Marketplace and customer expectations are dynamic. Every single day, they change the ways we interact and do business. If your business strategies fail to bridge the gaps between customer needs and deliverables, it impacts business growth. With the rapid technology disruptions and industry 4.0 revolution, every business owner is looking for a unified and streamlined enterprise solution.
Cloud enterprise resource planning (ERP) software is the current trend in business automation and streamlining the processes. Cloud solutions enable real-time visibility and avoid silos in controlling and accessing data. Experts are predicting that spending on cloud solutions will increase at a rapid rate throughout 2020. Furthermore, most C-level executives of small and mid-size companies are opting for cloud ERP solutions to stay ahead of the competition.
What do CEOs expect from cloud ERP solutions?
In a fast-paced technological revolution, streamlining operations and maximizing productivity are concerns for most CEOs. They always think of the big picture to improve the bottom line business operations, profits, and return on investment (ROI). They expect cloud solutions to be in line with business goals and values. Here are the prime factors CEOs consider before choosing cloud ERP software:
- Real-time responsiveness.
Cloud ERP software like NetSuite enables transparency of data by integrating distant entities. It collects the data and streamlines operations by establishing communication among various divisions. NetSuite ERP helps CEOs with real-time data availability on the go. Hence, they can make well-informed decisions to stay ahead of the curve.
NetSuite ERP software provides customized dashboards for CEOs to track and manage operations. The dashboards consist of marketing and sales reports, employee performance, inventory details, and demographic information. In addition to integration, cloud ERP solutions scale with the growth of the business and handle complex operations with ease and efficacy.
In the current period of rapid industrialization, having the right IT strategies is imperative. It helps the organization to stay ahead of the competition and delivers a better customer experience. The success of a business relies on CTO/CIOs’ technology strategies. They should find the right ERP platform to meet long-term business goals.
CTOs are always at the juncture between on-premises and cloud ERP solutions. But, in recent times, most CTOs are opting for cloud ERP software solutions to cut down on the upfront investments and maintenance costs.
How do cloud ERP solutions benefit organizations?
Choosing an ERP solution is a long-term commitment to compete with existing market players and forecast growth. NetSuite ERP software is a proven cloud solution for many startup and mid-size companies to streamline and automate processes. NetSuite is a highly customizable cloud solution that can be built from scratch. Its industry-specific features and modules have made it a leading ERP solution provider.
NetSuite has manifold benefits in terms of integration with third-party applications, timely updates, and security. It comes with the latest technologies like artificial intelligence (AI) to keep track of KPIs and understand customer behavior. Furthermore, it helps organizations to develop a personalized customer experience.
NetSuite vendors will keep your ecosystem secure and up to date with the latest upgrades. NetSuite ensures your operations will not be affected by any unforeseen downtime errors.
Spreadsheets are economical and easy to use for many small and mid-size companies. What if your business scales up and needs to handle thousands of transactions a day? Certainly, spreadsheets cannot support and scale as your business size grows beyond their boundaries.
From a CFO’s perspective, organizations face challenges in terms of revenue recognition and financial compliances. In the newly released Constellation Research’s 2018 CFO Priority survey, 41.9% of respondents identified compliance as a top priority.
Revenue recognition and management are significant for any growing business. It gets complicated by quickly changing finance benchmarks and standards. Automating financial operations with other departments will allow real-time updates and insights, as well as ensuring regulatory compliance. NetSuite is one of the most frequently chosen cloud ERP software solutions to automate and handle the financial operations of growing businesses.
Risk management is another top priority for CFOs. AI-driven cloud ERP software solutions benefit organizations by predicting and managing risks before disruptions.
The NetSuite ARM module automates your revenue recognition processes and automatically updates to keep pace with the latest compliance standards. This module also supports all the revenue compliance standards, including ASC 605, 606, and IFRS 15.
Moving forward, people will not be investing in IT infrastructure to run their business as they have previously. Everything has become easy, handy, and responsive on the go with SaaS and IaaS applications. Amzur is a recognized NetSuite consulting partner leveraging its expertise to help growing businesses. We have expertise in helping B2B companies by understanding the business goals and integrating dispersed entities. Our NetSuite development team has a wide variety of technical competencies and working knowledge to improve your bottom line and ROI.