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NetSuite – Future-Proofing Your Business

December 8, 2022

In a growth-oriented company where everything moves quickly, basic accounting software simply doesn’t cut it. You need much deeper functionality, seamless integration between departments and features that are primed to adapt to changing needs swiftly. You need to be able to prepare for the future and also adapt to the unexpected when it happens.

As you strategise about moving forward with your business, the NetSuite ERP (Enterprise Resource Planning) solution can make a significant difference. In this article, we will explain how the platform future-proofs your business both in general and in very specific ways with its rich features and capabilities.

 

What does it mean to future-proof your business?

 

Future-proofing is a strategy to anticipate what might happen in the future and equip your business with everything it needs to adapt and thrive in the business environment of the future. It helps keep the negative consequences of future events to a minimum, providing you with systems that accommodate everything you need for future challenges.

 

How can you future-proof your business?

 

As your business works to lay the foundations for long-term success, it is imperative to develop a future-proofing strategy that is multi-faceted. This will enable you to look at future challenges from different perspectives and maximise your chances of overcoming them.

One of the primary aims of future-proofing is financial stability. If your company’s finances are robust, you are in a better place to meet new challenges as they arise. For example, if you were to lose an important client or be faced with new competitors, a strong balance sheet will put you in a position to weather these challenges. There will be financial reserves to fall back on as you rethink your strategies – you won’t find yourself having to scramble to save your business.

Another common approach is to implement sophisticated structural supports and processes. By having protocols designed to meet a wide range of potential challenges, you are more likely to get through them unscathed. As your business plans for the future, you may want to have formal audits and analyses of your existing processes so you can find areas for improvement. This will enable you to double down on your strengths and invest in solutions to support your weaknesses.

A concrete action plan can be developed to outline the precise steps your company takes to respond to future events. For example, a step-by-step procedure for how you might respond to a product recall or for expanding into a new country. You don’t want to be unprepared for anything that might happen in the future.

 

How can NetSuite future-proof my business?

 

As your plan for the long-term viability of your business, NetSuite could play a vital role. This industry-leading ERP includes features like preconfigured best practices, rich and varied automation and robust support for regulatory mandates that can help you transition through changes as they occur.

As a cloud-based operation, NetSuite is primed for adaptability. On-premises ERP systems are based around complex hardware and licensing which can make them feel very constraining. By leveraging cloud technology, NetSuite offers far greater flexibility and scalability as you grow. It can be accessed from a wide range of devices and it is easy to add new team members and revise your subscription to meet your changing needs.

The versatility of NetSuite is another great strength. The software updates regularly and adapts seamlessly to any changes that come in. Security is extremely robust, so you can focus on growth with peace of mind about protection from external threats.

 

NetSuite Features for Future-proofing

 

What makes NetSuite a future-proof ERP? The following features and capabilities are very effective in ensuring that NetSuite keeps you prepared to meet future challenges head-on.

 

A Comprehensive Solution

NetSuite is equipped with tools and features for a wide range of industries and departments within them. You will not need to cobble together a makeshift solution by combining multiple, often incompatible, pieces of software.

NetSuite incorporates a broad range of standardised best practices and includes applications for such diverse considerations as:

 

  • Planning
  • Purchasing
  • Budgeting
  • Procurement
  • Financial Operations

 

It centralises all of these areas with unified dashboards and interfaces and singular data models. Furthermore, you can customise your system so that it is optimised for your unique way of doing business. This combination of standard practices and custom workflows means you get the best of both worlds in a single, powerful platform.

 

Seamless Integration

NetSuite can be seamlessly connected with other systems to further enhance its already rich and diverse set of features. Everyone in the business will be able to operate on the same page with excellent collaboration and communication. You will also be able to explore more avenues for growth as opportunities arise. The customisation and integration options for NetSuite are many, so they can be modified to meet your needs at different stages of your journey.

 

Scalability

You need an ERP system that can scale with your business, growing and adapting whenever you need. NetSuite does this perfectly, with simple upgrades to new subscriptions and built-in tools for expanding into new markets with different currencies and taxation rules. It can also incorporate new teams and products easily.

 

Real-time Data and Powerful Analytics

Employees throughout the company should have the ability to rely on your ERP system for reliable, up-to-date insights and data. NetSuite delivers real-time visibility into data relating to everything from financials to the status of orders and stock in warehouses. It also leverages the latest technologies for analysing that data and creating visualisations for use in reports, reviews and assessments. This gives you maximum agility, enables you to make informed decisions and facilitates preparation for the future based on emerging trends or projected growth

.

 

Powerful Security

Few things are as important for a modern, digital-enabled business as security. Your sensitive financial and client data need to be kept private. NetSuite has rigorously demonstrated compliance with security regulations and best practices, offering things like continuous backups, identity management, timely patches and regular software updates. You won’t find an ERP solution with better security credentials than NetSuite.

You can learn more about NetSuite’s security features in the article How Secure is NetSuite?

 

Conclusion

 

Future-proofing your business is a shrewd move. Although there will be upfront costs in putting measures in place to adapt quickly and tactically in the future, they’re better than the alternative.

In times of increasing economic uncertainty and fierce competition, your business could face significant challenges that simply can’t be overcome with last-minute scrambling. If you put systems in place now that can scale, adapt and advise based on accurate real-time data you are future-proofing your business.

If you’d like to learn more about NetSuite, please read our informative article What is NetSuite and how does it work?

 

Why choose Eventura to deliver your NetSuite Project?

 

As an official NetSuite solution provider, we have successfully delivered countless NetSuite implementations and integrations. Our expert team of business analysts, developers, consultants, technicians and support staff can guide you through your entire project, from initial scoping through to implementation and on-going support. We also offer a wide range of Managed IT Services, so we can help you deliver your project in its entirety.

We believe that NetSuite offers its customers a comprehensive suite of products that can digitally transform their businesses, replacing a range of disparate systems and software with one unified solution to business management.

If you would like to speak to one of our NetSuite experts, you can request a free call back here.

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