The Future of NetSuite ERP: Emerging Trends and Technologies
The Future of NetSuite ERP: Emerging Trends and Technologies
Since its introduction to the market in 2016, NetSuite ERP has provided cloud-based solutions to small and big-sized businesses. NetSuite ERP has become more prominent and made its presence felt every year with consistent product updates and new technologies. Data shows that across 160 countries, NetSuite has been helping more than 40,000 organizations take their business operations to the next level. All these numbers and peoples’ increasing trust in NetSuite ERP strongly suggest its promising future.
Let’s understand more about the future of this ERP – NetSuite solution.
Overview of NetSuite ERP
NetSuite ERP is one of the market’s most popular cloud-based ERP systems. It helps to run a business more efficiently while reducing costs for the organization. With a single integrated suite of applications, NetSuite ERP can manage accounting, inventory management, order processing, warehouse operation, and many other vital processes. NetSuite ERP ensures better visibility by providing a 360-degree view of each function. A few very essential takeaways are:
- NetSuite ERP collects all the databases from your business in one common platform to make it easier for the workers to monitor everything using a single software.
- It unifies critical business functions such as finance, sales, marketing, customer service, human resources, etc.
- NetSuite ERP saves time and money by reducing manual processes for various operations and increasing the chances of fast growth.
Current Features and Capabilities of NetSuite ERP
As the global adoption of NetSuite ERP is accelerating with each passing day, NetSuite continues to deliver the best results with its current functionalities and features. Its key features include:
Automation Feature of NetSuite ERP
NetSuite uses an automated system eliminating manual processing for every function. All the mundane tasks in your business, like payroll, invoicing, order processing, reporting, etc., can become faster and better when NetSuite ERP automates everything. This automation also helps employees focus more on productive work rather than wasting time on clerical tasks.
NetSuite ERP Customer Management Feature
NetSuite ERP’s real-time overview of all the customers plays a vital role in the success story of any business. It lets us have better customer interaction, access to sales history, order status, and supported correspondence. It can help you build a better profile of your customers and have a better chance to serve them efficiently.
NetSuite ERP integration with NetSuite CRM dramatically helps in enhancing your sales and marketing. It enables us to provide more focused customer service, bring quick results, and manage quality leads.
Your email marketing campaign can work way more efficiently, and you can easily focus on your target audience to maximize the outcomes.
Inventory Management in NetSuite ERP
NetSuite delivers the most robust and consistent solution for inventory management. It can render the maximum benefits in any business’s inventory management. It can ensure that you do not unnecessarily block your working capital in the inventory and do not lose on the customers due to inventory shortage. Now, balance your reorder levels, order placement, delivery schedules, etc., with NetSuite.
Real-time Reports and Analytics
Accessing many reports and analytics in real-time is now possible using NetSuite ERP. You can even create customized reports quickly and monitor key performance indicators. You need not wait a year to generate financial statements to make decisions. Real-time updates help you make strategic decisions, e.g., whether to continue a particular marketing spend or close a line of business, etc.
Campaign Management Feature in NetSuite ERP
With NetSuite automation tools, you can take your marketing campaign to the next level. Using NetSuite tools, you can gather reliable information about your customer based on different parameters, such as characteristics, demographics, response patterns, purchase trends, etc., to create a campaign that will give you the best outcomes. This marketing campaign will be based on real-time and accurate data, not guesswork.
Emerging Future Trends in ERP
Every business requires to be updated with the latest tools and systems. Innovation is happening in ERP. In recent years, new and exciting trends have come to the fore. Let’s throw light on some emerging future trends in ERP:
Future Trends in Cloud ERP
Most businesses relied on on-premise ERP tools but were not interested in adopting cloud-based applications. But now this trend has been changing rapidly. With new functions, more straightforward deployment, minimum cost, less manual work, and less need for IT resources, a business can ensure quick and guaranteed growth. Further, with cloud-based ERP solutions, businesses need not worry about maintaining the IT hardware or system updates. With the expansion of the business, the scalability offered by the cloud ERP is unparallel. A recent survey shows businesses are ready to invest 20% more in cloud ERP technologies and streamline operations.
Future Trend of AI Integration
A recent survey discloses the vitality of AI in any business’s growth in the market and AI’s presence in the ERP industry. It is worth noting that users have to install all available add-ons into their systems to utilize ERP automation tools fully. But now, with AI integration with ERP, all these add-ons can be built-in. ERP with this integration is called IERP, and various businesses benefit from a competitive edge in data processing. Intelligent ERP can also create more wonders, like better workflow, and reduce possible errors. NetSuite ERP, with the integration of AI, can lessen the information loading time and can automate routine processes which used to take hours earlier. It reduces the employees’ idle time, increasing efficiency and improving productivity. This high-tech transformation of business data into actionable insights for future growth is just the beginning.
Mobile Application
The presence of the cloud in business operations has made flexibility a real thing. Now a solution is no longer tied to one single machine. Fully functional mobile support is a new innovative feature in modern ERP tools. This mobility in NetSuite ERP has brought a plethora of benefits. The most important among those is that it can enable you to perform your business operations anywhere and anytime. It is not just anywhere, anytime, but with this mobility approach, all your front-end and back-end activities are available on tablets or smartphones, accelerating overall productivity. Flexibility also means you have more convenient and accurate data to capture and use for faster results. Companies worldwide use this mobility in IERP for speedier workflow, enhanced efficiency, and quicker decision-making. This fantastic feature is going to be one of the favourites among organizations.
Powerful Analytics
NetSuite ERP has always been good in data collection but has scope for improvement. Now the new and innovative version of ERP is fully equipped with robust data and analytics features. It helps businesses make data-driven decisions and determine the best analytic-based solutions. The organizations adopting this tool claim they can make time-sensitive decisions five times faster and are three times more likely to execute those decisions (MarketsandMarket, 2020).
Easy Financial Management
The financial module of the modern ERP system is proven to be one of the most valuable tools. It makes complicated functionalities such as currency management, payroll management, general ledger, and other finance-related functionalities much easier. The newly evolved ERP solutions’ analytics empowers the businesses’ plan execution. Enterprises are now managing finances virtually, which helps them keep track of daily performance. (Acumatica, 2020)
The other significant trends of ERP are:
- Support for Real-Time Data
- Digital Marketing
- Customized and personalized ERP Solutions
- IoT integration
Key sectors leveraging the power of NetSuite
Although the ERP system is being incorporated in all sectors, a few industries that have seen the most significant advantages while using NetSuite ERP are banking, construction, manufacturing, retail, distribution, and consumer goods.
ERP in Manufacturing
ERP is increasingly benefitting the manufacturing industry by easing the complex manufacturing process. With ERP, tracking the raw material, scheduling production, monitoring quality control, managing inventory levels, and many more operations become easy.
ERP for Retail
The retail sector can benefit significantly from ERP’s features related to quick payment processing, managing inventory, and tracking orders. With ERP in your retail, you can better understand customers, buying preferences, and habits.
ERP in Automotive
Besides monitoring projects and integrating supply chains, ERP in the automotive industry is helpful in the execution of design with an accurate system. The highly complex production becomes far more precise and quicker with ERP.
ERP for Healthcare
The healthcare industry is increasingly using ERP as it helps manage patient records, track medical supplies, schedule appointments, and other activities.
How can Cloudiotech help?
ERP has become a huge and integral part of every industry. It makes complex and lengthy processes more accessible and faster, making the ERP future result driven. If you choose the right ERP solution, your organization can grow rapidly.
NetSuite is one of the best cloud-based ERP solutions, offering end-to-end solutions to manage your business functions, making your future-ready and giving your business a competitive edge.
You need an experienced and reliable solution partner to implement the solution better. Cloudiotech is a trusted NetSuite consulting in the UAE and the US. It offers NetSuite ERP solutions, including customization, integration, NetSuite training, and post-implementation support to manage multiple business functions such as retail, finance, wholesale, and distribution.
