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Adopting NetSuite software is a big step for any business. It requires skilled manpower to handle an Enterprise Resource Planning (ERP) like NetSuite. But as challenging it is to take on NetSuite, it has countless performance benefits for your company.
In this article, we'll give you the lowdown on what NetSuite can do to improve business performance. We'll enumerate the salient advantages of moving your processes to cloud software. Then, we'll follow up with a short explanation of the advantages that can enhance performance.
Top 10 Benefits of Using Netsuite For Your Business
1. NetSuite is customizable
NetSuite is no one-trick pony. Your NetSuite administrator can customize and configure it to your heart's content. Netsuite performance comes in handy for a company that has specific operational needs that the basics of the software can't handle. A NetSuite administrator's job is customizing NetSuite, but other team members can learn it for cross-functionality.
Every business is unique. No software in the world can handle all operational demands of all companies as it is. The benefit of having NetSuite is that you can shape it to be tailor-fit to your needs.
From customizing forms and fields to configuring user dashboards, there's a small limit to NetSuite customization. But of course, it takes a dedicated team of experts to take on the job. NetSuite administrators, IT Staff, and developers all play a role in customizing NetSuite for a business. Depending on your budget and workforce, you can hire NetSuite gurus to do the job for you. Outsourcing the customization tasks to experts can help ensure quality output. Customizing your NetSuite software can help streamline workflow for all team members.
Customization helps your business stay on top of NetSuite's innovations. NetSuite performance is evolving regularly and to make the most out of it, businesses should be monitoring its changes. Businesses and industries change. So customizing NetSuite can help your team members keep pace with sudden or gradual changes.
2. NetSuite is cost-effective
Your in-house Netsuite administrator can choose which NetSuite software modules you need and license those. This modular approach of NetSuite saves companies money. You can renew NetSuite's license every year. Strategizing the modules you license is a great way to practice being economical.
Because you can turn to NetSuite for most business processes, your IT staff won't have to set up multiple systems. This helps you save money on additional software and integrations. In this way, you can allocate your resources to other crucial matters.
This may include hiring more experienced team members to improve overall performance and productivity among the company. If your work includes manufacturing products, you can also choose to purchase higher-quality materials. This can help enhance customer experience, which can lead to boosted profits.
3. Get a one-stop-shop with NetSuite Business Performance Portal
NetSuite business performance portal is an integrated cloud-based software that is easy to access. Having a unified management process can help speed up your business growth.
With accessible software like NetSuite, your NetSuite Administrator can put up more branches in different areas. This opens up doors to various markets, increasing brand awareness. You can expand and increase your online sales channels with NetSuite.
NetSuite is handy because it houses most business processes. Your NetSuite Administrator doesn’t need to set up multiple software for different tasks. From financial and accounting management to customer relationship management (CRM), NetSuite can handle it. All departments in your company can accomplish their tasks within a single platform.
4. NetSuite is home to various Key Performance Indicators (KPIs)
There's a multitude of data that you can store and showcase in NetSuite. An example is KPIs. You can present certain KPIs depending on particular user dashboards.
Looking at KPIs can help contextualize the status of the company. KPIs answer the following questions: How is it faring in sales, in customer service? What are the corporate aspects that you need to improve? Who are the top-performing departments, and who requires assistance? There are a lot of different types of KPIs and there are many ways you can gauge your company's state.
KPIs help in setting goals and making decisions. They are crucial in creating and implementing company policies and planning for points of improvement and assessments. Customizing and configuring your KPIs using NetSuite can help enhance company performance.
5. NetSuite allows for automation
With the NetSuite business performance portal, you can automate end-to-end processes. What does this mean for your company? For one, it can mean hiring fewer people. Automating tasks eliminates the need for manpower to accomplish those duties. You depend on the software to do it for you. This means saving on operational costs.
With automation, you decrease the risk of mistakes. Although a human workforce delivers a stellar performance, automation helps improve quality. Your company's productivity will rise as you take steps towards automation.
6. NetSuite is home to multilingual capabilities
Coming from a non-English-speaking country might hamper your search for software. Some software you might encounter might have no multilingual capacity. Taking into consideration the software-specific lingo and other technicalities, it's hard to handle a tool you can't understand.
NetSuite business software can be translated into 27 languages, making way for a smoother workflow. This is available with NetSuite OneWorld, a software solution that assists you in handling international operations. You can do this on one platform. With this multilingual capacity, you can transact with foreign and multinational companies to escalate your growth.
NetSuite OneWorld handles 190 currencies. With the NetSuite Business Performance tool, you can expand your market to other nationalities paying with different types of money. With OneWorld, you can consolidate financial reports. You can get updates on daily exchange rates. All of these happen in real-time. This showcases NetSuite business software's ease of use for global operations and expansions.
7. NetSuite updates twice a year
NetSuite's software gets updated every year. What does this mean for your company? It means better Netsuite business software performance. Every update aims to enhance the user experience.
Updates can range from fixing security holes and optimizing speed to adding newer modules and removing bugs. All of this helps make sure your experience of using the software goes off without a hitch. This plays a role in making sure your team accomplishes their tasks well. This is because glitchy software compromises both productivity and quality of performance. A regular update of the NetSuite business performance portal brings nothing but convenience to its users.
8. NetSuite Business Software Ensures Secure Data
NetSuite operates on the cloud. This means a Netsuite Administrator can access it from anywhere, anytime. You can expect strict security protocols that protect sensitive and crucial data.
You can rest assured that NetSuite business software handles your data with the utmost protection. This means tough password policies, role-based access controls, and strong encryption. NetSuite business performance tool also has a dedicated security team tasked to protect your and your customers' information.
Software exposed to hacks or viruses can impede productivity. Viruses can make software slow and unreliable. Hacks, on the other hand, can freeze workflow. Not to mention, both hacks and viruses can also erode trust from your clients and even team members. Making sure all your corporate data is secure is one of the many ways to keep customers happy and employees productive. This will also be most beneficial to your NetSuite Administrator.
9. NetSuite can be a platform for your supply chain
NetSuite for business is home to many innovative features. An example of this is Vendor Center. Vendor Center is an online NetSuite business performance portal that vendors can use to access a variety of information. This includes purchase orders and payment history. You can also assign project tasks to vendors via the NetSuite business performance portal.
Self-service portals like this improve B2B and B2C collaboration. They can also include relevant notifications and partner-specific events that help keep workflows simple. Giving collaborators quick access to relevant information can also enhance partnership efficiency. It can also help eliminate the need for back-and-forth emails that may lead to miscommunication or confusion.
10. NetSuite can easily be integrated with third-party systems
NetSuite supports tons of integrations. NetSuite administrators primarily use it for financial tasks. But NetSuite business software's usage also extends to sales, human resources, and marketing. These departments already have software created for their specific tasks.
You can integrate software like HubSpot, Amazon, Shopify, and Salesforce with your NetSuite software. This means the platform is flexible enough to receive and convert external data into readable formats like records, transactions, and reports. Integrating your ERP with third-party apps can help build progress for your company.
Make Sure That Your Netsuite Business Performance Is Top-Notch
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When it comes to choosing an ERP for your company, you've probably been bombarded with several possibilities. One of the most important considerations is whether to use a cloud-based ERP solution or one that can be installed locally.
Over 30,000 installations have been completed for businesses of all sizes in a variety of sectors. Implementing NetSuite offers comprehensive, and low-risk ERP cloud solutions based on real-world experience with a wide range of cloud ERP systems. When you're a small business moving away from QuickBooks or a large corporation implementing a two-tier ERP plan, this advice will be invaluable.
NetSuite business performance tool is the first solution to offer a promise of smarter, integrated, and easier applications. This is most beneficial for developing the midsize business.
Here are 3 Things You Need To Know About Netsuite ERP
1. All company data may be stored in a single database, with critical performance measures accessible via a configurable and real-time dashboard. It aids in the rapid decision-making process.
2. It's a single application with a lot of power. It also includes a comprehensive customer-facing CRM and E-commerce functionality, as well as a back-office Accounting/ERP and partner self-service portals. Overall, this will enable businesses to unify fragmented data and automate all end-to-end operations.
3. NetSuite has sped up and reduced the cost of all installs compared to traditional business systems. In this phase, the modularity will aid deployments based on the company's demands. Its total cost of ownership will be lowered because it is a web-based on-demand solution (TCO).
Key Takeaways
There are many other ways NetSuite can help boost your company's performance. We enumerated some instances, but you'll soon find out more once you get the hang of using the software. Additionally, since NetSuite is ever-evolving, you'll always be finding ways to streamline your processes. There's no limit to the improvement you can achieve with software as vast and versatile as NetSuite.
Should you need assistance in navigating this ERP, feel free to send us a message via our official pages. We are always happy to help with all things NetSuite. Our experienced team is glad to take on your brand and help it reach its maximum potential. We hope you learned a lot today.
