Your company has grown to the point where managing things on spreadsheets is no longer an option. The NetSuite ERP system may help you organize and collect business information, leading to a more efficient operation. You have likely heard of ERP, but you probably wonder, what is ERP, and how can ERP software help you maximize business potential?
What is ERP software?
ERP stands for Enterprise Resource Planning. ERP is software that helps you automate your business processes. It gives you a behind-the-scenes view and improves your control over departments, chain management, marketing, human resources, accounting, and manufacturing. It collects input from each department and then compiles it into a central database.
You can use the compiled information to gain increased visibility, which allows you to analyze different scenarios, improve processes, and maximize gains. ERP solutions, like those offered by NetSuite, can be tailored to meet the needs of your business.
Many Fortune 500 and small businesses rely on ERP software. They value its ability to unify processes, core business, technology, and people across their organization.
Using the right ERP software can position your business to be competitive now and have a strong future. Here are some of the ways this can happen.
1. NetSuite helps leverage increased data reporting and visibility
All of your employees can access the same data instantaneously from anywhere. If your organization oversees multiple companies, having each company run a different software platform is a recipe for disaster. Your team could spend hours navigating through spreadsheets and data and still miss the big picture. Conversely, NetSuite provides:
- Real-time data, eliminating data lag
- Accurate data thanks to a centralized database that is not reliant on gathering information from other platforms
- Compliance data ensures that your organization meets regulatory compliance as it grows
- Mobile access allows your employees who spent a lot of time in the field to get real-time and accurate data from a mobile device
2. Improve order management
NetSuite ERP improves business efficiency via its order management module. The system integrates finance, sales, and fulfillment teams, creating an accurate and efficient process. NetSuite supports quick invoicing and payment, reducing errors, improving cash flow, and keeping your customers happy.
- Order processing is improved as NetSuite’s ERP shortens your order timeframe while giving you up-to-date visibility of order fulfillment.
- CRM features of NetSuite enterprise resource planning allow you to improve customer communication throughout the buying experience.
- Profitability and pricing lets you analyze the impact of creating promotions, discounts, and using multiple pricing levels while maximizing profitability
3. Streamline production management
NetSuite enterprise resource planning solution helps you get real-time visibility to oversee business functions from start to finish. It allows you to make well-informed adjustments. Since processes are automated, you can manufacture products and ensure they are delivered on time while simultaneously reducing costs. Features include:
- Work order management
- Quality assurance
- Product data management
- Planning and scheduling
4. Maximize your purchasing power
Purchasing is a labor-intensive process. Your employees will spend a ton of time researching and communicating with vendors. NetSuite’s enterprise resource planning solution simplifies the purchasing process.
It provides visibility into the overall cost, vendor, and data performance. This allows your organization to make the needed adjustments and quickly buy the services and goods you need at a reduced price. Features include:
- Purchase requisition
- Purchase approvals
- Vendor management
- Purchase order management
Using the right enterprise resource planning solution can help you improve your bottom line, efficiency, communication, and customer satisfaction.
Streamline your business operations
Fusion CPA can complement your enterprise resource planning software solutions or implementation with our accounting expertise. We have experience working with enterprise resource planning solutions like NetSuite. We can answer questions from an accounting standpoint regarding NetSuite ERP pricing and compare NetSuite vs Oracle ERP.
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