In the last decade or so, the thought that “every company is (or should become) a technology company” has been discussed among business leaders from Microsoft, Gartner, and others. It’s a little misguided, but the spirit of that statement is true because of ongoing digital transformation efforts in nearly every industry, and the ultimate pursuit of ‘working smarter, not harder.’
The focus should be on the way your company leverages technology to support business strategies or goals, not how or why you should become a technology company. Technology should be viewed as another tool in your business toolbox, and cloud business management systems like NetSuite are the ultimate multi-tool.
In this blog, we’ll review several ways technologies like NetSuite can help your company adapt, advance, and become future-proof in today’s business environment.
NetSuite Increases Efficiency and Automation Capabilities for Digital Transformation
There are a lot of relevant cliches associated with efficiency but two stick out in our minds.
- Pressure makes diamonds
- Pressure also bursts pipes
Finding a balance between these is a constant struggle for any company. Shrinking budgets, staff reductions, market fluctuations, and skills gaps are a few of the more common examples. Luckily, the technology and automation capabilities from NetSuite can help shape the diamonds while also keeping the pipes from bursting.
In the latest upgrade, many of the manual processes executed by accounting and finance professionals are now automated. Below are three examples.
- Invoice consolidation through an invoice grouping feature helps ensure accuracy and efficiency and can help decrease days of sales outstanding.
- NetSuite customers can automatically create and post transactions from imported bank data to help streamline bank reconciliations.
- The upgrade introduced simplified management of intercompany transactions that include cross charges, along with receivables and payables processes, for a faster accounting period close.
NetSuite’s unique customizability enables customers to create a variety of other automation and workflows that are critical for day-to-day and long-term operations and digital transformation. Click below to download the NetSuite ERP brochure, or here to learn about customization options.
NetSuite is reliable and flexible, ideal for digital transformation
Each year brings different levels of uncertainty, and businesses across every industry need to adjust. Reliability and flexibility are two critical characteristics of a business management system in times like these, and NetSuite checks both of those boxes.
It boasts an average uptime of 99.99%, and NetSuite’s 36,000+ customers across the globe are all running on the same version with the highest level of security. As a cloud technology, there is no version lock or on-premise IT maintenance requirements, and customers can access all files and data from anywhere in the world with an internet connection. It offers end-to-end visibility, comprehensive reporting and forecasting capabilities, and much more.
Are you interested in free NetSuite datasheets, ebooks, reports, and more? Visit our Resource Library!
NetSuite also has a modular design that enables customers to scale up or down as needed. Because all NetSuite modules share the same data pool, they can be turned on and off depending on the changing business requirements. This flexibility has helped its customers work from home and pivot to meet the needs of the end customer and their strategic partners. As an example, several of our customers have changed from a strictly B2B business to direct-to-consumer, or they started manufacturing PPP materials like masks and other items in addition to their regular products. NetSuite helped to power their digital transformation.
Additionally, domestic and international supply chains were disrupted this year, but NetSuite OneWorld customers with multinational and multi-subsidiary operations were better positioned to pivot as required. This module is deployed in more than 217 countries, it supports 27 different languages, offers multi-currency management features for nearly 200 currencies and exchange rates, and much more. It is natively integrated with all other NetSuite products (including ecommerce), and it helps make an already robust system more robust.
Diversifying supply chains, exploring new international partnerships, and thinking on a global scale are all possible with NetSuite.
Let us know if you have any questions about NetSuite or if you are interested in a free consultation.