How does NetSuite help with business management?
In this era of cut-throat competition, organizations need to stop wasting their resources in order to stay competitive. However, legacy on-premise applications and disparate spreadsheets are of no use since they are unable to provide actionable insights. Lack of real-time insights can lead to outdated information, errors, and inefficiencies in decision making. If we talk of on-premise applications, they have limitations in terms of accessibility, scalability, and flexibility. Apart from this, they involve higher upfront costs, maintenance efforts, and longer implementation cycles.
To address these limitations, organizations need to embrace Cloud ERP solutions. According to a report by Allied Market Research, the global cloud ERP market was valued at $28.8 billion in 2020 and is expected to reach $101.1 billion by 2028, growing at a CAGR of 15.2% from 2021 to 2028. Thus, Cloud ERP is gaining popularity among SMEs due to its affordability, scalability, and flexibility.
Among some of the notable cloud ERP vendors, Oracle NetSuite has its special place in the market. This is also evident from Forrester Research that highlights that NetSuite has grown its customer base from 11,000 customers in 2016 to over 31,000 customers today. Furthermore, 65% of tech-based IPOs in 2021 run on NetSuite.
In this blog, we’ll discuss why NetSuite is a perfect business management suite for your business.
What is NetSuite?
Developed by Oracle, NetSuite is a cloud-based business management suite that is designed to help organizations streamline their operations, improve visibility into their business performance, and make data-driven decisions.
Top reasons why NetSuite is a perfect business management suite for your business
- Unified Business Management Suite: It is a unified platform that natively integrates different business functions such as ERP, CRM, ecommerce, HR, and more. The data is stored in a centralized cloud to give real-time visibility based on user-roles. Centralized data provides a single source of truth for better decision making.
- Real-time Business Insights: With real-time dashboards and reporting tools, NetSuite delivers comprehensive insights into key performance indicators (KPIs) and critical business metrics to business owners and managers. This ensures data-driven decision making. It further allows proactive management of business operations.
- Automation and Efficiency: By automating business processes such as financial processes, order management, procurement, inventory management, and more, NetSuite reduces manual efforts and increases operational efficiency. It helps businesses save time and resources.
- Scalability and Flexibility: NetSuite offers scalability and flexibility. It means that businesses of all sizes and industries can start with NetSuite and scale up as per their changing needs. You can customize NetSuite as per your unique business processes.
- Mobility and Accessibility: NetSuite provides mobile access to business data and processes in real-time. Thus, users can access and manage critical business information anywhere, anytime.
Summarizing the above points, NetSuite is a comprehensive suite of tools and functionalities that support business management across various areas, including finance, operations, sales, marketing, customer service, and partner management. It is a highly scalable platform that delivers real-time insights and automation, helping businesses to streamline operations, enhance decision making, and drive growth.