5 Ways NetSuite ERP Delivers a ROI for Small Businesses
Many startup companies and small businesses assume that the acronym “ERP” is a far-off dream only attainable once an organization reaches a certain threshold of sales, employees, or locations. Thanks to cloud computing and advancements in enterprise resource planning technology, nothing could be further from the truth.
In fact, the sooner a company puts a unified, cloud-based ERP like NetSuite in place in its lifecycle, the sooner it can begin reaping the rewards of this decision. Then, as the company hits its growth curve and begins adding new products, services, employees, and locations, it already has a robust, centralized business management platform in place to manage the expansion.
Unfortunately, companies that took the QuickBooks-and-spreadsheets approach now have to scramble to catch up and go through time-consuming data migrations to get back up to speed with their growing operations. Companies with NetSuite ERP in place can effectively “skip the line” and continue with business as usual even as their enterprises expand, morph, and grow.
Here are five more ways NetSuite delivers return on investment (ROI) for small businesses:
1) Get everything you need, but you decide what you want to use. NetSuite ERP is a suite of software modules that use a single database that serves as a master source of company data. With a financials, accounting, and operational core, the suite includes modules like inventory management, human resources, supply chain management, and project management. It also supports customer relationship management (CRM), sales, marketing, e-commerce, and other critical business functions—not all of which have to be turned on at once. Once NetSuite ERP is implemented, your growing company can add new functionalities with minimal hassle.
2) Get everyone in the organization on the same page. When they replace disparate systems and spreadsheets with NetSuite ERP, small businesses can more effectively manage order processing, production control, order fulfillment, accounting, and finance. “By using a common technology platform and database throughout the company, small businesses can integrate departmental activities and achieve a range of cost, operational, and productivity benefits,” Ian Linton writes in Pros & Cons of ERP Systems for Small Businesses.
3) Respond quickly to new business opportunities. With consistent, reliable data at their fingertips in a centralized databased, small businesses can improve the speed and quality of decision making. The real-time data helps marketing, management, and accounting teams make vital decisions on time, and with less (or no) human intervention and mistakes. “Senior managers have an overall picture of operations,” Linton writes, “so they can make effective decisions on investment and resource allocation and respond quickly to changing business opportunities.”
4) Support your suddenly-remote workforce. During the pandemic, many small businesses shifted to part-time or full-time remote work schedules in response to local ordinances. According to the U.S. Small Business Administration (SBA), 57% of small to medium-sized business owners said they will continue to offer remote work options for the long term. “Depending on your type of business, you may need to consider offering remote work options to compete for talented workers in 2021 and beyond,” the SBA points out. “This also means that you may need to invest in additional technology and software solutions going forward to ensure that your employees can telework.”
5) Make more money. According to a recent industry survey, roughly 80% of small businesses are not taking full advantage of available technology, and those that do have a definite leg up in the marketplace. Semrush says that small companies that fully utilize technology earn two times more revenue per employee, experience nearly four times the revenue growth annually, and were almost three times more likely to create jobs in the next year. The most important factors when looking for new technology are ease of use (69%), trustworthy vendor (63%), and price (61%), all boxes that NetSuite ERP checks off for companies of all sizes.
Too often, businesses are held back by entry-level software systems that can’t scale and unreliable manual processes that cut into performance and profitability. All small businesses need easy-to-use, agile business solutions that are cost-effective, scale rapidly, and prepare the company for long term innovation and growth. As the #1 choice to run financials/ERP, CRM, and e-commerce applications in the cloud, NetSuite ERP meets the evolving business requirements of fast-growing companies at every stage of their growth.
Combined, these benefits should make any small business
want to explore the possibilities that NetSuite Cloud ERP and CEBA Solutions have to offer. Contact us to today to get the conversation started: www.cebasolutions.com.