Is Netsuite Right For Your Growing Company

As your company grows, you’ve likely looked at or heard of different ERP (Enterprise Resource Planning) systems that can help you manage that growth. Which one do you choose? Is NetSuite right for your growing company? Keep reading to learn how NetSuite might be the perfect solution. You’ll learn about: 

• What NetSuite is
• The pros 
• The cons
• Whether it’s right for your business

What is NetSuite? It’s a Cloud-based ERP system that integrates with every level of your business: finance, accounting, inventory management, order processing, procurement, etc. All of this is accessible on a unified platform, providing a single source of truth for everyone across functions. 

NetSuite is designed to provide real-time data and analytics to drive more informed decision-making. But is it what you need at this stage of your business? Let’s look at NetSuite’s features to find out. 

Why You Should Consider NetSuite

If you’re on the fence about which ERP platform to choose, here are the reasons why NetSuite might fit your needs. 

#1: It’s scalable. 

At this stage, you need a system that can grow with you. NetSuite is highly scalable and customizable to your exact business needs at every stage of growth. You don’t have to sacrifice performance or make the painful transition to a new ERP when you enter new markets, expand your team, or add new products. 

#2: It integrates with everything. 

No one wants to invest in an ERP that can’t integrate with your current systems and software. If the different systems can’t “talk” to each other, that’s a huge problem. NetSuite’s robust integration capabilities mean you can streamline operations across departments so everyone is always on the same page. 

#3: It allows you to automate. 

Automation is table stakes today. You have to do it to stay even with or ahead of the competition. NetSuite’s automation features handle repetitive tasks, so your teams can focus on doing their jobs better. NetSuite can reduce manual errors, improve efficiency and productivity, and do it well across every function in your organization. 

#4: Access real-time data and analytics. 

Data doesn’t mean much if you can’t draw insights from it or use it to progress your business. NetSuite provides a single source of truth through real-time dashboards and analytics, so you can access instant insights into how your business is performing. Real-time analytics allow you to make data-driven decisions quickly, and you can make adjustments before inefficiencies become massive problems. 

The Pros of NetSuite

NetSuite is an all-in-one solution where you can manage and analyze your operations in one place. No more juggling multiple software systems. Some of the other pros of NetSuite include: 

• It’s highly customizable. NetSuite understands that every business is unique and requires custom workflows, reports, and dashboards. 
• It’s Cloud-based. Why does that matter? It means you can access it anywhere, anytime, which is particularly great for distributed and global teams. Plus, you don’t have to maintain hardware or software updates. 

By investing in NetSuite, you’re investing in your success. While that might sound cliche, it’s true. NetSuite can help you unlock incredible growth opportunities while simultaneously leveling up your efficiency and productivity game. 

The Cons of NetSuite

It wouldn’t be right only to toot NetSuite’s horn. Every product, person, and company has things it’s great at. Each of those also have some side effects or things that aren’t always positive. So, to keep things honest, let’s look at some of the cons of NetSuite. 

1. It’s an investment. This isn’t necessarily a con, but you have to consider the long-term ROI of NetSuite rather than looking at the initial setup and subscription costs. 
2. It takes time to implement. Thankfully, you can partner with someone like Lineal to help speed up the process of implementing an ERP system like NetSuite. Depending on the complexity of your business, it could take a few months, but it’s worth it in the end. 
3. Like any powerful software that can improve your business on every level, there’s a bit of a learning curve to it. With proper onboarding and training, your team will learn to use NetSuite to its fullest potential. 

Is NetSuite Right for Your Business

Now, it’s time for the million-dollar question. Is NetSuite right for your growing business? Here are a few things to consider. 

Business Complexity

NetSuite's features and scalability can be a lifesaver if your business involves complex operations, multiple locations, or a high volume of transactions. It would take many full-time humans just to gather the data for your company, let alone extract valuable insights from that data. NetSuite can do it for you in real-time and seconds. 

Growth Plans

What are your growth plans? How quickly do you want to grow, and what does that vision look like? NetSuite has robust scalability, customizability, and integration capabilities to support those efforts. It can handle increased workloads and integrate with your other systems with ease. 

Budget

How much are you able to invest in an ERP system? It might not make sense if you’re a small company under $1M-$2M. If you have the financial resources, though, NetSuite could be an extremely beneficial long-term solution to scaling your business sustainably. You should always weigh the costs against the potential ROI because sometimes the budget might seem like it’s not there, but you could earn it back many-fold by using NetSuite. 

Actionable Steps to Implement NetSuite

So, you’ve made the decision to go with NetSuite. What an exciting step! What should you do now? Let’s find out. 

1. Identify your needs and priorities. You can work with a fractional CFO to conduct a needs assessment. What are your pain points? What is your vision? This step will help you determine if NetSuite aligns with what your business requires to reach the next stage of growth. 
2. Request a demo. Seeing is believing, and you’ll be sold after a customized demo of how NetSuite works and would work for your business. 
3. Evaluate ROI and your budget. While the initial costs might be high, what you gain from it is even higher. NetSuite can lead to substantial cost savings and revenue growth over the long term. 

NetSuite is a powerful ERP system that could be right for your growing company. You’ll want to consult with a NetSuite implementation partner, like yours truly, to get expert advice on whether it is the right choice for your business. 

Its scalability, integration capabilities, and real-time insights make it a compelling choice you won’t want to overlook. So, take the time to evaluate your options, do a needs assessment, and figure out if it’s just what you need to reach that next stage of growth. 

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