An ERP system operates as a single, 360-degree business solution that encompasses your entire operation. ERPs offer the potential for enhanced productivity, reduced overhead and streamlined operations throughout your organization. Due to the significant impact an ERP will have on your business, you want to ensure that the ERP you select can handle your toughest tasks and act as a catalyst to your future growth. Afterall, not all ERPs are created equal.
NetSuite ERP shines brightly as a cloud-based solution that’s winning the hearts of small and mid-sized businesses due to its robust functionality, built-for-cloud architecture, customization capabilities and more. In this blog, we’ll go into the ten essential benefits of NetSuite ERP for customers and employees, exploring how it helps companies to thrive in this competitive business environment.
10 Benefits and Advantages of NetSuite ERP
Although the underlying principle of an ERP system is simple – consolidating information and functionality from all departments into a single system – the advantages it brings forth are extensive. Presented below are 10 of the benefits that an ERP system provides.
1. Data Security
Data is a highly valued asset for any businesses, and proper data management protocols and systems need to be put in place for the long-term health of your business. Proper data management enables optimal decision-making, while keeping your intellectual property and customer’s sensitive data away from prying eyes. In these contexts, ERP software emerges as a safeguard for this prized possession. Consolidating data within a singular platform, as opposed to data distribution across multiple systems with varying degrees of security, significantly elevates the security and protection of financial, customer, and vendor data.
Further, an ERP system contributes to data security by enforcing restrictions on data access within your organization. NetSuite, for example, features straightforward permission controls allowing seamless regulation of data visibility and ensuring that employees are exposed only to the information relevant to their roles. This strategic restriction reduces the avenues for fraudulent activities and other malicious undertakings, strengthening the security framework.
Lastly, NetSuite ERP complies with various regulatory requirements and data security standards, safeguarding sensitive business information. Multiple features such as user access controls, audit trails, and data encryption reduce risks and keep your data safe from unauthorized access or breaches.
2. Integrated Business Processes
NetSuite ERP effortlessly integrates various business functions like financial management, inventory control, and customer relationship management. By eliminating data silos and ensuring data accuracy, it offers a complete picture of your business, creating a way for smarter decisions and deeper customer connections.
Further, it can be integrated with third-party tech in case you want to keep an existing piece of business essential software. IPaaS (Integration Platform as a Service) options such as Celigo, as well as API and EDI integration options exist to help you streamline your operations further.
3. Scalability and Flexibility
Growing mid-sized businesses need an ERP system that grows with them. NetSuite ERP is made specifically for this purpose, with a modular structure that lets you add or remove functionalities as your needs grow. This helps ensure that your ERP system is always up to the task no matter what the state of your business is. The modules fit into 8 key categories spanning financial management, Customer Relationship Management (CRM), business intelligence, inventory, commerce, HR, Professional Services Automation (PSA) and Supply Chain with each of these categories consisting of several task specific modules.
For example, there are currently 12 financial management modules such as the NetSuite Bill Capture module, which allows you to email or drag and drop vendor invoices into NetSuite, removing manual data entry and automating the entire invoice capture process. Another module is the NetSuite AP Automation module that automates the entire invoice-to-pay process, increasing efficiency and reducing accounts payable processing costs.
Plus, you can add or subtract users as needed, giving you the flexibility to manage periods of growth or downsizing.
4. Visibility and Reporting
Visibility is another fundamental benefit of ERP and a strong suit of NetSuite. With all your data being stored in a single database, you can gain 360-degree visibility into your business.
You can monitor key performance indicators (KPIs) and use customizable dashboards and reports to gain insights into financials, sales, inventory, and other crucial metrics. This valuable information empowers you to take proactive and strategic actions.
Plus, NetSuite has robust consolidation capabilities for businesses with multiple entities or subsidiaries.
5. Enhanced Efficiency and Productivity
Leave the tedious, manual tasks behind with NetSuite ERP’s automated processes and streamlined workflows–saving time and minimizing errors. Automate your repetitive AR/AP processes, streamline reconciliations, send automated reminders to customers on behalf of their account executive and more. NetSuite’s automation capabilities will expand to every corner of your organization, giving your employees more time to focus on revenue generating activities.
6. Effective Inventory Management
Who doesn’t love efficiency when it comes to managing inventory? NetSuite ERP offers advanced inventory management features like demand planning, real-time tracking, automatic replenishment, and warehouse management to name a few. Optimize your inventory control, enhance order fulfillment, and improve customer satisfaction with NetSuite.
7. Seamless Order Management
From quote to cash, NetSuite ERP streamlines your order management process. Pricing, billing, invoicing, and fulfillment—everything in one place. This leverage improves customer satisfaction, reduces errors, and enhances effectiveness.
8. Advanced Financial Management
NetSuite ERP equips mid-sized businesses with powerful financial management capabilities. It covers all your financial needs from general ledger to accounts payable and receivable, budgeting, and financial reporting. This helps to gain accurate and timely financial insights for better decision-making.
When deciding between QuickBooks and NetSuite, there are a few benefits NetSuite offers that QuickBooks does not. NetSuite can tailor perfectly to your organization by controlling how data flows and comes with robust automation & customization capabilities for financial management that QuickBooks lacks.
9. Improved Customer Relationship Management
With a centralized customer database, sales forecasting, lead management, marketing automation and much more, you can delight your customers and boost loyalty and retention.
The NetSuite CRM module helps you align and oversee all aspects of customer relationships, including marketing automation, interaction history, customer service and more. It tracks sales and partner performance, as well as providing quotes, managing orders, forecasting sales and integrating with ecommerce platforms. Other CRM related modules include the Contract Renewals, Incentive Compensation, and CPQ modules.
NetSuite’s Customer Relationship Management (CRM) offering enables enterprises to oversee engagements with existing and prospective customers, associates, and suppliers within a unified interface. As a result, NetSuite CRM fosters an uninterrupted dissemination of data throughout the complete customer journey – spanning leads, opportunities, orders, fulfillment, renewals, cross-sell, and ongoing support activities.
10. Cloud-based Accessibility and Mobility
Say goodbye to those office-bound limitations. NetSuite ERP’s cloud-based nature allows authorized users to access the system from anywhere, using a mobile or tablet device with an internet connection. This accessibility enhances collaboration and supports remote work, making your business agile and responsive to changes–all essential to your thriving business.
All in all, NetSuite ERP empowers small and mid-sized US businesses to thrive in the competitive landscape. From seamless integration and real-time visibility to enhanced efficiency and improved customer relationships, NetSuite offers a robust suite of features that spearhead business success. Leveraging this power of NetSuite’s ERP equips your business to reach new levels of growth and prosperity.