What worked when you were a small startup can quickly become an obstacle as you scale. To overcome this, you will need systems that can adapt to your changing business, automate the processes, and provide you with the necessary insights. NetSuite offers a powerful set of features that are specifically designed to streamline your operations, provide critical data insights, and lay a scalable foundation for the future.
1. Unified Financial Management & Accounting
NetSuite’s financial management and accounting feature gives you a more granular control, as in you can manage your finances more accurately and in more detail. There are several financial management modules that handle tasks such as General Ledger, Accounts Payable, Accounts Receivable, Fixed Assets, and cash flow. They give you a consolidated view of all the information from multiple sources in a single interface, which helps you make much better decisions.
For growing businesses, this means:
- Real-time visibility: You get an immediate and accurate view of how your finances are performing, which means you can make decisions at the right time.
- Streamlined month-end close: You can set some processes to work automatically, so you can reduce the time and effort required for financial reporting.
- Improved accuracy and compliance: As your financial operations become more complex, you can reduce the number of mistakes you make as well as adhere to the accounting standards.
- Scalable infrastructure: The system can easily handle higher transaction volumes as your business expands.
2. Advanced Inventory Management
NetSuite’s advanced inventory management feature has some interesting capabilities. With their help, you can manage inventories across multiple locations, use sophisticated demand planning to predict how many units of your product you need to stock, and streamline the order management so that you do not carry out any unnecessary work-related tasks.
Growing businesses benefit from:
- Optimized inventory levels: You can strike a balance between meeting demand and avoiding stock outs or excess inventory.
- Efficient management of complexity: It becomes possible to handle the inventories across multiple different warehouses and sales channels.
- Improved order fulfillment: Your customers will be happier when you process their orders accurately and on time.
- Better cost insights: NetSuite’s feature gives you complete access to the inventory costs and the insights can help you find ways to increase your profits.
3. Multi-Currency & Multi-Subsidiary Management
For businesses that aspire to reach international customers, NetSuite’s multi-currency and multi-subsidiary management modules are very useful.
They contribute to global growth with:
- Simplified international operations: The modules help you manage your finances and operations across different countries.
- Automated currency conversions and consolidations: Manual calculations will no longer be necessary as automating this can result in more accurate financial reporting in multiple currencies.
- Improved global compliance: Complying with various tax regulations of different countries and reporting requirements becomes much easier with these modules.
- Scalable platform: You can expand into newer international markets without having to manage different unrelated systems.
4. Robust Reporting & Analytics
In order to grow, you need to make decisions based on hard data. NetSuite’s powerful reporting tools, customizable dashboards, and real-time analytical capability provide the insights you need to make your business succeed.
Growing businesses gain:
- Clear visibility into KPIs: Oracle NetSuite’s analytical features give you information with which you can track the metrics that indicate your growth.
- Data-driven insights: SuiteAnalytics provides the data as it changes so that you can make strategic decisions based on this information instead of guessing.
- Access to customizable reports: It lets you generate specific reports that you need to be able to monitor the performance across all the business areas.
- Improved forecasting and planning: You can utilize the gathered data to anticipate trends that may occur in the future and plan accordingly.
5. Scalable CRM & Sales Automation
As your customer base expands, it becomes important to manage those relationships well. Tools from NetSuite’s integrated CRM alongwith the software’s sales automation ability are useful in managing leads, tracking new opportunities that can be converted, forecasting sales numbers accurately, and automating important sales processes.
This translates to:
- Improved sales efficiency and productivity: It lets your sales team focus on closing deals instead of spending time on repetitive manual tasks.
- Better management of a growing customer base: It helps you maintain strong relationships and provide personalized experiences to a large number of customers.
- Enhanced sales forecasting accuracy: You get a better idea of the future revenue which means you can make plans accordingly.
- Streamlined sales processes: The CRM makes sure that the sales workflows continue to be consistent and effective even as your team grows.
6. Integrated Procurement & Vendor Management
To manage the rising expenses during your organization’s expansion, you need to have an efficient procurement and vendor management system. NetSuite’s features in this area can organize the purchasing processes, provide visibility into how the vendors meet the requirements of the contract, and make it easier to have a better control of the costs.
Growing businesses benefit from:
- Streamlined purchasing: You can automate purchase order creation and approval workflows.
- Improved vendor visibility: You can track how well the vendors meet your business expectations and manage relationships with them effectively.
- Better cost control: The features let you see how to reduce unnecessary expenses and negotiate better terms.
- Scalable processes: It becomes easier to handle purchasing volumes even as its size increases without it becoming more complex.
7. Customizable Dashboards & Real-Time Visibility
NetSuite’s customizable dashboards and real-time visibility features provide a personalized overview of the most important business metrics across all the departments.
This empowers operational control by:
- Instant access to critical data: You get an overall idea of the sales, financials, inventory, and other data in real time.
- Improved operational agility: It helps you pinpoint where your operations are getting stuck, and you can make the necessary modifications in time.
- Faster decision-making: It gives your teams the information they need to act decisively.
8. Platform Extensibility & Integration Capabilities
NetSuite’s SuiteCloud platform has the capability to customize and develop unique applications, workflows, and integrations, which helps the ERP evolve along with the business.
This ensures growth by:
- Customizing NetSuite: It lets you customize the platform to work in a way that lets you meet your organization’s requirements.
- Seamless integration: You can connect NetSuite with other applications and create a cohesive ecosystem.
- Adaptability: The platform can adapt to your business’ changing requirements and ensure it is scalable even in the long-term.
9. Automated Reporting & Compliance
NetSuite’s features in this area automate how standard and customized reports are generated, make it easier to comply with the regulations and reduce the risk of making mistakes.
What businesses gain:
- Simplified compliance: Meeting the regulatory requirements as you enter new markets becomes more convenient.
- Reduced risk: It reduces the chances of you making mistakes that could turn out to be costly.
- Streamlined audits: It makes sure that the audit process takes place efficiently and accurately.
10. Role-Based Access & Security
As the size of your team and the volume of the data increases, NetSuite’s multi-layered security architecture in combination with a customizable role-based access protects sensitive business information and adheres to the changing compliance requirements.
How businesses benefit:
- Data protection: You can protect critical business data from unauthorized access.
- Ensuring data integrity: You can maintain the accuracy and reliability of your information.
- Granular control: It lets you define user permissions based on their specific roles and responsibilities.
Conclusion
The oracle netsuite features outlined above are efficient tools which when used with proper strategies can help your business succeed with greater efficiency and control.
Ready to see how the netsuite features list can boost your growth? Contact us today to learn how Victrix can support your business growth with tailored NetSuite solutions.
