Whether your business has grown rapidly, expanded overseas or is seeking to improve its business systems, you will need to take stock of all your operations as preparation to planning the next phase of development. Senior management teams also need to consider how core operations and underlying processes can be reconfigured for the organisation to boost competitiveness and keep costs under control in today’s challenging marketplace.
These tough decisions will at some point demand investment in an updated business platform that can deliver the data and insights which underpin better strategic business planning.
In our experience of implementing ERP systems for growth companies, we find there are three common signs that a business has reached the stage of requiring a single, cloud-based ERP system to guide the next stage of growth and profitability.
You need a unified view of your operations
First, many innovative and fast-growing organisations’ growth is being constrained because of their inability to gain a single, up-to-date picture of their operations. They urgently need a unified view of their business.
Companies that conduct international business have to operate multiple purchasing, accounting and reporting products to cope with different country's business regulations. Many management teams inherit outdated business systems that have yet to be fully digitalised for demands of the online age. Managers often struggle to gather the right information and achieve a single view of their operations. As a result, important business change, cost-reduction and investment decisions become difficult and time-consuming.
A cloud-based ERP platform like NetSuite resolves these frustrations by delivering a unified view of operations, bringing all key processes and operations into one central location.
By integrating different financials, CRM, ERP and eCommerce processes, you can achieve a unified view of operations and gain a single source of truth. This reduces lengthy reporting cycles and internal teams spending excessive time collating data from different software platforms. NetSuite’s unified view removes multiple reporting applications and enables smarter decision-making.
Need greater agility
A second sign of a business needing a new ERP system is that in uncertain trading conditions or where opportunities are rapidly opening up, senior management teams may be missing out on new markets and revenue opportunities. This is due to existing business models and working practices lacking flexibility.
Executives need tools with greater agility and responsiveness if they are to prosper in an unpredictable economy. In order to respond to new business opportunities, this will need to be done without introducing new risks and costs into your organisation. Instead, businesses need to establish new or make old processes more agile and flexible.
Innovative, customer-focused businesses can now set up new systems and more accurate processes through NetSuite ERP. Those that adopt NetSuite ERP gain a cloud-based platform which provides updated performance information and automatic software upgrades.
This enables senior managers and local teams to be better-informed and have greater flexibility when discovering exciting, new opportunities.
Wanting more visibility
Finally, a third sign of needing a new ERP platform is when your team is increasingly asking for daily, even real-time insight, into your operations.
Many companies are fundamentally well run but as they grow, they may be left reliant on outdated or overlapping supply chain, sales and financial systems. These outdated tools can extend reporting cycles and undermine your ability to respond decisively to opportunities. Executives need better and faster insights into their business to make timely decisions and NetSuite addresses this need for instant clarity.
NetSuite’s user interface lets your organisation combine performance data with visual analytics to generate meaningful and actionable insights. Users from key departments can view all the information they need, whenever and wherever, in order to make faster and more effective business decisions.
Contact FHL to find out more about new ERP systems for the next stage of your business’ growth.