As mid-range companies expand into new markets, or set up new regional offices, company leaders need to ensure that their ERP systems are up to the task of supporting their fast-changing business models. This means identifying a platform that meets your current needs but also has the flexibility to support your business as it grows.
Reviewing your needs can be a daunting task but here are some the main questions that can assist your review process and help focus the buying decision.
Will the ERP system scale as my business grows?
To support growing businesses that are increasingly trading across different boundaries, taxation regimes, and regulatory frameworks, cloud-based ERP systems such as NetSuite deliver scalability with flexibility. A centralised, cloud-based platform brings all your business’ data into one place for visibility. It enables customisable instances for each new division, subsidiary or department. A scalable, ERP system is ideal for ambitious companies who aim to set up or improve business processes for new revenue opportunities or new locations. Your ERP software should pave the way for future growth of your business rather than complicate it.
How much visibility will it provide?
Some fast-growth or multi-location businesses’ interest in a new ERP system is triggered by a growing need for more effective financial consolidation, simpler compliance with local and regional tax and accounting regimes as the business expands. Implementing a centralised but very flexible ERP system like NetSuite also provides major benefits such as streamlined and standardised operations, from supply chain management to customer relationship management. It may feel slightly counter-intuitive, but standardising processes using an ERP system also delivers greater business visibility and more agile local operations.
How far can the system be customised?
Every ERP system implementation needs to be fully customisable to your organisation, its business outcomes, along with its existing and future markets. Cloud-based systems will allow company leaders and regional teams to view management information from any location in dashboard style, enabling smarter and more timely decision-making.
Since every employee and stakeholder wants a single version of the truth, modern ERP systems draw on standardised data for calculations and consolidation. A trusted and very experienced ERP implementation partner will be able to demonstrate examples of successful implementations of multiple country, currency, business process and reporting needs powered by a flexible, cloud-based ERP platform.
How can we improve and accelerate financial consolidation?
For internationally-focused organisations or ones with multiple divisions and offices, business leaders need to ensure timely and consolidated financial information for reporting and planning. For companies that previously used multiple sets of reports will find that implementing a cloud-based ERP system simplifies and automates the job of consolidation, reduces duplications and errors found with manual reporting practices.
Whether the organisation needs a single ERP system that integrates all locations and subsidiaries or requires regional divisions and subsidiaries to run their separate systems, a truly cloud-based centralised ERP solution is flexible enough to support different organisations’ needs while delivering real time business and performance data.
How will the ERP platform simplify internal reporting?
Another key consideration for any organisation that operates internationally, is whether the ERP platform can handle multiple currencies, tax regimes and legal frameworks. A centralised, cloud-based system incorporates these crucial regional reporting differences and can handle changes to exchange rates, taxes and business regulations. Therefore, delivering rapid system updates.
Moving to a global ERP system can appear a complex task at first sight, but with a tailored approach and expert support from an experienced NetSuite provider like FHL, it can optimise your business’ performance and unleash your growth potential.
To learn more about FHL and our NetSuite cloud ERP implementations, take a look at our case studies.