3 benefits of choosing a fully integrated ERP system like NetSuite.
It’s a story as old as computers and the internet. A company opens up shop with entry-level accounting software to manage its finances. It grows incrementally at first but then experiences several growth spurts. Multiple different software systems are implemented to satisfy emerging requirements and business needs.
Before long, the company is held together by a host of disparate software systems with siloed data, different maintenance requirements, and upgrade schedules.
Patchwork systems like this are all too common nowadays, and companies seeking true digital transformation should implement a fully integrated ERP system, like NetSuite, capable of running their entire business.
ERP and back-office financials are united with other critical systems, such as CRM, e-commerce, inventory management, HR, and more. In this blog, we’ll share three benefits experienced by companies leveraging integrated ERP systems.
Integrated ERP systems deliver better visibility.
An integrated ERP system can provide visibility into every aspect of your business from a single interface. How? Because your critical systems are already connected, and data is freely flowing and updating. Plus, all of this information is accessible in just a few clicks.
Do you need to check e-commerce sales from last quarter? It’s in there.
What about the outstanding revenue recognitions from today? It’s in there.
NetSuite’s platform started with financials and ERP, but it developed robust modules that natively integrate and can easily be added on an as-needed basis. The modular design is purpose-built, so the platform can scale with customers. As an example, approximately 66% of technology IPOs have been NetSuite customers since 2011.
So, each of NetSuite’s 26,000+ customers is empowered to create new sales channels, like omnichannel commerce, or they can explore international markets by leveraging its multi-currency management capability for nearly 200 currencies and exchange rates.
Fewer data silos and better collaboration.
Another benefit of an integrated ERP system, briefly mentioned above, correlates to how data is stored and shared within the same platform. Companies with this integration are not plagued with data silos and are better poised for collaboration because teams are sourcing their information from the same data pool.
Users are no longer forced to switch between multiple systems to check different KPIs or gather information for a recurring report. Instead, separate teams can review the same data simultaneously and make informed business decisions.
A cloud-based integrated ERP system like NetSuite is updated in real-time, enabling its customers to act faster and forecast with greater accuracy compared to hybrid cloud or on-premise alternatives that could require batch updating. In today’s modern business environment, access to real-time data is becoming less of a luxury and more of a standard requirement across many industries.
Additionally, NetSuite’s cloud-based architecture is ideal for many fast-growing companies with remote workforces. With data stored in the cloud and globally accessible via an internet connection, different teams within a company can work together more cohesively regardless of their locations.
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Greater efficiency and cost savings with an integrated ERP system.
The enhanced collaboration and shared data discussed above result in elevated productivity and cost savings.
Another benefit of an integrated ERP is that companies are not reliant on middleware or bolt-on solutions. This means less time and fewer IT resources are spent managing separate upgrade cycles, ensuring customizations carry over to newer versions, worrying about data security, and more.
In short, fewer things will break or malfunction when all systems are integrated. This enables your IT resources to focus on other critical activities that add value to your company.
Also, companies with an integrated ERP system can easily automate manual activities and design complex workflows as the data is shared. Automation can help eliminate error-prone manual processes and allow teams to increase workloads and productivity.
NetSuite ERP, e-commerce, CRM, and all other modules natively integrate, so middleware or standalone solutions are not required. Upgrades are bi-annual and complimentary, and all customizations are carried over to the latest version. Plus, sandbox accounts are offered to customers for testing purposes.
All 26,000+ customers are running on the same version, and it has built-in industry-specific automation capabilities derived from thousands of successful implementations. All of these factors contribute to efficiency and cost savings.
For more information about NetSuite, please visit SuiteCentric.com.
Airbase is a NetSuite SuiteCloud Developer Partner.
Airbase offers a one platform solution to manage all non-payroll spend. It provides oversight and control over spending with real-time reporting and automatic syncing directly to your general ledger. Control all payments – physical cards, virtual cards, ACH, and checks – from one place. Close faster. Empower employees. Control spend.
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