One of the most respected and leading business software providers in the world is NetSuite. Since 1998, they’ve been providing software suites that manage everything from business operations to customer relationships. These powerful tools are now offered through the cloud and purchased in the form of periodic subscriptions.
NetSuite has learned how to effectively leverage financial management into the digital sphere, and many organizations can learn from their approach and increase the effectiveness of their company operations.
Thanks to online professional resource provider Proformative, which has released an informative demonstration webinar titled, “How NetSuite Streamlines the Order to Cash Process,” we can get a glimpse into how that process works. The webinar is hosted by Rob Israch and Fran Delaney, both from NetSuite. Their expertise provides a powerful glimpse into how tools like NetSuite can work for businesses.
Delaney and Israch begin the webinar by addressing some of the benefits of cloud-based subscriptions as opposed to costly on-site hardware and software. They go on to outline how the time-intensive and costly nature of updating software leads many companies to keep old versions of software past the point that they’re useful. They then give some background on NetSuite and go into detail about how it’s made waves in the business industry across the globe.
Cloud vs. On-Site
Many companies are reluctant to step into cloud-based solutions for their business because they’re unfamiliar to them. Storing data and work processes online might seem less than safe or secure on the surface, even though the opposite is true. Meanwhile, IT departments at these companies spend all of their time maintaining on-site hardware, servers, software and processes and have little to no time for innovation. Israch cites a study that shows only 9% of the average IT department’s time is currently devoted to innovation. They simply don’t have time for it.
What cloud-based solutions like NetSuite bring to this environment is a powerful alternative that takes away the time and money spent on maintenance and service and allows for innovation once more.
The History and Future of NetSuite
NetSuite was founded in 1998 and has gone on to trade at the New York Stock Exchange, operate in 10 countries, employ 1,300 people and earn nearly $300 million in revenue per year. It’s the world’s most deployed cloud-based ERP, with over 12,000 organizations using its powerful suite of software. A financial management system at its core, NetSuite goes beyond basic bookkeeping to help companies address the most frustrating and difficult processes that come with business finance.
NetSuite serves a wide range of companies in terms of size, from growing young companies like GoPro and Jawbone to established giants like Johnston & Johnston and Proctor & Gamble.
NetSuite has set its sights on being a system built on global business. It’s capable of handling multiple currencies and multiple languages, as well as managing the vastly differing regulations that occur when dealing internationally.
NetSuite also can lay claim to being the only top-10 financial management provider that’s based entirely in the cloud, which speaks to its cutting-edge reputation and most modern approaches to financial management.
Why Solutions Like NetSuite Are the Present and Future
Why are more and more companies including financial services like NetSuite and other enterprise content management tools? Delaney and Israch outline several reasons.
Mobility—Cloud-based solutions offer a level of mobility that on-site software simply can’t match. They allow employees to always have their work with them, and they have the critical information necessary to manage finances effectively.
Lower Maintenance costs—Cloud subscription services don’t require on-site maintenance for continued effectiveness, reducing costs for companies in that regard almost to zero. In fact, a Herwitz & Associates study analyzed data to find that using a cloud-based business suite results in a 50% cost reduction of ownership over 4 years.
Simpler Reporting—Reporting is made much easier with a cloud-based system, where any user can call upon and share relevant data instantaneously anywhere. This makes compliance a far less demanding process.
Scalability—Cloud-based subscriptions also make growth easier to sustain. As a company grows, on-site software must constantly be pushed and paid to grow along with it. With a subscription solution, your needs will never outgrow your business suite’s capabilities.
NetSuite is only one of many industry-leading companies that are on the vanguard of transforming the way companies do business in the cloud. By adopting these powerful tools and letting them increase the effectiveness and efficiency of your business, Delaney and Israch submit that your company will become more profitable, less wasteful, and more successful in the short term and ultimately in the long term as well.