NetSuite - One version of the truth

Written by FHL

25 | 05 | 21

3 minute read

As we’ve seen demonstrated this year, agility and adaptability are crucial for businesses to remain profitable and competitive in fast-changing and challenging markets, allowing them to make tactical changes for both short and long-term benefit.

Availability of real-time finance and performance data is crucial, but for many businesses this information is hidden away in disparate systems and spreadsheets. Businesses need all this information up to date, in real-time and in one place. Working from different siloed systems and spreadsheets is often a poor use of staff time and these repetitive, manual processes can be prone to human error. It’s also unlikely to provide stakeholders with the accurate ‘joined up’ view of the business they need to make well-informed decisions.

An ERP solution is key to achieving effective business-wide visibility. These solutions automate key back office operations and financial processes, whilst integrating business data into one, unified platform. Providing a single and accurate ‘version of the truth’ to improve business decision-making. Stakeholders can now access a comprehensive overview of the business at any time and track activities, observe trends, identify challenges, risks, or opportunities, and react quickly in the business’ best interest.

What information can an ERP solution bring together?

An ERP solution can bring together a wide range of business functions from accounting and customer relationship management (CRM), to warehouse management and supply chain. Business functions are also automated and become streamlined from start to finish.

Some ERP platforms can be closely tailored and customised to fit your specific business needs. Here at RSM, we understand the importance of tailored solutions and our expert developers have created a number of NetSuite SuiteApps, pre-built packages that are designed to improve and enrich your NetSuite ERP experience. 

For example, our RFM score app, calculates a customer’s frequency, recency and monetary value to a business and uses this information to target campaigns in order to drive the desired outcome. Another is WineSuite, the leading cloud business management solution in the wine industry. This solution is designed specifically for our clients in the wine sector and includes features such as item attributes and units of measure, duty and tax management and rotation management.

How does Cloud ERP enable visibility in the ‘new normal’?

A well implemented ERP solution provides stakeholders with real-time insights into every area of the business and allows employees to access the same information, which is crucial for teams and business-wide collaboration.

This is where Cloud ERP often has the edge over on-premise solutions, which are usually accessed via a VPN. Cloud ERP allows employees quick and easy remote access to the information they need at any time, anywhere and with nothing more than an internet enabled device.

This widely accessible ‘single version of the truth’ enables better and more accurate decision making through every level and department of the business. Enabling senior management and key stakeholders to have the crucial insight required to identify opportunities for innovation and growth.

Want to learn more about how Cloud ERP could benefit your business?