There’s no better time to implement ERP (Enterprise Resource Planning) software than at a business’s inception.
With NetSuite, the leading cloud-based ERP system, your startup has the power to establish a healthy foundation for growth from the outset.
While budgets may be tight initially, CEOs, CFOs, CIOs, and COOs can use NetSuite to make business decisions by harnessing a central, accurate view of the business.
How Does ERP Benefit Startups?
NetSuite ERP enables startups to manage, integrate, and scale their company's financials, supply chain, operations, reporting, manufacturing, and CRM.
Specifically, NetSuite offers the following advantages to startups:
- Cloud-based software that is accessible from anywhere at any time
- Modular system that can grow as your startup grows
- Sophisticated financial management, reporting, and automation
- Precise and real-time inventory management
- CRM features to streamline customer data and automate sales & marketing processes
Let’s dive deeper into each of NetSuite’s benefits for startups.
NetSuite is a Cloud-based ERP
NetSuite is a cloud-based ERP software, meaning all data and information are stored online and accessible from anywhere, on any device.
This makes it easy for your team to access information, collaborate on projects, and work remotely.
NetSuite’s cloud technology also provides fast and reliable access, eliminating the need for costly on-premises hardware, maintenance, and upgrades.
NetSuite is Highly Scalable
As your startup grows, so too do its needs. NetSuite ERP is designed to be scalable — growing and adapting to your business. Choose which modules you need from the start and build your NetSuite system as your startup's requirements expand.
Whether you’re adding new customers, expanding into new markets, or launching a new product line, NetSuite can help you manage the major functions of your business efficiently.
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Plus, a variety of industries and business types use NetSuite to power their startup, including automotive, distribution, manufacturing, SaaS, retail, ecommerce, and professional services.
And if a startup’s operations grow quickly, NetSuite is equipped to scale up with them. This eliminates the need to invest in costly upgrades as the business expands.
NetSuite’s Comprehensive Financials Solution
With its suite of financial management tools, including billing, expense management, and accounting, NetSuite ERP simplifies managing finances for your startup.
Instead of using multiple software tools and spreadsheets, your financial data can be managed in a single, integrated system.
NetSuite also offers real-time financial reports and insights through its dashboard, allowing you to monitor your financial health and make informed decisions closely. With NetSuite ERP, you can access a comprehensive view of all your financial data, including income statements, balance sheets, cash flow reports, and more.
Accounting can be particularly time-consuming for startups, often requiring tedious manual work to ensure that all transactions and accounts are properly managed. With NetSuite ERP, many of these tasks can be automated, freeing up time for you to focus on strategic priorities.
For instance, you can power up your SaaS startup by using the Agreements module to automate subscription billing, upsells, downsells, and churn.
NetSuite Streamlines Inventory Management
NetSuite ERP allows your startup to customize its inventory management system based on your specific needs and requirements. It offers a wide range of features, such as real-time inventory tracking, vendor management, order management, and stock level alerts, to name a few.
One of the key benefits of using NetSuite ERP is the automation of inventory workflows. Businesses can save time, reduce errors, and increase efficiency by automating repetitive tasks like order processing and inventory replenishment. For example, automatic stock level alerts can trigger purchase orders, reducing the risk of inventory stockouts.
Real-time inventory visibility gives you a clear and accurate picture of inventory. Startups can track inventory movement from order to delivery, reducing the risk of lost or damaged goods.
By using data to inform decision-making, you can streamline inventory management processes, reduce waste, and improve your startup’s bottom line.
Harness NetSuite’s 360-Degree View of Customers
NetSuite ERP's CRM collects, store, and manage all your customer data in one place. The CRM system tracks every customer interaction with the business, from sales calls to customer service inquiries.
This comprehensive view helps your startup’s sales team deliver personalized service and puts them in a better position to upsell and cross-sell. The customer service team can also use the data to understand customers' pain points better and provide tailored solutions that meet their needs.
NetSuite ERP's CRM system is also available on mobile devices, allowing business owners and decision-makers to access customer data on the go.
Importance of Proper NetSuite ERP Implementation
While choosing NetSuite ERP is a great first step for your startup, it’s vital to correctly implement the software into your business.
Unless you have a dedicated ERP expert on your staff, working with a seasoned NetSuite implementation team is essential. This way, you avoid stumbling out the gates with mismanaged data migration, module selection, integration, and employee training.
Equally as important, startups should work with consultants with a clear plan. For example, our approach at StratusGreen centers around a 3-Step model for implementation:
- Discover: We carefully assess the unique requirements crucial to your startup and select a tailored strategy that aligns perfectly with your operational workflows.
- Advise: We create a comprehensive plan that addresses key performance indicators (KPIs), data management, and integrations, all while ensuring minimal disruption to your business operations.
- Align: We facilitate staff training sessions and provide industry-specific best practices in accounting, CRM, and operations — fostering knowledge sharing and empowering your team to excel.
If you’ve already made the move to NetSuite ERP, let us know if you’d like to get connected with our StratusGreen implementation team to take your startup to the next level.
Use NetSuite to Facilitate Your Startup’s Success
NetSuite is a comprehensive, affordable, and scalable solution for startups. With its powerful applications, automation, analytics, and accessibility, startups can use NetSuite to achieve rapid growth and profitability.
Book a call with us today to book a customized software demo and develop a plan for success and implementation for your startup with our team of NetSuite experts.
