20 November, 2023

Benefits of NetSuite ERP Platform for Growing Businesses

Introduction

Any business that values growth must ensure its software solutions align with that goal. The NetSuite ERP platform has seen massive growth in the software industry since Oracle acquired it in 2016. The company has remarkably succeeded in expanding its clientele in small to medium businesses with enormous growth potential. .

Fast-growing businesses face challenges finding the ideal solution to support their growth objectives. The procedures and techniques that are effective when a company is young or concentrated on a specific product line/ service often fail as the company grows. To fulfill the additional demands as they occur, businesses start using spreadsheets and independent software programs. However, as the business grows, these unintegrated systems and ad hoc programs compromise performance. 

Firms today know that the key to unlocking and controlling growing business operations is a back-office system, like the NetSuite ERP platform, that can handle modern challenges and provide a solid base for the company’s future operations.

Implementing the NetSuite ERP platform has been proven to improve business processes for almost 95% of businesses. Let’s delve into the top benefits of NetSuite and how it helps fast-growing companies expand and grow their business operations.

Key Advantages of NetSuite ERP Platform for Rapid Business Growth in 2024

Financial Management

Irrespective of their industry, businesses use cloud enterprise resource planning (ERP) systems like NetSuite, which provides a comprehensive range of functionalities for expanding organizations to help them navigate the present financial issues while preparing for the future.

Accounting was cited as the most essential ERP function by 89% of businesses planning to buy ERP software. Let’s look at Suite Banking, introduced in 2021.

Suite Banking, a recent product from NetSuite, integrates finance and ERP functions into one integrated application. It was developed to address the issues growing businesses face in organizing their financial activities within different departments and spreadsheets.

The standout features of Suite Banking include the following:  

  • Fast Transactions: Suite Banking accelerates the payment process for companies.
  • Financial Analysis: Businesses can access critical financial KPIs and transaction insights. 
  • Consumer Portals: A single unified portal is used by customers to manage mutual transactions. 

Reporting and Analytics

Real-time reporting is critical to make informed decisions as the business operations grow. With the help of the NetSuite ERP platform, organizations can access robust reporting and analytics capabilities that enable them to gain insightful knowledge about their processes, KPIs, efficiency, and developments.

Let’s talk about NetSuite’s Analytics Warehouse.

NetSuite Analytics Warehouse was built upon Oracle’s two existing solutions: Cloud Analytics and Autonomous Data Warehouse.

The product provides better analytical capabilities, safe data transmission, and improved metrics using NetSuite and external sources data. The principal advantages are:

  • Integrated analytics: Companies can utilize data from multiple sources in one location, enabling rapid trend and insight detection.
  • Role-based Data Analysis: Businesses still establishing themselves on the system are catered to prebuilt measures and KPIs.

Research by SL Associates has shown that after implementing the cloud-based solution, NetSuite customers have reported incredible improvements in business KPIs, as shown below:

Infographics show the Benefits of Fast Growing Businesses with NetSuite ERP Platform

Moreover, external NetSuite consultants have integrative tools to help your businesses prepare for future growth and expansion. For example, AlphaBOLD’s BOLDSuite Analytics is an excellent illustration of seamless Power BI and NetSuite integration.

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Deep Customer Support:

NetSuite caters to the evolving needs of businesses implementing hybrid models. It seamlessly integrates with CRM features, enabling organizations to conveniently manage client interactions, sales operations, and support services within the same platform.

The demands of hybrid organizations, which are focused on products and services, are evolving, and NetSuite is aware of this fact. Businesses are continually involved in conversations with their consumers to understand their needs better, and their input is included in software upgrades.

Customer testimonies at SuiteWorld 2021 demonstrated NetSuite’s beneficial effects on expanding companies like Lovesac and Modsy.

Real-time Visibility:

An additional core advantage of ERP is real-time visibility, as it allows management to see different areas of an organization, which is an incredible feature. Leaders can make choices more quickly and effectively by accessing every pertinent detail.

Ultimately, transparency in procedures and data handled by various groups improves the performance of each group and each participant. It also saves energy and time spent attempting to track down this information quickly.

NetSuite customers can get instant access to essential business indicators throughout every unit, allowing for better allocation of resources and decision-making. Greater visibility will enable firms to

  • Determine trends,
  • Detect prospective issues,
  • Depend upon reliable and current data to make data-driven choices.

The right NetSuite solution provider can help you set up your real-time dashboards and make the process easier and less time-consuming.

The demands of hybrid organizations, which are focused on products and services, are evolving, and NetSuite is aware of this fact. Businesses are continually involved in conversations with their consumers to understand their needs better, and their input is included in software upgrades.

Infographics show the User Guide for NetSuite Solutions

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Scalability and Customization:

The features of NetSuite are designed to work for you and your constantly changing demands as it evolves with your business. Implementing the NetSuite ERP platform is like having a business partner for life.

NetSuite can help high-growth businesses to expand effortlessly and process high volumes of data, customer count, and corporate growth. The best thing about modern NetSuite ERP solutions is that you can immediately customize the required features while keeping room for future expansion.

In this way, the system evolves and adapts together with your company. As the team requirements grow, you can add new members to the system, eliminating the need for a new ERP solution. These are the top three advantages businesses gain by implementing an ERP system:

  • Enhanced collaboration
  • Shorter processing times
  • Consolidated information system.

A cloud-based ERP solution will offer unparalleled scalability if your company wants to grow quickly. Since remote servers power cloud-based systems, adding additional resources to keep the system working successfully places less stress on IT.  With the help of NetSuite consultants, this can quickly be done without much hassle or disturbance. 

Read more: Why small businesses need ERP.

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Final Thoughts

The top benefits of NetSuite make it an excellent option for expanding organizations looking to streamline their processes sustainably. NetSuite ERP platform enables firms to tackle obstacles, cut expenses, and maintain a competitive edge in today’s changing business environment. All you need to do is find the right NetSuite solution provider and start. Our team here at AlphaBOLD will guide you at every stage, including software evaluation, licensing process, installation, customization, and continuous support. Reach out to our NetSuite consultants for more information. 

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