRUE CLOUD

Your data is stored in the cloud and is available anywhere there’s an internet connection. Your employees can work from anywhere, anytime.

CLOSE FINANCIALS FASTER
Gain a single source of real-time transactional data. Minimise the manual effort in your accounting processes so your team can close the books faster and focus on higher value work. NetSuite has a formal closing process, with steps that need to be completed before a period can be closed. 

MULTINATIONAL, MULTILINGUAL, MULTICURRENCY, MULTI-SUBSIDIARY
OneWorld functionality provides financial management application for global businesses - You can run your business in multiple language, currencies and subsidiaries in all over the world. 

Multi-entity and multi-book CONSOLIDATION

Consolidating, eliminating intercompany transactions and reporting financial details have been made extremely easy. An advanced intercompany journal entry helps faster booking between several subsidiaries. 

Revenue Recognition

Automate revenue scheduling, allocation and reporting by  creating rules for each product or service you offer. NetSuite supports automatically recognise revenue based on predefined schedules or milestones in compliance with IFRS 15 and other standards.

optimised INVENTORY level

Let NetSuite do the heavy lifting on inventory planning, using sales forecasts, historical purchasing and stock on-hand to create more accurate plans.



Cash-Flow Monitoring

The Cash 360 dashboard gives real-time insight into current cash position and overall cash flow. It is fully customizable to see different cash management activities, display reminders, current cash balance, accounts payable/receivable balances, forecasts, and more.

GET RELIABLE ERP ACCESS WITHOUT THE IT OVERHEAD

NetSuite provides enterprise-level data security, redundancy and guaranteed uptime. And all the IT maintenance is handled for you.

UPGRADES TWICE A YEAR
NetSuite releases scheduled updates to its entire customer base twice a year – continually improving its solution by adding new functionality or enhancements to existing features.

Easy integration of Third-Party Systems

It is easy to connect with a variety of different systems, such as Amazon, Salesforce, Shopify, eBay, ADP, WooCommerce etc.

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