Is your organization a fast growing company with a continually evolving business model? Do departments consistently rely on spreadsheets for operational and financial information? Is e-mail a system of record for the business?
These are all signs that it might be time to adopt a full scale business management system. While that sounds like a daunting and expensive affair, it is not as risky or costly as one might think. Below are some of the top reasons why a company should adopt a cloud ERP system, and in particular, NetSuite:
- Scalability. Put quite simply, the business will struggle to continue its current growth trajectory without making changes to the existing business infrastructure. Imagine being able to double the revenue of a company from $10 million to $20 million while adding only a single accounting or administrative personnel to support that growth. It may seem “pie in the sky” for many business owners, but NetSuite streamlines processes, removes bottlenecks and helps automate tasks. This means the C-Suite can invest more in growth than back office management.
- Death by spreadsheet. Managing a business with a trusty spreadsheet is a common occurrence when starting out. But managing a multi-million dollar business on spreadsheet(s) introduces a tremendous amount of risk to an organization. Spreadsheets are notoriously easy to use but are problematic in that they do not have advanced business logic to validate information. In many instances, spreadsheet errors have cost businesses money and embarrassment. An extreme example of this is the billion dollar restatement by Fannie Mae.
- Email as a system of record. E-mail is a great, easy, and efficient way to communicate with customers, vendors and employees. However, it can also be the biggest time suck and potential pitfall for an organization. Searching through e-mail to confirm that an invoice was actually sent to a customer or whether accounting was asked to make a correction to a revenue figure can be a time consuming audit. NetSuite allows for collaboration and communication natively in the application helping alleviate the pitfalls for e-mail as a business system of record.
- Benefits of a cloud deployment. Many applications are currently investing a tremendous amount of development to become cloud available. However, it is very difficult for applications not built in the cloud natively to achieve a true multi-tenant cloud architecture. For instance, if you have Dynamics SL on premise, you can certainly pay to have someone host it and even pay to upgrade it periodically for you. However, you still have to use third party software like Citrix or Microsoft Terminal Server to access the application. Multi-tenancy means that updates are delivered to everyone real time as all customers are on the same version of the same software. NetSuite releases new features and updates twice a year, seamlessly to its customers, without additional upgrade fees. NetSuite is available in a multi-tenant cloud and accessible via any of the major internet browsers such as Chrome, Internet Explorer and Firefox. Companies can invest in business innovation instead of managing third party applications such as Citrix.
All ERP vendors are moving to a cloud based deployment model and most cannot get there fast enough. NetSuite is the veteran in the space with the largest depth of functionality and history of assisting companies realize tangible benefits from its best in class business management system. NetSuite software is fantastic, but it is equally important to have a partner who is as invested in the business’s success as you. At Kraft, we partner with organizations to implement a successful business platform to support our customer’s goals. Please let us know what your goals are and hopefully we can work together to reach them.