Increasing Business Efficiency with NetSuite: Best Practices

We’re no longer in our grandparents’ analog world of writing things down and manually entering data. Today, if you want to keep up, efficiency and automation is the name of the game. If you want to stay ahead, grow, and compete with big businesses, you need a tech stack that is conducive to maximizing your efficiency. You need a leading Enterprise Resource Planning (ERP) tool like NetSuite that can unite your entire stack, give you a bird’s eye view of your business and customers, and help you plan your next moves accordingly. Let’s dive into why your business could use an ERP, and best practices you can throw into the mix in order to maximize your investment.

NetSuite: What it is and Why Your Business Needs It

NetSuite is a powerful, top-of-line, cloud-based ERP system designed to manage various aspects of your business. It’s an all-in-one solution that can handle everything from financials to customer relationships and supply chain operations—wiping out data silos in the process. This gives you a real-time window in all areas of your business, which is crucial for any business seeking to grow. After all, as things get bigger and more complex, they obviously become more difficult to manage.

How to Choose the Right NetSuite Consultant or Management Partner

Finding the right NetSuite partner is like finding a trusty co-pilot. A good partner will guide you through not only the deployment process, but they will also offer you support and customization as your business changes and grows. They ensure that they hold up their end of the bargain by making sure your NetSuite is up to the task, and your employees are trained in using it properly. Before you land on a partner, make sure you do your diligence and double check their industry expertise and customer reviews.

Customize NetSuite to Fit Your Business

Every business has unique needs and preferred methods of getting things done. When you’re implementing your NetSuite, you’ll be able to tailor it to fit your needs—SuiteScript, SuiteFlow, and SuiteBuilder are just a few of the customization options. These things are designed to increase efficiency and reduce headaches, and it’s definitely a best practice to customize your NetSuite to the utmost.

Manage Your Financials with NetSuite

Efficient financial management is key to running a successful business of any scale. NetSuite’s financial management capabilities are second-to-none. From general ledger to tax management and financial reporting, your NetSuite manager will have you covered. It’s crucial that you learn how to optimize these features in order to improve your financial performance, cut down on manual entry, and remain in compliance with best accounting practices. Plus, NetSuite’s automation tools can help you streamline all your financial processes to a T.

Fine Tune Your Supply Chain

A lean, mean supply chain can cut your costs and help you deliver things on time. NetSuite has all the tools you need to manage your inventory, sourcing, fulfillment, and logistics—it’s up to you to optimize these tools to suit your business needs. A NetSuite consultant can help you optimize your operations, reduce costs, and improve customer satisfaction.

Enhance Customer Relationship Management

Customer relationship management (CRM) is quickly becoming a ticket to business success. CRM boils down to a business managing their interactions with current and potential customers across channels. It capitalizes on automation, analytics, contact management, and app integration to allow you to create unique, automated interactions with customers from social media to email. Learning how to use NetSuite’s CRM capabilities is a game-changer for boosting your customer engagement and sales efficiency.

NetSuite ERP Integration for E-Comm Businesses

E-comm is a beast on its own, and NetSuite helps you tame it. Learn how to integrate NetSuite with your e-comm platform, optimize your order management and CRM, and create a seamless customer experience. Dive into how to best navigate multi-channel sales and track performance metrics to help your e-comm business benefit.

Train Your Team

Your NetSuite’s implementation is only as good as your team’s ability to actually use it. You’ll want a consultant who develops a comprehensive training program, including initial training sessions, ongoing education, and taking advantage of NetSuite’s online training resources. It’s also important to foster a culture of continuous improvement and user feedback.

Take Advantage of NetSuite Analytics for Decision-Making

This is a big one. NetSuite’s analytics tools are a goldmine for data-driven decisions, and one of the main reasons people make the leap to implementing it into their business. It’s important to learn how to leverage these insights, spot trends, and use information to measure performance. Keep up with custom reports and dashboards that can turn data into these actionable insights easily.

All in all, NetSuite is your ticket to increasing your businesses’ efficiency across the board. By following these best practices, you can make sure your NetSuite isn’t only implemented successfully, but is customized to adapt to your preferred business model and ideas for growth. When you lean into the power of this new dimension of business, you’ll find your strategic goals to be much more easily achievable.