No matter what a business produces or the services it provides to generate revenue, there are some universal concerns that apply to the overwhelming majority of organizations – issues NetSuite can fix. Even companies focused on recreation and leisure have to operate efficiently and effectively, or else they can’t remain competitive and engage in the expansion and growth efforts that are hallmarks of successful businesses.
Moving toward a singular system for managing operations
Many companies have operated for decades and must manage a wide variety of business interactions, from making local sales in storefronts to coordinating international purchases from manufacturers. Distribution and retail companies must manage a large inventory of items sourced from a variety of suppliers. Additionally, some provide a variety of maintenance and repair services for customers.
In terms of international operations, most businesses do more than purchase merchandise from foreign suppliers. They also operate stores in multiple countries through subsidiaries and have to deal in a variety of different currencies and contend with a range of international trade laws and tax compliance concerns. The complicated nature of multinational business operations, along with a variety of more universal operational issues, lead many to NetSuite’s OneWorld solution as a tool for boosting operational effectiveness and managing the many needs of running a business across many different borders.
NetSuite can provide the improvements multinationals need
Companies have a wide range of concerns they want to address, including: Better management of critical business processes, such accounting, financials, inventory and order management and shipping, among others.
- Improved customer relationship management.
- Real-time reporting and visibility to increase business agility and responsiveness.
- Point of sale enhancements.
- International financial and operational considerations, such as managing its warehouses and showrooms located in two separate countries, better tax compliance functionality and simple use of multiple currencies.
The enhancements made to the business from NetSuite implementation
With a unified solution in place to address a variety of ERP and CRM concerns, businesses can realize a number of significant benefits. The enterprise utilizing NetSuite would have a single financial system of record that consolidates information from all subsidiaries and efficiently presents and stores it. Order management and inventory management will be more efficient, with increased visibility into inventory held across all of its stores and warehouses and centralized order management. Multi-country tax compliance offers a stronger ability to handle the different sales tax and value added tax concerns internationally. NetSuite’s multi-currency management solution provides similar assistance in the areas of operations and business intelligence will drastically increase transparency and report generation time will drop from hours to minutes.
Also of note are point-of-sale improvements. With NetSuite, companies will now have a 360-degree view of customers, especially important for an organization that builds long-term relationships with customers and wants them to visit the business for repair and maintenance concerns. Its integrated point-of-sale system faithfully captures relevant transactional data and provides valuable insight.
NetSuite’s solutions benefit a wide variety of companies, offering a variety of ERP and CRM features that fuel more efficient operations, greater business insight and better organization of and access to information.