How NetSuite Can Help Businesses Sail Through Challenging Times
Leading a business during difficult times like these requires a critical methodology that focuses on visibility, control, and dexterity. We all know that change is constant in the business landscape, but when global pandemics hit, I guess we all can panic a bit. To ensure that everything runs smoothly, you need several things at hand.
Visibility is a pressing need for an organization, now more than ever. Organizations need visibility into their projects, cashflows, inventory management, receivable and operational endeavours. Additionally, business owners need prudent advice on tackling the current and upcoming challenges. They need to be ready to move forward by isolating potential sources of capital. These are critical decisions that can make or break the future of your business. Hence, you need to make data-driven decisions based on reliable figures. You need to be more agile with your financial consolidations and inventory management.
In this post, we are going to discuss how NetSuite can help entrepreneurs who recognize the need for substantial change to operate healthily in the current business landscape. We will be discussing three essential points:
Visibility- What Can You See?
Access to capital is always important, and even more so in crisis events. Your cash flow will be immediately affected by shifts in demand and supply chain. If you do not have reserves, liquidity can turn into a significant dilemma. This is particularly the case for small companies that often are reliant on access to credit lines. On the plus side, usually, these companies are already working with credit providers and thus can have the necessary discussions regarding the connections needed. Companies can consider their current resources, impending liabilities, and pending receivables to make an approximate estimate of the amount of cash they will require to support their business for numerous timeframes.
ERP solutions like NetSuite provide companies with up to date, accurate and insightful data so that they can tackle all “what-if” scenarios by deciding on necessary actions, precautions, and reactions. Some ideal steps that a company should take when it comes to crisis scenarios are:
Updating the balance sheet to establish all assets on hands and asses possible liquidity chances.
Measuring liabilities and varying payments from most urgent to least.
Figuring out short-term cash requirements.
Assessing receivables risks by considering the existing industry
Running a few tabletop drills focusing on the most likely scenario to quantify so that you can forecast the anticipated changes to the cash flow, profit and loss situation, and balance sheet.
NetSuite empowers you to fulfill all your visibility needs. It allows you to gain a complete view of business processes with real-time data and reporting. NetSuite has a unified dashboard that streamlines your processes and makes business consolidations easier and simpler. NetSuite users enjoy sophisticated financial consolidation tools that can manage multiple subsidiaries and international currencies. NetSuite allows essential accounting processes to be automated, consequently minimizing the risk of manual errors and delays. NetSuite also offers complete visibility with real-time analytics along with serialized inventory tracking and real-time reporting.
Additionally, NetSuite allows companies to consolidate inventory reports from multiple warehouses and consolidate multi-company/multi-entity financials making management and crisis management easier.
Flexibility – Work Remotely
Since most of the companies are now operating remotely, the use of cloud financial management systems is needed more so than ever. NetSuite is a powerful and robust system that has always been flexible. It is designed to scale along with business and handle quick and efficient data connectivity within all departments automatically from the cloud. Hence, company employees can enjoy the flexibility to work from home and yet have access to all data and information they need. Unfortunately, with the COVID-19 epidemic, people are forced to remain indoors. NetSuite ERP or NetSuite SRP has come to the rescue of many companies by allowing their personnel to resume their jobs from home. NetSuite has not come up with this functionality reactively. It was a proactive feature embedded in NetSuite in case any such scenarios ever came into play. This is a true testament to NetSuite’s focus on being a complete thorough solution that is ready to face anything the business climate (and the real one, pun intended) throws at it.
Furthermore, this flexibility provided by NetSuite will always benefit organizations even when no life-threatening epidemics are holding us down. ERP solutions like NetSuite allow employees to work comfortably and efficiently, which not has a positive impact on the company, but also benefits employee satisfaction.
Scalability – No Limitations
NetSuite is a highly scalable ERP system. It is preconfigured for industries and has focused methodology on enhancing business operations. Additionally, it is not only beneficial for businesses that are growing. Its scalability applies to all activity on different levels as it inspires all companies to accomplish their absolute potential while aiming for future growth. However, in the current scenario, NetSuite does especially benefit scaling businesses by allowing them to expand and to accommodate new employees virtually.
Furthermore, outdated legacy systems cannot help a company grow in the current crisis scenario due to their scalability limitations and its obsolete offerings. NetSuite is pre-packaged to help companies sail and scale through crises like these.
Before we conclude our post, I would like to discuss one misguided and prominent concern that people usually have when it comes to working from home scenarios: security. Security is the main reason why companies hesitate to shift to cloud ERP solutions. These hesitations usually stem from a lack of knowledge and misconceptions about the security levels that cloud computing solutions offer. NetSuite offers several security measures that ensure secured data sharing, connectivity, and storage, such as user-specific passwords, encryptions files, etc.
Nobody can expect global pandemics, but we can surely stay on top of our game by incorporating solutions that are equipped to handle challenges in the global market. Many companies are now tackling several process issues related to visibility, financial consolidations, and scalability due to the current lockdown.
However, NetSuite users are still striving in these uncertain times due to the many benefits the system offers even when the entire workforce is remote.