How NetSuite Helps Software Companies Accelerate Productivity
NetSuite’s cloud ERP/financial suite is becoming increasingly popular among top technology companies. Organizations that have implemented NetSuite’s solutions are routinely named on the Deloitte Technology Fast 500, the JMP Securities’ Hot 100, and other lists that celebrate tech company success.
It’s the top choice for technology companies who firmly believe that the key to realizing their full potential is an efficient and dynamic back-office system. It provides a scalable foundation for modern high-growth companies and increases efficiency so companies can enhance productivity and revenues.
NetSuite features and technologies can be adapted to any organization to meet its specific needs. Businesses that require industry-specific functionalities can license advanced add-on modules on demand from NetSuite Implementation providers, like Ravenstone Solutions.
For example, firm size greatly affects the technology needs of a company. In this blog, we’ll discuss how NetSuite works to accelerate productivity based on firm size.
FOR START-UPS AND MID-MARKET COMPANIES
One of the main challenges smaller firms face is scaling up efficiently. Although growth brings about added resources, it also brings in more complexity.
Business processes, such as revenue recognition, forecasting, pricing models and procurement, all become more intricate and require rapid response times. The manual effort required to draw up large-scale spreadsheets or in the use of standalone applications can hamper progress.
All of this takes a toll on productivity because of the sheer volume of data you’ll have to put together manually.
NetSuite helps hyper-growth companies in four steps:
1. Scale for rapid growth
NetSuite builds a foundation for back-office systems that allow companies to scale rapidly. The transition between a small privately held company to a publicly held global organization is rigorous, and often requires a complete overhaul.
However, if your back-office systems are already in place, the process becomes much easier. This is one of the major benefits reported by software companies using NetSuite.
2. Streamline revenue recognition
As companies grow, the challenges revolving around revenue recognition and reporting increase significantly. Guidelines regarding financial reporting are complex and evolving. NetSuite ensures that revenue recognition scheduling is in line with all current standards and ready to comply with any changes in the future.
3. Accelerate financial close
NetSuite combines strong accounting functionality with compliance management practices, so companies are able to close the financial year with ease. Manual reconciliations and spreadsheets, on the other hand, are unnecessarily time-consuming and can lower productivity.
Customers are able to report financials quicker and to a higher degree of accuracy as a result, even as the business expands across borders.
4. Use your existing CRM investment
Using NetSuite’s capabilities, a business can track real-time changes, such as fluctuations in inventory and sales numbers.
Using Salesforce, companies can integrate NetSuite’s order management and finance tools with their current CRM. This allows lead-to-cash automation across the board.
FOR MATURE AND PUBLIC COMPANIES
As companies grow, they risk losing their agility and can get bogged down with cumbersome processes. Good technology enables organizational flexibility, swiftness and visibility.
Cloud computing builds a business architecture that keeps evolving with the needs of the organization. This allows the company to focus on innovation and implement best practices, rather than spending time maintaining hardware and software.
Once again, real-time data and analytics allow managers to develop powerful insights and make informed decisions. The SuiteCloud platform allows users to configure NetSuite to meet customized needs.
NetSuite helps mature companies improve productivity in the following way:
1. Increase access for decision making
NetSuite allows users to access vital business metrics at any location, at any time. Their users can view real-time analytics and dashboards on their mobile devices. The user interface for these uses cases has been adapted to work with high-resolution screens, and is extremely user-friendly.
2. Streamline global business operations
NetSuite OneWorld is one of the most powerful cloud computing tools in the world. It is designed for multi-subsidiary, multinational organizations to seamlessly manage various currencies, tax laws, and reporting rules.
It is a great tool to ensure compliance and consistency throughout the organization and allows authorized users access to the business in real- time.
3. Boost professional services profitability
Maximize resource utilization and delight customers by making use of NetSuite’s PSA solutions. These will help your business ensure on-time deliveries, increase understanding of project profitability through analytics, and automate billing and revenue recognition.
4. Advance agility and future-proof your business
NetSuite is a cost-effective solution for technology companies looking for enhanced productivity. It integrates with other leading cloud applications, reduces manual work for IT, and allows for greater customization. Businesses can also reduce future uncertainty by ensuring they have the tools required to combat any future challenges.
Radical change has become the cornerstone of today’s business landscape. According to Innosight, an S&P 500 company in the 1930s had a typical lifespan of over 90 years. Today, the average lifespan has fallen to 18 years, with an S&P company being booted off the list every two weeks.
To future-proof their business, companies need to be mindful of transformational change and innovation. Business challenges will evolve, and so will the technology needs required to meet these challenges.
NetSuite offers a platform for enhanced collaboration at all points of the value chain. It’s a scalable solution that helps smaller firms achieve rapid growth and focus on innovation. At the same time, it provides the powerful computing abilities required by mature organizations to stay flexible and dynamic.
Accelerate Productivity With NetSuite Consulting Partners
At Ravenstone Solutions, we work exclusively with NetSuite to provide the best depth of knowledge and experience to our clients all over the world. We recommend NetSuite Cloud ERP to all our clients and partners because it can be tailored to fit the needs of all technology-driven businesses, regardless of their size or the industry they’re operating in.
We continue to partner with clients from a variety of industries, including wholesale distribution, software and tech, online commerce, financial services, consulting, among many others.
To find out how you can grow your business with NetSuite Cloud Solutions, get in touch with our representatives today.
Contact us at 1(800) 459-7128 today for more information.